All Forum Posts by: Brian H.

Did you get that figured out? And if so, please share the answer so we can all benefit! 

My interpretation would be that you do not need to 'rezone' anything. RS-3 already allows a 2-flat by-right unless you are over the F.A.R., which it looks like you won't be even close to. The only question I would have is if they make an issue with it being a double-lot. If the lots are legally combined, I would think you'd be fine. There's also an exception in the zoning code for allowing a 2-flat if 60% of the buildings on the same side of the street are also multi-unit (though then you might have FAR issues). Either way, if you're going for more than a SFH you'll need a licensed architect to get the permit. I'd find one who has dealt with zoning issues before to be sure.

Sorry for the delay, thanks for all the responses everyone. 

@Brian Garrett I'm investigating that now. 

@Aaron Hunt Rude. But, still, lol. 

@Albert Ng Which risk? A commercial loan? Why would I not? 

@Michele B. No military background. Basically, I just want to get into a property (that's a decent deal) and need a way to finance it that is probably not traditional, but doesn't turn my good deal into a bad one. 

@Joe Splitrock Thanks for the advice. Not always so great at accepting the normal way to do things though, that's why I'm looking for alternatives... 

@Tarik Turner Huh? 

@Andrew Postell I do have debt, though I think I can get rents to cover the mortgage 2x. 

@John Clark Yup, not hiding it. 

@Cassandra Sifford Thanks, that's definitely an option. 

So, I am investigating the feasibility of a commercial loan or seeing if owner financing is an option. However, it does seem like I may end up having to get a job again... blank stare. Ha! I actually have some good options, and am also seeing if I can make a part-time gig work as well. The goal is to be able to spend office hours time on RE and start transitioning to that. I may just have to do the 40 hour week and do this on the side for a few years, but we'll see. I do a lot of community development work / volunteering in my free time and am trying to make my 'job' get out of the way. ;) More to come later!

@Melissa Gittens Part time (or self-employed) work and/or partnering is an option, but would rather not if I don’t have to. We’ll see... 

@Dave Skow Trying to avoid the new job! Hahaha. But.... I want to use this saved up money for a DP, not my survival! Was hoping to avoid the co-borrower. Would likely do an LLC instead just for legal reasons.

@Brian Garrett So, I can get a regular commercial loan on it, even if it’s a 4-flat? Those rates would probably work better than hard money and I imagine I could refi after a year or two of rents to show. 

Thanks for the input everyone. 

@Andrew Postell I certainly don’t have those things (or I’d probably already have figured something out :). 

@Dennis M. Thanks, I’m certainly not interested in hiding it. Looking for alternatives. 

@Lynne MacFarlane Wish I had closed on something sooner! 

@Michele B. Interested how? 

@Chris Mason Interesting. So they function similar to a commercial loan then? I may ask some folks about this. 

All - I'm actually wondering now if I can swing this with an FHA loan. Don't they allow you to use part of the rent as income? Plus, I could live in it. The price is low and the rents are decent so, it might actually pay for itself depending on what the FHA loan allows one to include.... not sure they would go for my whole repayment income coming form the property itself. I think I can show a history of rents on the property though.

Hi folks, 

I have a question: Is it possible to get a mortgage without having  a job? Here's the situation... I work in architecture and used to work construction. I would really like to transition to small-scale, residential community development (buy and hold rehabbing in rougher neighborhoods). I was looking for a 3 or 4-flat and was pre-approved for 300k+. I then got laid off from my job (about 2 months ago, now). I assume my pre-approval is no longer worth anything, but is it possible to still get some kind of mortgage with no current income? 

I'm looking at a small multi-unit that is on sale for about 140k. I have 20% of that for a down-payment and excellent credit (750+). This first property I would ideally move into (owner-occupy) if it works out. Is there any chance I can get a decent mortgage? I was hoping not to have to partner or do private money or anything like that to start (though it is an option). 

Any thoughts on this?

Hi @Jay Ritchie, sorry, I missed your response. 

The meetings are typically the 3rd Tuesday of the month at 7004 West Higgins Avenue from 6:30 pm - 9:30 pm. @Brie Schmidt is the main organizer. Unfortunately, I will not be able to attend this month, but go if you can! 

Thanks for the story! I'm planning to jump into my first 3 or 4 unit in the next few months (probably FHA 203k). And yes, worth it. Otherwise, you'd still be sitting there trying to analyze everything. I'm already kicking myself for not having started sooner.

I'm not an agent so I don't know how the MLS sets up it's codes. However, I do know that the City has 77 distinct and well-defined Community Areas, not to be confused with the something like 200 Neighborhoods (which vary depending on which neighbor, or RE agent you talk to, or how old they are...). Most folks just say neighborhood to reference everything. Bronzeville is a sort of neighborhood region, that encompasses a couple of the defined Community Areas. When I think of Bronzeville now, it would also include the Grand Boulevard Community Area (along with Douglas like Christopher mentioned). So, I imagine whatever the codes are for Douglas and Grand Boulevard would cover it (if those exist). Douglas is probably the more well-to-do and higher cost area now (closer to downtown), though Grand Boulevard still might rival it for impressive historical houses. Grand Boulevard can be somewhat block by block, so it's worth checking to see what's around a property before making a decision.

Hi Aly, welcome to the forums! 

I'm also looking for my first house hack, though in Bronzeville (or maybe Woodlawn). Glad you finally got on here! Maybe @Brie Schmidt can add you to the email list for the next meetup here in Chicago (since I know you've said you were interested). I know there's several folks at the meetup who have worked in that area.