All Forum Posts by: Dominic Frank

Hello everyone! I'm in the proccess of trying to purchase my first Property in Chicago. It is a 4-plex, that I plan to house hack and live in one of the units. I was attemping to do the freddy Mac home possible loan for a low money down. Turns out you must only make 80% of AMI and it turns out I dont qualify. so I was approved for an FHA but unsure if it will pass inspections.

So here is my question. The property is $260k, 4 Units, gross income was 85k in 2019. I wanted to put down 10% which is about all I can afford. Does anyone know of any Small banks or any way I would be able to get a convention loan as low as 10% down? My Lender said for a 4-plex I need 25% down. Really don't want to lose this deal, any info will help.

Thanks, Dominic 

Hey everybody! Looking for a little help.

Was wondering who everyone goes with for finding the best FHA loans or Low downpayment conventional loans in the Chicago Land Area. Looking to purchase my first real estate investment and would like to get pre approved first. Any suggestions would be appreciated. Thanks!

@Mark Ainley

Hello Mark, is your brokerage still interested in hiring on Leasing Agents? I am also looking for a full commission part time position as a residential leasing agent in Chicago/north side neighborhoods. I just passed my 15 pre license course this past weekend and will be taking my test in two weeks when I’m home from my vacation.

@Brie Schmidt

So, after the purchase I’d need 3 months of payments saved up? And I was under the impression you can add the closing costs into the loan.

I am open to other locations as well if I can make the numbers work to live for free.

@Henry Massey, yes I know West Town Is pretty expensive already. I’ve been renting a apartment there for the last three years up until a few months ago. Just keeping my options open. Thanks!

@Jason Marcordes

That's for the response. I'm pretty open. But have been searching the MLS looking around Bridgeport, Pilsen, Humboldt park, Logan, Avondale, Ukrainian Village, and all over west town.

Hello everyone! New to the Bigger Pockets site.

Looking to get started in the real estate game in Chicago. Trying to find a multi family home to house hack, where I can live for free or close to it.

755 credit score, $15,000 saved up. To do either a FHA loan, or the Freddie Mac Home Possible loan.

Looking for advice in where people in Chicago find their deals? Maybe a good realtor you have in mind that has experience with finding multi family homes.

@Sathish Sekar, I’m a new member also and looking to find a small multi family in Chicago. Maybe you could be my realtor and help me find a deal. Planning to do a “house hack”. Where I live in one unit and rent out the other/others. Hoping to live for free

Looking to purchase my first Multi family building in Chicago. Preferred north west side. Humboldt, wicker, Logan, west town area.

I have no dept to my name, 755 credit score, and around $15,000 to spend. Using FHA loan, or the home possible loan with Freddie Mac.

Anyone out there know of a realtor who can help me find a property? Or have advice for a first time buyer?

Thanks, Dominic