All Forum Posts by: Forrest Williams

Next investment property you will have to put down 20-25. What you could consider doing is living in your current place for a year, then put a tenant in your current unit and buy another owner occupied place. That way you could potentially qualify for FHA or conventional. In another year, you could do the same thing.

I would also take a look in Dupage and Will counties.

Hey welcome Bret. I primarily do live-in flips/house hacking, which is a great way to get started. I'm looking to get a multi family unit next, which also needs some work. I'm not as established as some other people, but I know a lot of do-it-yourself tricks.

I do not, but I'm sure someone else could weigh in too. If you want to do it, talk to your lawyer, s/he can help you out, then talk to the city and they'll walk you through it. It sounds like most of your work is already done for you. Every time I've gotten permits, I've tried to be as prompt and polite as possible, that goes a long way. 

@Henry Lazerow team Chance the Snapper.

Where did you list the apartment?

10k would mean bottom-tier everything, and if you're putting in hardwood floors, I can tell you don't want it bottom tier. Are you doing the work yourself? That will save you some money. Otherwise some contractors might charge up to 8k just for a bathroom remodel, and the kitchen would be more than that. If you're going to do it yourself, hang your own cabinets from a big box store, do LVT instead of hardwood floors which you can install yourself, laminate counters, used or refurbished appliances, etc. You could keep the remodel low but not under 10k is my guess without seeing the space or how much work needs to be done.

Another thing to consider- is your house zoned for 2 units? It never hurts to double check. Also, how bad was the fire? Are there structural problems that need to be addressed as well?

I do some handyman work, you can PM me your projects and I'll try my best to help.

I'm a big fan of options 1 and 2. I did a house hack for my first two places and found temporary roommates through airbnb. As long as people understand the house is a work in progress they're generally okay with it. My neighbor is in the military and house hacks then rents out the place when he leaves and it works well for him too.

Going to second @John Warren and say the suburbs. Berwyn and Cicero have some good multi family opportunities, farther West there are more single family options in places like Downers Grove and Naperville. If taxes are annoying you check out Will county areas like Bolingbrook or Romeoville. One of my favorite things about Chicagoland is the diversity of opportunities.