All Forum Posts by: In Cho

You absolutely CAN use a VA loan to house hack! Keep in mind you can also search with the criteria "ADU" or "In-law" apartments over a garage. That will hopefully give you some more options.

Definitely check this out if you haven't yet, Brandon Turner's post on house-hacking:

https://www.biggerpockets.com/...

Thank you Blake!

0 Votes

Chicago, Illinois

Quote from @John Warren:

@In Cho I think the VA loan is an amazing cheat code for investors. I have several clients that have used it multiple times, and it is an amazing way to build wealth with very little money in your pocket. @Alejandro Calixto has used it very well and has picked up nice buildings in easy to manage areas. You should connect with him and other local investors who have used the VA to find out what they like and don't like.

Thank you!

0 Votes

Chicago, Illinois

Quote from @Victor So:

Quote from @In Cho:

Hi,

I'm a veteran looking to get started with house hacking in the Chicago area, and I'm hoping to get some advice from more experienced investors. Specifically, I'm wondering if it's possible to use a VA loan to finance a duplex or other multifamily property for house hacking. This is also my first home purchase.

Assuming I can use a VA loan, I'm also wondering how much I might expect to pay for a duplex in a reasonably safe neighborhood in the Chicago area. I'm hoping to charge between $1,500 and $2,000 per month in rent for one side of the duplex, so I'm wondering what kind of price range I should be looking at. How much down payment should I prepare?

Finally, I'm curious to hear from anyone who has experience with house hacking in the Chicago area. Is this even doable, or are the prices and competition too high? Are there certain neighborhoods or suburbs that are particularly good for house hacking?

Thanks in advance for any advice you can offer. I'm looking forward to learning from this community and getting started with my real estate investing journey.

Best regards,

Total Newb

Househacking definitely works in Chicago! I’ve househacked for 6 years now and acquired ~10 units this way. I’d be happy to share my experience!

Thank you! I’ll send a DM.

0 Votes

Chicago, Illinois

Hi,

Thanks in advance for any advice you can offer. I'm looking forward to learning from this community and getting started with my real estate investing journey.

Best regards,

Total Newb

5 Votes

Chicago, Illinois

All Forum Posts by: In Cho

In Cho has started 1 posts and replied 4 times.

Post: Advice on House Hacking in Chicago for a Veteran

Post: Advice on House Hacking in Chicago for a Veteran

Post: Advice on House Hacking in Chicago for a Veteran

Post: Advice on House Hacking in Chicago for a Veteran