All Forum Posts by: Ivy Pierce

It is my understanding that it only applies to properties with 6+ units. I watched the playback of the city council meeting, but have been unable to find official documentation yet.

@Sarah Lewis I have not. Thanks for letting us know it passed. I’ll be on the look out.

Did you write in your lease that you can add on any necessary charges at move out? I would keep the security deposit since the pet is a lease violation. And if they put you as a reference let future landlords know. 

@Philip Wilson that was my dilemma as well. I ended up choosing house hacking over flipping to save for a building. I found that I only had saved enough reserves for an owner occupied building.

When considering flipping with hard money I didn’t have enough cash up front to handle all rehab costs before a lender draw along with the monthly payment. And thought I needed a deal on my own before trying with a partner.

You should start by getting pre-approved for both. That helps narrow down the neighborhoods that you can choose for each situation.

Good luck!

@Shamar Gregg Welcome to BP! I'm on my 1st property here in Chicago. I have a small groupme for househackers that I hope will be able to meetup one day and eventually turn into a mastermind group.

The Southeast Chicago Real Estate Club has an active Facebook group and they have virtual meetings right now. In person meetings are normally posted here when those resume. Another great resource to meet local investors.

Thanks Henry I’ve signed & shared.

Most of the assistance programs have a 5% interest rate and put a 2nd lien on the property for 5 year owner occupancy.

Welcome Nikko! I am doing my first house hack and am happy to answer any questions you may have. I recommend joining the South East Chicago Real Estate Club group on Facebook if you are exploring the South Side.

I would look to see if there are other garden unit rentals in the neighborhood to see what competition looks like. Also, post-pandemic you could consider it for an Airbnb if that it is common in that specific neighborhood.

Congratulations @Arthur Bailey! I started a groupme. PM your number if you’d like to be added.