All Forum Posts by: Lucas Helliker

Hi all, 

I am looking to house hack a 3-4 unit building on the North Side of Chicago with an owners unit that will offer my family more space than we have now. One option that I am evaluating is buying a 3 flat with a basement and creating an owner's unit by duplexing unit 1 down to the basement. I am wondering if a homestyle loan could cover this. In my current residence we built an ADU in the basement through the cities ADU pilot program. It was extremely expensive because we needed to replace the electrical for the basement, dig down 8 inches, and replace the water service.

Since we would of course be pulling permits in the duplex down scenario, I am wondering if we would potentially need to do all of those major renovations again? It seems like this approach to duplexing down could create a lot of value and make the refinance worth the costly renovations, especially if I could use a renovation loan. Before pulling the trigger I would do market research on the ARV for similar product in that area. Has anyone done this that could share some insights or tips ? Appreciate you!!

Hi Savannah, thank you! I am thinking 5+ units, but I would be open to a smaller property if the numbers made sense. 

Hello,

My name is Luke Helliker, and I’m an investor based in Chicago. I recently purchased my first investment property and am now focused on exploring opportunities in the Kansas City multifamily market for my next acquisition.

Kansas City holds a special place in my heart—my family is from KCK, and I’ve always had strong ties to the area. I’m eager to connect with fellow investors, agents, and local market experts who can offer insights and share experiences.

I’m excited about building relationships within this community and would love to learn more about your perspectives on the market. Let’s connect!

Best regards,
Luke Helliker

Hi all, 

I own and live in my first investment - a 3 flat in Chicago IL. I am currently seeking investment opportunities in muti family real estate. I look forward to connecting and learning from those with more experience.