All Forum Posts by: Victor So

As @Kerry Baird mentioned, the key is to do it before you move out because some banks will only do HELOCS for primary residences. 

Hey Carli, congrats on taking your first steps! Soon, you’ll get some great advice from multiple successful real estate investors from Chicago in this thread. 

But to start I would say, start in your own backyard. Figure out where you would feel comfortable living and what kinds of returns you would feel comfortable getting. And then, start running the numbers and see if it makes sense for you.

There are many meetups you can join that @Mark Ainley and @Tom Shallcross can inform you about. 

When I first started, I read Ben Leybovichs and Craig curelops  househacking books. I also listened to every single BP podcast including the rookie one. 

Hope this helps! 

@Russell Brazil just joined. I’m at Second City Real Estate with Brie Schmidt in Chicago

@Reshad Harun

Hey! Just DM’ed you!

@Michael Nowakowski

Hey Michael! Do you currently live in Chicago? And what specific suburb are you interested in (north, northwest, south, southwest, etc.)?

@Matteo Foglieni

Hey! If I were you, I’d use an fha loan to purchase a multi-family. It’s the cheapest way to get into the game. Sure, there’s pmi and all but your tenants pay that off for you. I’ve been househacking 1 property per year for 4-5 years now and have acquired 7 units that way.

My first property was a condo and due to issues with the HOA and my persistent fear of special assessments, I sold it. I don't think I'd ever buy one again. But obvious to each his own. There are many successful condo investors out there.

If you want to chat more, DM me!

@Michael Johnson

Hey Michael! PM me!

@Christian Padilla

Hey! Welcome! Congrats on taking your first steps! I remember when I was in your shoes a few years ago. I didn’t know where to start so I kept networking on BP, listened to every single BP podcast, and read a whole bunch of real estate books.

Ultimately, I felt that house-hacking was the best way to start. I was able to use a fha loan and put only 3.5% down. And I rented out extra rooms and units to cover my rent.

But obviously there are other ways to start too. Figure out what you are (or could be) passionate about. Wholesaling? Fix and flips? Buy and holds?

Pick a strategy, learn everything you can about it, and networking with people who are experts at it.

Hope this helps! Good luck!

@Jeff Morrison

Hey Jeff! Are you looking for a househack or investment property?

@John Huynh

Hey John, assuming you’re going to live in the property, there’s the fha loan like you mentioned but it is very difficult for you to get approval on a 3-4 unit due to the self-sufficiency test. If I were you, I’d google it and read up on it.

Other than fha, the standard loan for a multi-unit is 15% down.

Otherwise, I know of a lender who will do a 10% down, no pmi, no self-sufficiency test loan on a multi-unit.

DM me for more info!