Hi all!
I have a full-time job and am planning to house hack a 2-4 unit property in the Chicagoland area thinking Cicero.
I’ve done a lot of research and am now saving up for my down payment. Planning to use an FHA loan, which I hear only requires 3.5% down for multi-unit properties as long as I live in one of the units.
If anyone in the area has experience with FHA house hacking, I’d love to connect or hear your advice!
Any tips for these neighborhoods, or recommendations for local lenders or property managers? Would also love to hear about your own house hack journey.
Looking forward to making some connections!
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You’re doing it right. Research, saving, and planning.
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One thing I learned the hard way: FHA requires the building to be in decent condition. Any peeling paint, old electrical, or safety issues will come up in the appraisal, so be picky with your offers.
Not to be a downer, but FHA house hacks in Cicero can be tricky. I walked away from two deals last year both buildings had major deferred maintenance that FHA wouldn’t approve without costly fixes.
My biggest tip: Budget extra for deferred maintenance. A lot of these older properties have plumbing/electrical issues that aren’t always obvious at walkthrough. Also, get a reputable FHA appraiser, they’ll flag chipped paint or railings that you might not expect.