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!
18 Likes
You’re doing it right. Research, saving, and planning.
1 Like
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.