FHA loans can be great for first time home buyers and owner-occupied two unit buildings but what about three and four unit buildings? FHA Loans are a good option on three and

Four Flat Chicago
A Large Four Unit Building in Chicago

four unit buildings but they must pass the self-sufficiency test.

The self sufficiency test states that the maximum mortgage is limited so that the ratio of the monthly mortgage payment, divided by the monthly net rental...

When you’re searching for your next three flat in Chicago, it’s very likely you’ll come across some illegal basement apartments in your search. This begs the question though, what makes a basement apartment legal? Well, I’ve done some digging to help you understand generally what will make your basement apartment legal. Not only will you have to comply with the City of Chicago Building Code but also Chicago’s zoning requirements.

Egress: In a two flat, three flat or four...

I recently had a positive experience with my two flat rental property in Logan Square that I’d like to share with current or aspiring landlords. If it’s not yet known, the worst time to find tenants in Chicago is during the fall and winter. Moving is already one of the most stressful times for any human being, so why add the element of frigid temperatures into the mix? Most landlords have this figured out, and they set their leases to expire during the warmer months (think April – August...

Before you buy a two flat, you should consider some of the various factors that will make it a stable long-term cash flowingproperty. I have highlighted some of the more important ones for you below:

Property Taxes – Your two biggest expenses every year will be property taxes and interest expense. If you pay cash, then yes, you will not have to pay interest expense. Property taxes will vary greatly depending on the area you purchase in. So what I recommend doing before buying...