How to Navigate Chicago's Real Estate Market and Secure Grants for Investing
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Shownotes Transcript
In this episode of Market Mondays Live Chicago, the hosts sit down with guest Rashauna Scott, a local realtor and investor, to discuss investment tips and programs for first-time home buyers in Chicago. They cover topics such as house hacking, grants, best practices for being a landlord, and hot areas to invest in.
House hacking: Learn about the strategy of buying a property and renting out other areas to cover your mortgage and live for free.
Grants and programs: Discover programs like NACA, FHA, and IDA that offer low or no down payment assistance for buying a home or multi-unit property.
Best practices for landlords: Get advice on screening tenants, hiring a property management company, and utilizing subsidy programs to ensure a smooth rental experience.
Hot areas to invest in: Explore upcoming developments like the Obama Library and Woodline, as well as neighborhoods such as Lawndale and Austin that have seen significant growth in property values.
The importance of ownership: Understand the long-term benefits of owning property and how to leverage your first purchase to build wealth through future investments.
00:00 Intro
03:24 House hacking is popular for making money.
05:30 NACA offers lower interest rates for property purchases, but not for those with time constraints.
08:06 Utilize VA loan for property purchase, benefits.
11:13 MMRP: Micro Market Recovery program in Chicago.
15:57 Airbnb, short term rentals, attorney, eviction, rental assistance.
16:58 Consider hiring property management company if inexperienced. Market rate tenants may require subsidies.
22:17 Commercial property offers advantages to out-of-state investors. In Chicago, off-market deals still exist. Ownership is important, even if not mortgage-free.
24:35 Profit from buying real estate with assistance programs. Advertising Inquiries: https://redcircle.com/brands)Privacy & Opt-Out: https://redcircle.com/privacy)