Adventures in Homebuying: Multi-Unit properties.

Chicago real estate agency ‘Starting Point Realty’, which works exclusively with First Time Home Buyers, recently put out a release relaying a couples’ journey towards purchasing a multi-unit property as their first home.

The release also chronicles the rise and fall of multi-unit sales by investors who did not actually live in the property (Non-Owner Occupied), and the increase of inventory of these types of properties. In one specific area of Chicago, Lincoln Square, the multi-unit inventory outpaces that of single family homes.

Starting Point also notes that under FHA programs the buyer can put down as little as 3% toward the purchase of a home. And with the rise of foreclosed homes, FHA’s 203K loan program enables buyers can wrap the cost of repairs into their total loan amount – significantly reducing out of pocket expenses.

Starting Point Realty’s “human subjects”, Michelle Fischer and Joshua Knight went where few buyer dare to tread, selecting a home whose inspection came back noting massive repairs would be needed – not to mention the pair will now be landlords. Michelle stated “We’ve only owned the building for a few months and we’ve already made some major repairs, but we knew that going into it. Having a knowledgeable real estate agent and inspector is crucial when buying a multi-unit building so you know what you’re getting into”. Click through to the press release to read more. Is this is a home ownership route you’ve been considering?

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