November 22, 2023
How to Navigate Chicago's Real Estate Market and Secure Grants for Investing
Earn Your LeisureAbout this episode
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. Our Sponsors: * Check out PNC Bank: https://www.pnc.com * Check out Square: https://square.com/go/eyl Advertising Inquiries: https://redcircle.com/brands Privacy & Opt-Out: https://redcircle.com/privacy See omnystudio.com/listener for privacy information.