How to Navigate Chicago's Real Estate Market and Secure Grants for Investing
Earn Your Leisure
iHeartPodcasts
4.9 • 7.9K Ratings
🗓️ 22 November 2023
⏱️ 26 minutes
🧾️ Download transcript
Summary
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.
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Transcript
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| 0:00.0 | This episode of the Market Monday's World Tour is brought to you with limited interruption by ALAP. Oh yeah. For the unforgettable moments you say for, we're all better off with an ally. |
| 0:36.0 | Like a bird in the sky to fly away. |
| 0:40.0 | So when we talk about real estate, we wanted to make sure that we bring local people |
| 0:44.8 | that are relevant to the local real estate market and we've had this relationship with Rishana Scott for a long time. |
| 0:56.0 | Chicago is important. Put a lot away from the fire and good. |
| 1:05.0 | Put it on the back. |
| 1:08.0 | To go and back. |
| 1:10.0 | To go on my own. |
| 1:11.0 | Oh my good |
| 1:21.0 | job good. Yes, make some noise for the Queen please. Hey Rocishana, a local realtor, investor, and somebody that's very extremely knowledgeable |
| 1:27.7 | about real estate and you know definitely when it comes to Chicago. |
| 1:30.8 | So yes, thank you for coming yeah |
| 1:33.1 | you for having me hey y'all well thank you again so December 9th 2019 |
| 1:40.4 | Ernie Leje put on its first real event in DC and we asked a real estate professional to come, |
| 1:47.0 | none other than you. So thank you again for being here with us. |
| 1:51.0 | You're part of our history. Clap it up for her! |
| 1:54.0 | Yeah, that was a dope event. |
| 1:57.0 | That was a funny event. |
| 1:58.0 | Top golf, mobile home, pulled up, Wall Street, |
| 2:01.0 | pull it up. |
| 2:02.0 | Shout to Chicago, shout to New Orleans. |
| 2:04.1 | Man, and time flashed. |
... |
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