Picking a market (Columbus, Dallas, Chicago)

[Naomi Joo]

Hello everyone,

My sister and I are looking to purchase a property to potentially househack. We are currently located in Houston but my sister will be relocating to Columbus, OH for her residency for 3 years. On the other hand, i am flexible as I work remotely.

Given this situation, we thought about buying a property in Columbus, Oh and been looking but we haven't been able to find a deal we like. And I feel a bit uneasy about holding a property for 10 years to see the profit esp when I wouldnt be living there. Am I overthinking this?

So I started looking at other markets like Dallas and Chicago as those are potential cities that my sister will be relocating to after 3 years. Since I have more flexibility and do not want to live in Ohio, i am thinking that I will try to find a deal in Dallas or Chicago and when she is done with residency, we can continue to build equity and live together. Dallas has good appreciation prospect and seems to be growing and growing. And it would be easier to drive to Dallas to check it out. 

Chicago, on the other hand, I like that it's a bigger city but also seems like a lot of the houses I am seeing are very outdated and requires fixing which i have no experience in at all. However, we do like the urban lifestyle better.

It's a bit overwhelming trying to pick a market and I assume I can buy in Columbus first and use the quity to buy second one in other cities. However, It seems like the prices are quite inflated and I am not sure how to make a good decision. So I  wanted to get some help and wisdom in navigating what would be the best path forward.  Appreciate it!

[Brie Schmidt]

@Naomi Joo - I started off househacking in Chicago almost 15 years ago and have been an investor agent working with house hackers ever since.  Chicago can be a complicated market, a lot will depend on your budget and area.  I have some property examples I can send over to give you an idea of what to expect.  Personally, I would not recommend a property that needs more than a light cosmetic rehab due to our complicated permitting and construction process.  Full renovations will run you over $200k here