What are the best neighborhoods to househack in Chicago?
I am interested in buying a 2 flat/3 flat in Chicago, and I'd like to house hack the property. I'm new to Real Estate, and I don't really know where to begin looking. Any suggestions on which neighborhoods have a lot of 2 flat/3 flats available?
@brieschmidt that PIE example is GREAT!!! Setting expectations is everything.
@Jake Fugman - ALL super great points that you can leverage as you go forward. I will just add a few other pointers that I always ask my clients to ponder on:
Before you start to invest, know your why in investing in real estate? What goals do you need to accomplish your why? Do you want cash flow versus appreciation? Do you need the cash flow now or can it wait? What is your appetite for rehab?
Originally posted by @Eudith Vacio:@Jake Fugman - ALL super great points that you can leverage as you go forward. I will just add a few other pointers that I always ask my clients to ponder on:
Before you start to invest, know your why in investing in real estate? What goals do you need to accomplish your why? Do you want cash flow versus appreciation? Do you need the cash flow now or can it wait? What is your appetite for rehab?
Thanks, Eudith!
@Jake Shulman: I can also recommend the Andersonville area or the area close to (slightly west of) the Thorndale red line station as a long term investment. It is relatively quiet, safe, close to the city and most importantly to the lake & lakeshore drive!
Perhaps the experts @Paul De Luca and @Brie Schmidt can also confirm if this makes sense. Cheers!
Originally posted by @Izzy Marquez:@Jake Shulman: I can also recommend the Andersonville area or the area close to (slightly west of) the Thorndale red line station as a long term investment. It is relatively quiet, safe, close to the city and most importantly to the lake & lakeshore drive!
Perhaps the experts @Paul De Luca and @Brie Schmidt can also confirm if this makes sense. Cheers!
Thanks Izzy!
Depending on your budget, I would look at the western suburbs like Berwyn and Oak Park as well. Places there are cheaper and can cash flow quite well. I'm doing a house hack for a 2 flat in Berwyn now, and the renter covers almost all of the mortgage. Definitely worth the sweat equity.