All Forum Posts by: Kristin Vegas

I did.

In 2017 my wife and first born kiddo moved from the SF Bay Area to Detroit Metro. My wife grew up in Oak Park (near Thousand Oaks).

We spent our first year getting our bearings. Then we aggressively built a 12-door rental portfolio over the course of 2.5 years. We spent the next ~1 year paying down our HELOC, sold our home (for a huge profit), and moved back to CA.

It's great if you can do it. But realize you will likely want to move back. The weather is a massive factor for those of us that are used to sun and warm weather basically year around.

We both agree it was the best thing we could have done. Ideal? No. But it set us up for financial freedom and we couldn't be happier with how things turned out. 

Hey @Kristin Vegas, I did back in 2020, moved to Boise. Was able to build an ADU in the basement, rent it out, and gained around $150k equity in the process. Cash flow is around $1k due to my low interest rate and MTR strategy. Now I work with the agent team who helped me and help others house hack/invest in this area. Obviously circumstances has changed, cash flow is difficult, but Boise is a more of an equity play right now. Still finding cash flowing properties, but it takes more work and willingess from buyers to make some comprimises. Just remember, wherever you go, it still comes down to making sacrifices, remembering this is a 10 year process not a quick fix, and being solid with your everyday budget and goals and living below your means; boring but effective. Good luck!

 Hey Kristin, I don't have experience doing this myself, but I've helped many buyers do it. Do you know the Chicago area well? If I were you, I'd plan a visit and narrow down the neighborhoods you're interested in and get with an agent who knows the city very well to guide you on the purchase. Good luck! 

@Kristin Vegas welcome to Chicago! Plenty of folks move here from out of state to do house hacks, and there are so many amazing neighborhoods you can choose from. I would focus on connecting with a good team you trust. Maybe go to some meetups if you can before you move so you meet folks here on the ground. We have a wonderful community of investors here in Chicago for sure. 

In terms of doing a house hack, you likely will want to do a 5% down loan or something similar. The BRRRR is great, but typically does not go hand in hand with house hacking.

That's beautiful @Kristin Vegas!  House hacking is such a smooth (for lack of better words) way to get into real estate.  

Make sure you hop on a call with @John Warren because he knows those western Chicago suburbs better than anyone I know!

@Kristin Vegas makes sense. I started in Berwyn and have done most of my investing there or in nearby areas like Bellwood or Cicero. The western suburbs are full of opportunities to invest. The 350k price point is one that will make it a bit more challenging the closer you get to the city. The market has really taken off these past few years. 

Hello @Kristin Vegas - All of the Chicago Suburbs are good to buy in lol it just depends on your specific goals, strategy, and team!

I really like the western suburbs like Cicero &  Berwyn.

So are planning to moving into the property since you are using an FHA loan?

You're best bet is to call a local multifamily broker. They'll be able to give you better and more concise insight.

@Kristin Vegas why not look in Rockford again? 350k won't get you very far in a lot of areas, especially if you are wanting to find cash flow.