Ready to purchase first investment property. Trying to choose city.

[Mason Green]

Hey everyone, looking to purchase our first investment property and would appreciate some guidance. We are located in the midwest and looking at Kansas City and Chicago as we are familiar with both cities and have spent significant time in both. We would love to house hack and use a fha loan but, are open to all investing options. We are young (24 and 26) Any advice on either of these markets and options to invest in.

Thank you, Appreciate any information and advice given.

[Simon Ashbaugh]

Hey there @Mason Green, welcome to BP! Leveraging an FHA loan is a smart move for young investors like you looking to house hack. The perk of a lower down payment requirement is beneficial for those starting with limited capital. Just remember though that with an FHA loan, there's a requirement to live in the property for a certain period so ensure that this aligns with your plans.

Consider focusing on a market that boasts a robust job market, affordability, and economic development. It's also vital to understand the local regulations and zoning laws as this knowledge is crucial for a successful venture.

Given your location in the Midwest, try taking a closer look at cities like Cleveland and Columbus. These cities offer favorable conditions where your financial resources can stretch further, allowing you to build a diverse multifamily portfolio and establish a steady income stream. Conduct thorough research, stay well-informed and base your decisions on your goals and risk tolerance. If you need more guidance or have specific questions, feel free to reach out. I'm happy to connect and help out.