Newbie House Hacker Cleveland

[Domininc R Liva]

Hello all,

I am looking to get into real estate by house hacking. I am looking to buy my first property in May come the end of my current lease. I plan to go the route of obtaining an FHA loan to fund my first property. I currently live in Lakewood and it seems like there is a great market here with plenty of multi family homes. With that, it seems like property prices are generally higher around here whereas other neighbors you can find duplexes going for cheaper with similar rental income. Lakewood seems to be a generally good area with little to no worries of break ins or theft.

Does it make sense to do a first time house hack somewhere a little nicer like lakewood, ohio city, tremont, etc but have a longer term loan because of the higher property value? I am considering looking into a less desireable area to get my first property off the ground and build equity in so I can start building my portfolio faster. There are pros and cons either way I am curious what other house hackers/investors may to say. 

[Michael Norris]

Most the duplex deals I have seen in Lakewood are overpriced from an pure landlord scenario BUT could make sense for a house hack situation in that the mortgage would be covered. If you put in a room mate in your unit you could have a little cash flow and be staging yourself to buy the next property.
Landlords are starting to feel the pinch of last years property tax hike so my feeling is prices are starting to level out or come down a little versus last year so if you shop hard enough you should be able to find a deal that works for you. Good luck!