House hacking in Chicago and/or right outside of it

[Tricia Gatia]

Hey guys! I'm just starting out with real estate investing and likely to go on house hacking strategy with FHA loan. I'm in the Chicago area. It's really hard to find a multi family homes less than $300K except around the bad neighborhoods like east of Oak Park, IL. Do I have to increase the price on the house to get more options? If any real estate investor or agent knows the Chicago marketplace please let me know! I would love to get an MLS listing. Looking to buy next year or so but wanted to get a feel of what's out there early on. Thanks!

[Sarita Scherpereel]

Thanks for the mention @Jonathan Klemm. 

There are options in other neighborhoods in Chicago.  For most House Hackers, the numbers are as important as location. Due to the commute issues they could have going to far away from public transportation. The location also helps with the numbers. You will have higher rents when you are closer proximity to the El. I have a lot of clients looking outside of the northwest side of the city in areas like Berwyn (to name one) because the numbers work better for them there. 

House Hacking is very specific to your personal and financial needs. It takes time to see how you can create your financial goals while you're balancing your personal needs.

Don't get discouraged. Remember Rome wasn't built in a day but part of it was. You're on the right path by being on BP and starting your education!