House hacking in Chicago

[Alejandro Ferrer]

Hello everyone, new investor here and was wondering if anyone has some advice for house hacking in Chicago IL or surrounding suburbs,cities ( Berwyn, Cicero, forest park, brighton park etc..) with things like which one has higher taxes, rents are almost at the 1% or appreciation rises
 Goal is too have some cash flow and/or hope for some appreciation along the way.

Thank you 🙏

[Paul De Luca]

@Alejandro Ferrer

Where you end up house hacking depends on a few factors, with the main ones being:

1. What can you afford?
2. What areas would you like to live in?
3. What's your expectation for cash flow and lowering your housing expense?

In Berwyn, Cicero, and Forest Park you're looking at more affordable prices of 2-4 units when compared to Chicago, depending on the neighborhood. Property taxes for duplexes in those suburbs tend to be $5k-$7k while 3 flats will be about $8k+. So the areas are pretty comparable. I'm a fan of Berwyn, which is why I have two house hacks here. There's a lot of small multi-family properties.

There's some great neighborhoods in NW Chicago for entry-level house hackers though. Plus you can get a legal 2-flat with a bonus attic or basement unit for additional income, which you don't see in the suburbs since they aren't allowed.