All Forum Posts by: David Dyer

 Is it generally a bad idea to buy where you don't live? I'm from, and my parents live in, one of the suburbs of Detroit. I know there are cheap units in that area, but I don't know if they're good values. I know the area pretty well, though, and visit at least four times a year.

@Frank S.That's a good point, I don't think I'll find the quality of living space I have now for the price I'm paying anywhere else, so it may be better to continue renting.

I think I was attracted to house hacking at first because it feels like less of a step than straight-up buying a rental property, as well as unlocking the FHA 3.5% down loans. Maybe after learning more I'll be more comfortable and ready to buy a place I don't plan to live in.

Thank you!

@Frank S.Sorry, I meant that Andersonville is where I live now, but the condos I was looking at were in cheaper areas, mainly Roger's Park. On Zillow, I was finding things like this, with a mortgage estimate of ~$600, and rent of $1600. If each room rents for $500 and costs beyond the mortgage come to $400, that leaves me with the $495 I'm currently paying in rent for an emergency fund, or just to keep.

Having read @Brie Schmidt's link, it does look like finding a triplex or a 4-plex is a better option than a condo, after considering HOA fees and hassle.

Thanks @Brie Schmidt! I only said condo because that's what I happened to find on zillow; a three-unit building would also be perfect.

Which neighborhoods would I be looking at for that kind of price? Walkability to the El and/or bikeability of the streets is the only thing I'm really concerned about as far as where I live.

Hello!

I am a total newb to real estate, pursuing financial independence pretty aggressively through index funds and a minimalist lifestyle (following the shockingly simple math, I have about 8.5 years left of working).

I found biggerpockets via reddit. I'm comfortable keeping my growth/appreciation potential on the stock side, but I'm intrigued by what I've read about house hacking. It seems like a dumb name for a very smart idea. I currently live in a 3-BR apartment with two roommates in Andersonville for $495/month, and after a bit of zillowing it looks like there is at least some potential to find a three bedroom condo where I could rent out the other two rooms without much risk of increasing my out of pocket monthly expenses beyond $495.

I work in Evanston and my social life is along the red/brown/purple lines, so neighborhoods I'm interested in are anywhere from Lakeview to Roger's Park.

I want to plug into the Chicago RE community by actually meeting people, particularly finding an agent and connecting with people who've done this successfully before.