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All Forum Posts by: Fed Finjap

Fed Finjap has started 5 posts and replied 13 times.

Post: Aspiring Chicago House Hacker Looking for Meetups

Fed FinjapPosted
  • Investor
  • Chicago, IL
  • Posts 13
  • Votes 17

Thanks for sharing! I actually signed up for a few on this list already - I'm an avid listener of the Straight Up Chicago Investor podcast!

Post: Is Multi-Family House Hacking Still Possible in Northwest Chicago?

Fed FinjapPosted
  • Investor
  • Chicago, IL
  • Posts 13
  • Votes 17
Quote from @Ryan Thomson:

@Fed Finjap I wonder if youre criteria may be a little unrealistic for Chicago. I know it is in Colorado Springs. 

House hacking is tough to cashflow even in year two after you move out (with current house price run-ups and interest rates) for a couple reasons:

1. Interest rates are much higher then they have been the last couple years (when everyone was talking about cashflow)

2. You are only putting 5% down so your loan amount is much larger and therefore your mortgage payment.

I would consider your net worth ROI. What I mean by this is considering how much your down payment returns to your net worth (appreciation, loan paydown, tax benefits, AND rent avoidance). Don't forget to include rent avoidance in your numbers! You have to live somewhere.

You may need to lower your return or cashflow expectations so you can get into a house hack that will allow you to avoid throwing rent money away every month. You know this, but don't forget all the other ways real estate makes you money. Paying down your mortgage and owning an asset that will appreciate over the long term.


Thank you Ryan, this is a helpful reminder. I definitely value the other avenues that will help build my net worth. I just worry about the risk that I'd be taking on, and minimizing the amount of time that I will be cash flow negative will help reduce that risk I'm taking on in my eyes. But that being said, this is good to know and it seems like I should be adjusting my expectations around cash flow slightly, but I'll have to do some more research to figure that out. 

Post: Aspiring Chicago House Hacker Looking for Meetups

Fed FinjapPosted
  • Investor
  • Chicago, IL
  • Posts 13
  • Votes 17

Hi there,

I'm hoping to buy my first house hack in Northwest Chicago in 2024, and am visiting for 2 months (August & September 2023) to learn more about the city, neighborhoods, and people. 

For someone who is interested in real estate investing & house hacking, but is a complete beginner, are there any meetups that people recommend I check out while I'm in the city? I'd really love to meet more people who are doing what I'm looking to do too while I'm in the city.

Post: Is Multi-Family House Hacking Still Possible in Northwest Chicago?

Fed FinjapPosted
  • Investor
  • Chicago, IL
  • Posts 13
  • Votes 17

Hi there,

I'm an aspiring house-hacker that will be moving to Chicago for a couple months to learn more about the city & neighborhoods within, with the goal of buying my first multi-family house hack in the next year. I'm specifically interested in the Northwest part of the city - neighborhoods like Avondale, Irving Park, and even up to Albany Park. I will have around $100k to dedicate to a deal (for down payment, closing costs, initial repairs & expenses, and reserves), with the goal of breaking even or cash flowing only once I move out (I'm ok with paying the difference in rental income and mortgage while I live there).

However, after talking to a few people who do real estate in Chicago as well as looking at data, I've heard that inventory in this area is pretty slim. Are people experiencing the same? Is it still possible to house hack in these neighborhoods in Chicago?

Post: Operating Expenses to account for in Chicago market

Fed FinjapPosted
  • Investor
  • Chicago, IL
  • Posts 13
  • Votes 17

Hi BP forums,

I'm currently doing research to figure out what a buy and hold on a small multifamily property (2-4 units) under $800k would look like in the Chicago market. 

For context, I'm only at the very beginning of my journey, exploring different markets to potentially move to and do a house hack in where I could break even or cash flow, and at initial glance Chicago seems to have potential. I live in NYC right now and plan to for one more year, but from what I'm seeing, it'd be much more difficult to find something that fit my criteria here. After visiting a few times, Chicago is a city that I could see myself living in for a few years after NYC and pick up a few house hacks that turn into long-term rental investments along the way. It's currently the leading market for me after I leave NYC in a year, although at this stage I'm still open to other markets for this purpose.

In doing this research, I'd love to learn more about what operating expenses generally look like in this market.
I know this is probably a broad topic, as Chicago is huge and these things vary on a case by case basis. But would just love to get a general lay of the land so that I know where I need to dive deeper on. 

Some examples of things I'd like to know more about are:
- What types of utilities are typically paid by landlords vs tenants in this market?
- What kind of monthly expenses will I generally need to take into account when running my numbers (e.g. snow removal, waste pickup, water / sewer, etc)?
- How much will electric and gas typically cost in this market?
- How much should I allocate towards repairs & maintenance and capex? How does this change based on the age of the property (I know most multifamilies in the market are over 80 years old so would love to understand how frequently problems typically arise)?
- What kind of upfront costs would I need to account for as a first-time investor in this market (e.g. are there licenses I need to get / pay for? if I want to do value-add renovations on a property, how much would I need to spend on getting permits with the city to do so independent of the actual rehab costs?)
- Anything else that I should be sure to keep in mind when running numbers for properties in this market that I may not find elsewhere?

Thanks,
Fed

Post: First-time OOS Investor Looking to Build REI Team in Indianapolis

Fed FinjapPosted
  • Investor
  • Chicago, IL
  • Posts 13
  • Votes 17
Quote from @Kerry Noble Jr:

Hey! welcome! definitely open to connecting to see if i can bring you value


 Thanks Kerry! Just sent over a PM.

Post: First-time OOS Investor Looking to Build REI Team in Indianapolis

Fed FinjapPosted
  • Investor
  • Chicago, IL
  • Posts 13
  • Votes 17
Quote from @Nick Giulioni:

Hi Fedrick, I'm from California but I have started my real estate journey here in Indianapolis. Now, I have more than a hundred doors. I would love to help/share my experiences and chat with you more if you're interested.


 Thanks Nick. Just sent you a PM!

Post: First-time OOS Investor Looking to Build REI Team in Indianapolis

Fed FinjapPosted
  • Investor
  • Chicago, IL
  • Posts 13
  • Votes 17
Quote from @Mike D'Arrigo:

@Fed Finjap Indianapolis is a good choice for cash flow. We've been active in Indy for over 10 years. I'd be happy connect and share my insights and experiences with you. 


 Thanks Mike! I just booked time with you on your company website. Looking forward to speaking!

Post: First-time OOS Investor Looking to Build REI Team in Indianapolis

Fed FinjapPosted
  • Investor
  • Chicago, IL
  • Posts 13
  • Votes 17
Quote from @Michael Margarella:

Thanks for the tag @Jayson Cain.  Happy to connect @Fed Finjap!


 Thanks Michael! Just sent you a PM.

Post: First-time OOS Investor Looking to Build REI Team in Indianapolis

Fed FinjapPosted
  • Investor
  • Chicago, IL
  • Posts 13
  • Votes 17
Quote from @Jayson Cain:

@Fed Finjap, Indianapolis is a great market. I'm in Southern California and I've built a portfolio in Indianapolis. Happy to answer any questions you have and recommend local vendors in area once you're ready to acquire. 

@Michael Margarella is also an OOS investor based on the East Coast. I recommend connecting with him as he's doing various types of investments in Indy. 

Thanks @Jayson Cain! I will definitely keep your contact on record and reach out when the time is right.