All Forum Posts by: Kristin Vegas

Are you moving in order to invest or simply moving and want to Chicago and want to start off by buying a property? 

@Kristin Vegas

Yep! I moved out of CA (grew up in NorCal and went to school in SoCal) to Reno, NV to house hack. I've done it twice now and it's changed my life. 

Still wanted to be close to CA and Lake Tahoe but have much more favorable tenant/landlord laws, property taxes DO NOT reassess on the sale, stable diversified job growth, population growth, land constraints force appreciation, and a ton of outdoor activities that I enjoy. 

Every situation is going to be different, but I respect you that you're willing to move out of state to pursue your dreams! Not a lot of people think this way, but if you're trying to eventually live like 99% of people can't, it should be hard. 

@Kristin Vegas

Relocating out of state to begin real estate investment might be a big choice, but it can also lead to new markets and possibilities. Market research, local expertise, networking, property management, financial planning, potential legal and tax ramifications, risk management, and long-term vision are important factors to take into account. Look at areas with high rental demand, possibilities for capital growth, and properties that fit investment objectives. Collaborate with nearby property managers, real estate brokers, and other experts to obtain important information and handle regional laws. Make connections with neighborhood residents, real estate agents, and investors in your area to get knowledge from their experiences.

Effective property management in the Chicago market requires working with a trustworthy property management firm. A strong financial strategy is necessary, and it should include a budget for moving costs, property acquisition costs, renovations, and any vacancies. It is important to think about the potential legal and tax ramifications and to have backup strategies. It is important to have a long-term perspective that takes diversity, scalability, and portfolio development into account. In your new area, you may develop a profitable real estate portfolio with tenacity, endurance, and a calculated strategy.

Good luck!

I did.

In 2017 my wife and first born kiddo moved from the SF Bay Area to Detroit Metro. My wife grew up in Oak Park (near Thousand Oaks).

We spent our first year getting our bearings. Then we aggressively built a 12-door rental portfolio over the course of 2.5 years. We spent the next ~1 year paying down our HELOC, sold our home (for a huge profit), and moved back to CA.

It's great if you can do it. But realize you will likely want to move back. The weather is a massive factor for those of us that are used to sun and warm weather basically year around.

We both agree it was the best thing we could have done. Ideal? No. But it set us up for financial freedom and we couldn't be happier with how things turned out. 

Hey @Kristin Vegas, I did back in 2020, moved to Boise. Was able to build an ADU in the basement, rent it out, and gained around $150k equity in the process. Cash flow is around $1k due to my low interest rate and MTR strategy. Now I work with the agent team who helped me and help others house hack/invest in this area. Obviously circumstances has changed, cash flow is difficult, but Boise is a more of an equity play right now. Still finding cash flowing properties, but it takes more work and willingess from buyers to make some comprimises. Just remember, wherever you go, it still comes down to making sacrifices, remembering this is a 10 year process not a quick fix, and being solid with your everyday budget and goals and living below your means; boring but effective. Good luck!

 Hey Kristin, I don't have experience doing this myself, but I've helped many buyers do it. Do you know the Chicago area well? If I were you, I'd plan a visit and narrow down the neighborhoods you're interested in and get with an agent who knows the city very well to guide you on the purchase. Good luck! 

@Kristin Vegas welcome to Chicago! Plenty of folks move here from out of state to do house hacks, and there are so many amazing neighborhoods you can choose from. I would focus on connecting with a good team you trust. Maybe go to some meetups if you can before you move so you meet folks here on the ground. We have a wonderful community of investors here in Chicago for sure. 

In terms of doing a house hack, you likely will want to do a 5% down loan or something similar. The BRRRR is great, but typically does not go hand in hand with house hacking.

That's beautiful @Kristin Vegas!  House hacking is such a smooth (for lack of better words) way to get into real estate.  

Make sure you hop on a call with @John Warren because he knows those western Chicago suburbs better than anyone I know!

@Kristin Vegas makes sense. I started in Berwyn and have done most of my investing there or in nearby areas like Bellwood or Cicero. The western suburbs are full of opportunities to invest. The 350k price point is one that will make it a bit more challenging the closer you get to the city. The market has really taken off these past few years.