All Forum Posts by: Michael Guay

The price point you are mentioning sound like D and F class junk assets. It is true Chicago has relatively high cap rates for being a world class city though but most of our 2-4 units are in 500k+ range and houses 300k+ range. 2-4 units are what's popular with a lot of people house hacking the north side.

Thanks, Henry - this is helpful information. I'll PM you with more detailed neighborhoods on the north side if I find a better deal around there.

0 Votes

Originally posted by @Theresa Harris:

@Michael Guay Talk to people investing in the same area-not just the same city when dealing with a bit city. Often if house prices are lower than average, they need work or are in a rougher area. Remember what your goals are-flip, long term rental, etc? One strategy people use is buying cheaper homes, they often have higher turnover and more problems, but get a higher return on their investment.

Thanks for your reply, Theresa. I will definitely try to network with those that own in the areas I'm looking for. My goals are long term rentals on high cash flowing properties. I don't mind the extra work as I'm going to be house hacking in it anyways, and I want the added experience that comes with those problems.

0 Votes

Hi all,

I am a soon to be college graduate from outside of Boston MA, and I have begun looking around at different housing markets for good deals in order to secure a property to house hack upon graduation. I have spent quite a while analyzing deals in and around Boston and have been discouraged by the lack of good deals, which I'm aware is due to the high level of competition in this city.

As such, I turned my attention to different cities. I began analyzing deals in and around Chicago and am blown away with the number of cheap multi-family houses that would cash flow positive I am finding on the MLS. I'm talking 6-7 bedroom houses going for $180,000.

My main concern is that it seems like the Chicago housing market is too good to be true - there are just so many deals to be found just looking a few hours on the MLS. Are there any caveats like high vacancy that I should be aware of before investing in Chicago?

Thanks for your time, and I appreciate any feedback provided.

Michael

0 Votes

Hey all,

I've been visiting the BP forums daily for a few months now and I thought I'd introduce myself. I'm a year away from graduating with a B.S. in Computer Science and have been trying to soak up as much real estate knowledge as I possibly can since I believe it is the best way to achieve FI.

I plan on house hacking after graduation and thanks to the strong labor market for my skill set, I will be able to move pretty much anywhere. I'm curious to see where people would suggest looking for a great house hack if you could move anywhere.

Lastly, I currently have $10,000 saved in a Roth IRA. Is this a reasonable amount to achieve an FHA house hack? Or should I rent for the first year out of school to save up more for unexpected expenses? I appreciate the help.

Michael

0 Votes

All Forum Posts by: Michael Guay

Michael Guay has started 4 posts and replied 14 times.

Post: Chicago Housing Market - Too Good To Be True?

Post: Chicago Housing Market - Too Good To Be True?

Post: Chicago Housing Market - Too Good To Be True?

Post: Introduction & House Hack Starting Capital