Under Contract - Owner Occ Duplex!
As of today I am under contract on a duplex here in San Diego County to be owner occupied! Super stoked. Been looking for quite some time and my agent has been great. I approached this deal as a hybrid investor/homeowner. My goal was to find a place that's close to where I live now, reduce my current living expenses (renting on coast) by 30-40% and have a property that in 4-5 years will cash-flow when I move out. So far, it's looking that way. The duplex is 6-7 miles from where I live and meets these requirements. Gonna use FHA and eventually refi out the MIP when I can get 20% of loan paid.
I have 2 houses in Atlanta that are under property management so this will be my first landlording experience and looking forward to it. Met the mortgage broker at the local REIA and he's been really good so far. My agent understands I'm an REI and speaks to me in GRMs, CAPs, and cashflows. Like I said, I feel like I've been patient. This is a crazy market here.
I'll keep everyone posted as things progress. As always, thanks for the inspiration BP!
Zach