Oakland, CA · Member since 2017 · 2 posts · 1 vote
Hi my name is Dominic and I am 21 years old and is very interested in Oakland Area Alameda county area to start my investment portfolio. I am interested in multifamily property and aiming towards cash flow and not sure on how to approach starting out looking and learning about my area. Is Oakland Ca too expensive to start out in? Any information and knowledge would be appreciated.
Real Estate Agent · Princeton, NJ · Member since 2016 · 1k+ posts · 1k+ votes
8y
Dominic Hoang - Consider house hacking via investing in your own house. Think student rentals. Specifically, buy FHA a house that needs work and is a bit too big. At least 2 bathrooms. Then rent the spare bedrooms on 12 month leases at $800-1000/mo each via craigslist, Facebook marketplace, Airbnb, etc.
You can look at my previous posts. I bought 5 br 3 ba foreclosure at 24 in the DC suburbs and rented out spare bedrooms. I lived for free plus about $1000/mo cash flow. Obviously check Hoa and local rules.
Oakland, CA · Member since 2017 · 29 posts · 16 votes
8y
Hey Dominic,
Great to hear you want to start out early! Expensive is relative to the person asking it, so it depends if you have money for a downpayment and if you can find the right deal.
There are definitely properties that will cashflow but you'll want to have 20% down. I've personally tried going down the FHA route and it's so much harder to make the numbers work especially since most of the MFHs I've seen are at least 500+ and that's on the lower end.
Are you planning on living in one of the units as well? Lots of different things to consider, feel free to ping me if you want to connect.
Wholesaler · Fairfield, CA · Member since 2017 · 472 posts · 145 votes
8y
The bay is expensive but there are people getting houses so I imagine you should be able to as well. I am unsure of specifics yet but my plan is to househack a multifamily.
Fremont, CA · Member since 2015 · 289 posts · 63 votes
8y
Let's be realistic it is expensive. but there is a reason for it people want to live here. I think there are some pockets in the bay area you can find breakeven or cash flow. one option is to do house hacking and then to transition to multifamily. hope it helps.
Real Estate Agent · Princeton, NJ · Member since 2016 · 1k+ posts · 1k+ votes
8y
Dominic Hoang - Consider house hacking via investing in your own house. Think student rentals. Specifically, buy FHA a house that needs work and is a bit too big. At least 2 bathrooms. Then rent the spare bedrooms on 12 month leases at $800-1000/mo each via craigslist, Facebook marketplace, Airbnb, etc.
You can look at my previous posts. I bought 5 br 3 ba foreclosure at 24 in the DC suburbs and rented out spare bedrooms. I lived for free plus about $1000/mo cash flow. Obviously check Hoa and local rules.
Walnut Creek, CA · Member since 2015 · 3k+ posts · 2k+ votes
8y
Take a look at redfin and sort by mutli family.... if you're budget can swing it great. But it's extremely hard to get "deals" in the Bay... unless you have a history w/ someone and they hook you up. OR...... you can see a cheaper solution to repair a distressed home that others have passed on.