San Diego County House Hack Help

[Josh Johns]

Hey BP Family! 

Excited to say that this is my first BP post ever! 

I am 27 years old and was born and raised in SD county, although I am currently living in San Francisco. My girlfriend and I are planning on moving back to SD this coming April, 2021. 

We are searching for a House Hack in San Diego. My goal is to put 3.5% down with an FHA loan and rent by the room to help cover PITI, while living on the property. My girlfriend and I would like a situation where we have our own space, (multi unit or ability to convert a SFH into a multi unit situation). We are happy to live in a small space if it means renting out the more expensive or main unit. We plan to live in the property for 1-2 years before moving into a 2nd house hack, while holding onto the first as a long term rental. I realize SD is a difficult market for cash flow, but I only want to do the deal if the first property will cash flow positively once we move out and keep as a rental (while only putting 3.5% down).

I have spent a lot of time researching the various neighborhoods throughout the county where this may work, although I would love some guidance on which areas of the county to focus on. Living in at least a somewhat safe neighborhood is a high priority for us. Not afraid of dealing with a rehab situation to create some sweat equity, although a more turn key situation is preferred if the numbers work. 

Thank you in advance to all! 

[Jared Aquino]

Hey Josh,

I can definitely relate to your post. My fiancée and I were looking for a place that was central to everything, where the rents would cover the payment (in a couple years time), and was a safe place to live. Keeping the mortgage payment low was also a big deal for us and having the flexibility to rent by the room (or not) was a huge deciding factor. With this criteria, we narrowed our search to the areas surrounding Mission Valley (Serra Mesa, Linda Vista, Clairemont) and eventually settled in Clairemont. We pivoted our strategy and went with a townhome instead of a SFH. It was a great way to get our feet wet and also maintain our reserves because we bought back in June when there was still a lot of uncertainty with COVID.

Feel free to message me if you'd like chat more.

Jared