Is "HouseHacking" still doable in OC, California under $400K??!!

10 Replies

I am looking to buy a property the first part of 2018, and I really want to find a house hack situation (close to all my workplaces), but I am not seeing any properties that are sub $400K to benefit from the hack. I can't see spending $1,700.00 a month (with the 2nd room rented out, maybe $1000.00?). I am leaning towards buying a Multi~Unit, as opposed to finding a "too~expensive" house hack situation.

The multifamily would be rented fully to tenants, I will still be living in Orange County. My monthly rent right now is ULTRA low.

(I am envious of the homes in certain other states for 50K, 75K, 100K,....CRAZY!!!)

I look forward to hearing from one and all members on this subject, and, as always, thank you much in advance!

So, buy a multifamily to fully rent out for my first property of 2018, or any suggestions on a "House Hack" in OC I am not seeing?

What say you?  :)

714-470-4152

Sadly there is no 2+ unit inventory in OC under $400k, so House hacking won’t work with your budget. But if you’ve got ultra low rent, and you can qualify for a multi family investment purchase, I think that’s a great route for you. Continue to pay below market rent, save money, and begin building equity in your investment property.

Thank you, @Eric G. , really appreciate your input. Really, the only "anything" I found in OC that comes close to a "hackable" situation, is deep in the Santa Ana area. Prices are still crazy~high, but I don't think I want to pack a 9mm daily just to have a House~Hack. Many gangs in certain areas. No Bueno.  :)

Yes, it looks like I will lean into Multi~Unit buildings. Now, the question is Triplex, Fourplex, 5~10 units?...

Best to you, Eric, and thank you!  $$$

714-470-4152

@Daniel F. Harb you considered raising your purchase price a bit? You can maybe get a duplex (2bed/1bath) each side rent one side and you stay in the second side and rent out the second room? Might get you close to your current ‘low rent’ number possibly even with a duplex close to $600k. Best of luck.

@Daniel F. Harb Reason I suggested duplex is because you can get a conventional finance deal to put only 5% down on an owner occupied duplex.

Originally posted by @Daniel F. Harb :

Thank you, @Eric G. , really appreciate your input. Really, the only "anything" I found in OC that comes close to a "hackable" situation, is deep in the Santa Ana area. Prices are still crazy~high, but I don't think I want to pack a 9mm daily just to have a House~Hack. Many gangs in certain areas. No Bueno.  :)

Yes, it looks like I will lean into Multi~Unit buildings. Now, the question is Triplex, Fourplex, 5~10 units?...

Best to you, Eric, and thank you!  $$$

Really? Anything over $400k is out of  your budget, but you can still mention 5-10 units?

Just how big of a deposit/income do you have?

(Or, if you're including out-of-state, then this thread just joins the thousands of others)...

Thank you, Twana R., I appreciate the mention. Love the financing on an owner~occupied, for sure.

Have an excellent Tuesday and best of profits to you.

~Daniel

714-470-4152

Hey Brent, did I say it was out of my budget, or I didn't want to spend over $400K for a "Hack"?

Think.

714-470-4152
Originally posted by @Daniel F. Harb :

Hey Brent, did I say it was out of my budget, or I didn't want to spend over $400K for a "Hack"?

Think.

I guess my point now is: why then concern yourself with living in a less-than-$400k duplex? (Especially when you're already paying next to nix)...

[Yes, I'm aware that you're allowed to dream. But others have burst that fantasy, right?]

Brent, don't concern yourself with me, friend, and I have no use for your point. Use your time wisely today.  :)

714-470-4152

Twana R., I will PM you later in the day, if I might, I am at the hospital in the ER working right now. Thank you for your response about "Hacking" in OC. Thanks for your kindness. 

Your points are well taken!

(Unlike other points!  Ha!!!)

Best!  $$$

714-470-4152

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