San Diego, CA · Member since 2017 · 31 posts · 4 votes
I posted 6 months ago, and no response. So, I am trying again. I will be buying (hopefully) a multi-family soon in SoCal. As anyone can guess, this is pricey.
Real Estate Agent · Long Beach, California (CA) · Member since 2016 · 73 posts · 43 votes
8y
My husband and I️ are House-Hacking in Long Beach. We bought a triplex last October and we were fortunate enough to use his VA loan for zero down. While we are living here and improving the property, we aren’t living for free, but our tenants are paying over 2/3 of the total payment. We plan on moving out within the next year and at that point we will buy cash flow positive roughly $500 a month. Our goal is to purchase a four-plex that we plan on living in for years as our family grows. We will use the FHA loan to keep our total money to a minimum.
San Diego, CA · Member since 2017 · 31 posts · 4 votes
8y
Well, my gf and I are both higher income earners, but we do NOT want to be house broke, so we are keeping it under 500k....which still hurts my heart to consider, lol.
So, are looking in that range (which still gives us a good amount of options), and I am looking for space (larger yard) prefer 4 bed, 3 is fine, with 2 car garage.....that is my mentality. I can do renovations/rehab...so it doesn't have to be turn key by any means.
@Lindsey Iskierka, I am looking in San Diego (from Oceanside/Escondido/San Marocs, all the way down to Poway). I would LOVE to buy a multi fam home, but I have moved around so much, that I need to buy a SFH, so my kids can have stability. So the idea of house hacking has to be put on the side.
What my gf and I will be doing is buying a SFH in order to establish roots. We will then start with saving for 20% for multi fams.....prob not in CA, but in AZ, where it is not too far, but so much more realistic.
I believe what @Jake Thompson was referring to is a detached duplex. It looks just like two SFR but has a single water meter (who notices water meters). It accomplishes your goals as most have private yards. Many have garages. I own one that has a 4/2 unit but most are 2 or 3 BR.
Stability check. Private yard check. At least 3 BR check. Will it satisfy wife/family while still getting me an RE investment asset: depends on wife.
And all of the advantages of house hacking: owner financing with smaller down being a large one.
Investor · Los Angeles, CA · Member since 2017 · 3 posts · 0 votes
8y
Hey Jeremy,
I AM! I bought a 4 bedroom house last year (July '17) in South LA and have been househacking here, renting out 3 of the rooms to long-term tenants, and more-recently, using one as Airbnb. I've actually written up a post I want to submit to BP here in a couple days... Would you be interested in reading a draft? Would love any thoughts, and I'm sure there's plenty of good information there for you
@Lindsey Iskierka, will your triplex stay on the VA Loan, or will you refi out of it, in order to use it again? That is my eventual plan, but of course to refi out of my AZ home, I will need a few bucks. My AZ home is 240k, so I am balancing wether or not to refi out for full VA Loan, or get FHA loan (3.5%ish down) for the multi fam here....The good thing is I have options, just need to nail down my strategy.
Garden Grove, CA · Member since 2017 · 50 posts · 19 votes
8y
What kills the FHA on a 4 unit is the PMI. It might be up to 25% of your payment, this makes it hard to make the numbers make sense. I would use FHA to get the property, live in a unit, fix it up, get the rents up and refi in 6-12 months hopefully you can get rid of the PMI. Prices are finally coming down. You can PM on a few ideas I have to do an "alternative house hack" that in theory is much better and I am looking to do that on my next property.
Investor · Los Angeles, CA · Member since 2017 · 3 posts · 0 votes
8y
I sent a direct message to you @Jeremy Dube, but just posting here for anybody reading: I AM HOUSE HACKING IN LOS ANGELES right now. If anybody has questions, feel free to send me a message. I also wrote a whole blog post about it for BP just a couple weeks ago.
Rental Property Investor · Los Angeles, CA · Member since 2017 · 210 posts · 155 votes
8y
My fiance @Brandon Foster and I are house hacking a duplex in Vermont Square near USC. We literally shifted our rent for a 2bed/1ba apt in Pico-union for our South LA duplex; it took us close to 9 months to find and acquire the property in Los Angeles so don't give up! We purchased it using FHA financing 3.5% down and we'll eventually use the BRRR strategy.
I also spoke to a BP member who said he purchased an SFR near El Segundo area and he's house-hacking by renting out the bedrooms to different individuals.
San Diego, CA · Member since 2017 · 31 posts · 4 votes
8y
@Wynton Grant, I was in the middle of a move from HI to CA, where I got a new house (new to me) in Escondido CA. Prices here are good. I am a single father, and househacking with my girlfriend (does that count??). We are doing well, with our new house, but earned some unwanted debt in purchasing it. Once we dump that, we will be looking for other opportunities, so realistically for us, 18 months.
San Diego, CA · Member since 2017 · 31 posts · 4 votes
7y
@Kiyong Kim, yes. We got a house that is now our primary residence in Escondido CA. We are now saving and looking into the future for real rentals. Started saving already.
@Elio Guillen, I am now in the situation that you were 3y ago, interested to know what was the outcome and what other areas in LA you recommend to house hack.