I am new to bigger pockets and wanted to connect to see advice on next steps for RE investing. We are in a good place with our duplex in Southern California that we purchased February of this year. It is now a full triplex and we bought it via FHA/house hacking. My husband is currently in law school, and I am a Project Manager. We are in our mid-twenties looking to map out our next steps and would love any advice.
We appreciate your input!
@Johnna Randazzo congrats on your recent purchase and welcome to BP.
I am interested in your recent purchase. Sounds like a cool deal. You bought a duplex and converted it to a triplex? Did you do an addition, or did it have unfinished space?
One thing to consider is waiting till February to do your next deal that way your 2017 taxes can be done and you can show the rental income offsetting your mortgage costs.
I also believe you will get a wide range of advice. If it were me, I would do another house hack. move out of your triplex, rent the unit you were in. Then go buy another property, and do the same thing you just did. This is an easy way to acquire more property without needing 20-25% down.
Also, depending on how the value of the property increased by adding that third unit, plus natural appreciation and paying down on the principal, you could look at refinancing out of the FHA loan to get rid of PMI. Do that first, then go on to house hacking another property.
You have lots of options. Good luck!
Welcome to BP,
I'm in Redlands as well. I don't see too many 2/3 plexes around here, that's awesome. Super curious about pricing and how you added a third unit if you feel like sharing.
Sounds like @Andrew Kerr gave you some good advice. There are so many ways to get started, congrats on pulling the trigger and doing something. That's the toughest part,
Best of luck to you and your husband!
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