Hi Guys and Gals,
I keep revisiting this topic and am trying to find the best mechanism to get a deal like the one I describe below:
I live in Northern California and want to move into a multiplex for my first property. I figure I can make a profit off of the place I live in which eliminates my biggest personal finance expense amd actually makes it an assett. I figure I can fix issues myself on the property to save some money and also get to know exactly what my tenants are doing. Then if I eventually get tired of living there I can just get a new home and rent out the unit. Sounds simple right? But what is the best way to find these and get a deal off them? I am wholesaling right now and it is so hard to get leads and deals so I am puzzled as to what I can do here
My first deal was a 4-unit house hack. I found it on the MLS.
Depends on how much you can afford and where you would like to live, because NorCal is tough not just price is high, but competition is high too.
Did you buy it at market value or was it a fixer upper? Do you consider it a good investment looking back at it?
7U house hack here. Combined 2 for my family, life changing deal. Note that over 4 makes it commercial and the mortgage rules change. We had to put down 25% of the $250k 20 years ago. Just the lot is probably worth at least $1.5m today.
@Cody Evans I bought it at market value off the MLS.
However, it did need a lot of work, most notably I had to replace the roofs soon after purchase (seller gave me credit for this).
Yes, it was a good investment looking back.
Guys, this is great news to hear. So glad I had so many responses. If you have any more tips or pointers on this I am all ears.
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