RE Investing Start 2024 (Househacking San Diego)

Member since 2023 · 1 post · 1 vote

Hello (aspiring) investors.

My name is Pedro Ferreira, a 19 year old university student and junior commercial agent currently working on getting his license. My goal for 2024 is to begin my real estate investing journey through househacking and am looking for properties within the greater San Diego area.

I am open to connect with anyone and am a sponge to all.

Any input is welcome and I guarantee I will not be a waste of your time.

Pedro Ferreira

1 Reply

13 views

Most Popular Reply

Carlos Valencia

Lender · 92703 · Member since 2022 · 326 posts · 538 votes

Hi Pedro,

House Hacking is the best way to begin as long your flexible on where you sleep. You can even just sleep in the living room to get as much rental income as possible. the great thing is that you can get in with as little money as possible anywhere from 3.5% -5% down payment. The next thing is to make sure you can qualify for the full mortgage taxes and insurance. Even tho you plan on house hacking you will not be able to use the rental income from the other bedrooms in the house to qualify assuming your buying a single family. Now if you buy a 2-4 units then yes you can use the other units rents as qualifying income. Lastly just make sure your credit is in the 740 or above to save a little more on the rate. Figure out how much income you will need first to buy something in San Diego area. Then start planning. While your looking you can also see if you can get a single family with a big enough lot to add an ADU (accessory dwelling unit) to add value as well to your property. Also check your county to see if you can even add and ADU.

@Albert Bui @Matthew Kwan

2 Reply

See this reply in the discussion

4 Replies

Jump to latestLatest

Sort by

Carlos Valencia
Lender · 92703 · Member since 2022 · 326 posts · 538 votes
2y
Hi Pedro,

House Hacking is the best way to begin as long your flexible on where you sleep. You can even just sleep in the living room to get as much rental income as possible. the great thing is that you can get in with as little money as possible anywhere from 3.5% -5% down payment. The next thing is to make sure you can qualify for the full mortgage taxes and insurance. Even tho you plan on house hacking you will not be able to use the rental income from the other bedrooms in the house to qualify assuming your buying a single family. Now if you buy a 2-4 units then yes you can use the other units rents as qualifying income. Lastly just make sure your credit is in the 740 or above to save a little more on the rate. Figure out how much income you will need first to buy something in San Diego area. Then start planning. While your looking you can also see if you can get a single family with a big enough lot to add an ADU (accessory dwelling unit) to add value as well to your property. Also check your county to see if you can even add and ADU.

@Albert Bui @Matthew Kwan
2 Reply
Kenneth Donaghy
Real Estate Broker · San Diego, CA · Member since 2016 · 355 posts · 195 votes
2y
Hey @Pedro Ferreira, welcome to the forums, and taking action on your goals. I have help a few college students take advantage of unique househacking opportunities here in San Diego while they were still in school, and exiting school. Happy to have a conversation to point you in the right direction.
1 Reply
Julio GonzalezPro Member
Specialist · West Palm Beach, FL · Member since 2008 · 4k+ posts · 1k+ votes
2y
Welcome to BiggerPockets, Pedro! Kudos on diving into real estate investing at such a young age!

Don't hesitate to reach out for advice, tips, or just to connect with fellow investors.

-Julio
561-253-6640
0 Reply
Nate MeekerBusiness Member
Real Estate CPA | California · Member since 2020 · 543 posts · 251 votes
2y
@Pedro Ferreira Congrats! House hacking has saved me and my clients thousands. I am currently house hacking in Temecula and have advised many others through the process - there's some tax consequences you should be aware of. The rental market is strong here and you shouldn't have a problem minimizing your mortgage. Let me know if I can be of help!

The CPA Realtor 569 Reviews
Website View Page
0 Reply

Join the conversationCreate a free account to reply, vote on answers and follow this thread.