New Pro Member from East Bay, California

New Member Introductions
10yFollow

New Pro Member from East Bay, California

Jen Anderson
Investor · Emeryville, CA · Member since 2015 · 28 posts · 11 votes

Hi all,

My name is Jen and I'm a newish member, as I've been hanging around the forums for a while now but have recently upgraded to a pro membership and have been upping my game in real estate.

I am a full time tech professional in the Bay Area looking to build a career in real estate so that I hopefully never have to work for another corporation again!

I own a condo in Emeryville, CA which I bought in 2013 and also own 2 SFH investment properties in Ohio. I am looking to do a house hack next in the Bay Area with my fiance. We are looking for a good duplex or triplex in the East Bay. It will be not be a huge cash flow opportunity but am hoping to cover the mortgage by renting out the other units and then hold it as a long term investment and then house hack again in another 2 years. (Would love feedback on this strategy from other members because this property WILL NOT cash flow given the current market out here.)

I have lived mostly in very expensive real estate areas (Bay Area, NYC, Northern NJ) so I have started looking out of state for my investment properties.  Interested in networking with anyone from Bay Area or Ohio, SC, NC, or Michigan (the one place I have lived with reasonable real estate).

Excited to connect with other like-minded folks on here and learn more!

4Reply
49 views

Most Popular Reply

Chris MasonPro Member
Moderator
Lender · CA · Member since 2015 · 9k+ posts · 10k+ votes
10y

@Avi Garg and @Jen Anderson - Actually disregard the above, I was thinking of something else. 20% down conventional on an owner occupied triplex is fine. 

1Reply
See this reply in the discussion

36 Replies

Jump to latestLatest
  • Abe Gonzales
    Engineer · San Jose, CA · Member since 2016 · 62 posts · 9 votes
    10y

    Hello Jen,

    You could also try to connect with the east bay REI meet up, as you probably already have known. Lots of information and actionable plans through the group talking and connecting, and quite possibly connect with wholesalers for low end purchases. For a very low amount of purchases, you could lookup for "ground - up" investment, or lot investment suitable for duplex, or triplex construction through REOs, auctions, or liens, or even direct from sellers. Lots of options and opportunities from Fremont to Hayward, Oakland, or Vallejo and beyond.

    0Reply
  • Dave VisayaPro Member
    Moderator
    Audio Engineer and Investor · Cebu City, Cebu · Member since 2013 · 7k+ posts · 881 votes
    10y

    Hey @Jen Anderson, glad to have you here! Let us know how we can help! And you should jump in, the community is pretty great here. You'll love it :)

    BiggerPockets
    0Reply
  • Chris MasonPro Member
    Moderator
    Lender · CA · Member since 2015 · 9k+ posts · 10k+ votes
    10y

    Welcome, @Jen Anderson. What are you looking at in terms of down payment on this duplex or triplex? 

    0Reply
  • Sarah Lorenz
    Specialist · Ann Arbor, MI · Member since 2016 · 355 posts · 191 votes
    10y

    Welcome, Jen. Where did you live in Michigan?

    0Reply
  • Account Closed
    Wholesaler/Real Estate Agent · Providence, RI · Member since 2014 · 75 posts · 19 votes
    10y

    Hey Jen! We're not exactly in the same area (complete opposite coasts) but just wanted to say congrats on upgrading to Pro! You seem like you have a good plan as far as how you want your options to play out...can't wait to see what you accomplish. Anyways, just wanted to reach out and say hi!!

    -Claire

    0Reply
  • Keri Middaugh
    Rental Property Investor · Ypsilanti, MI · Member since 2016 · 230 posts · 86 votes
    10y

    Welcome, Jen. BP certainly has a wealth of info! House hacking and moving every two years is smart financially, but could be hard on children.  Just a thought for the future.

    Best wishes, and let us know when you fire your boss. It might be sooner than you think!

    Keri

    0Reply
  • Abel CurielBusiness Member
    Real Estate Agent · Queens, NY · Member since 2016 · 2k+ posts · 1k+ votes
    10y

    Hello @Jen Anderson, I think your approach is a good one especially when you think about the perks. Acquiring an asset and simultaneously cutting back a bit on your own living expenses can be a huge help when you think about raising capital for your next investment. 

    Now that you're a PRO member, you should take advantage of the deal analysis calculators. Analyze any duplex or triplex you are looking at as if you weren't house hacking. This way you can get a good sense of what cashflow will be like once you move onto your next investment. 

    I live in an expensive market as well and I am going to pull equity out of my first home to house hack a multifamily here in NY. I won't be cash flowing either but you and I share similar approaches (I'm assuming). I think once you determine what kind of cashflow or appreciation you expect to earn in the next few years, you'll be able to narrow down your search and zero in on the best option.

    I hope this helped.

    Best of luck to you!

    -Abel

    REbuild Team - eXp Realty5234 Reviews
    WebsiteView Page
    0Reply
  • Dmitriy Fomichenko
    Solo 401k Expert · Anaheim Hills, CA · Member since 2012 · 18k+ posts · 6k+ votes
    10y

    @Jen Anderson

    Welcome to the BP family! You came to the right place to learn all about real estate investing! Here are some recommendations for you:

    Find and connect with other BP members that are in your area: http://www.biggerpockets.com/meet
    Set up keyword alerts to be notified of the topics that interest you: http://www.biggerpockets.com/alerts
    Read Beginner’s Guide: http://www.biggerpockets.com/real-estate-investing
    Check out BP Podcasts: http://www.biggerpockets.com/renewsblog/category/podcast/

    If you wish to tag someone in the conversation on the forum, type @ followed by their name and then select the name of that person which should appear below the comments box. He or she will be notified of being tagged so that the conversation will continue.

    Wishing you the best!

    0Reply
  • Mark Nolan
    Professional · Carlsbad, CA · Member since 2012 · 12k+ posts · 1k+ votes
    10y

    @Jen Anderson

    Welcome to Bigger Pockets.

    0Reply
  • Shanel Wiggins
    Investor · NJ · Member since 2015 · 182 posts · 38 votes
    10y

    Welcome! @Jen Anderson

    0Reply
  • Jen Anderson
    OP
    Investor · Emeryville, CA · Member since 2015 · 28 posts · 11 votes
    10y
    Originally posted by @Chris Mason:

    Welcome, @Jen Anderson. What are you looking at in terms of down payment on this duplex or triplex? 

     Probably going to have to do 20%. That'll be a lot of cash but not sure I have an option

    0Reply
  • Jen Anderson
    OP
    Investor · Emeryville, CA · Member since 2015 · 28 posts · 11 votes
    10y
    Originally posted by @Sarah Lorenz:

    Welcome, Jen. Where did you live in Michigan?

     Hi Sarah! I lived in Ann Arbor as I went to U of M for grad school and loved it!  In fact, I'd love to invest in Michigan. It pains me every time I write a check for a property in Ohio given my loyalties but the numbers are just too good :)

    0Reply
  • Jen Anderson
    OP
    Investor · Emeryville, CA · Member since 2015 · 28 posts · 11 votes
    10y
    Originally posted by @Keri Middaugh:

    Welcome, Jen. BP certainly has a wealth of info! House hacking and moving every two years is smart financially, but could be hard on children.  Just a thought for the future.

    Best wishes, and let us know when you fire your boss. It might be sooner than you think!

    Keri

     Thanks Keri!  I'd definitely like to speak with you further about opportunities in Michigan 

    0Reply
  • Keri Middaugh
    Rental Property Investor · Ypsilanti, MI · Member since 2016 · 230 posts · 86 votes
    10y

    Sure thing!  Feel free to PM me about your ideas.

    0Reply
  • Sydney Hall
    Home Stager · San Luis Obispo, CA · Member since 2016 · 312 posts · 49 votes
    10y

    hi jen, welcome! cheers to "upping your game!" newbie here. just wished to introduce myself. formerly from washington, dc, i'm just getting started in the staging arena in california and i'm looking to make some connections as well. thanks and sincerely, sydney

    0Reply
  • Quang Nguyen
    Real Estate Agent · Mississauga, Ontario · Member since 2016 · 42 posts · 6 votes
    10y
    Welcome To BP Jen
    0Reply
  • Chris MasonPro Member
    Moderator
    Lender · CA · Member since 2015 · 9k+ posts · 10k+ votes
    10y
    Originally posted by @Jen Anderson:
    Originally posted by @Chris Mason:

    Welcome, @Jen Anderson. What are you looking at in terms of down payment on this duplex or triplex? 

     Probably going to have to do 20%. That'll be a lot of cash but not sure I have an option

     OK. For the duplex owner occupied, 20% down works. 15% down is also an option.

    For the triplex, alas, it'll have to be 25% down OR FHA.... it's tough getting FHA offers on multi units accepted in our area.

    0Reply
  • Jen Anderson
    OP
    Investor · Emeryville, CA · Member since 2015 · 28 posts · 11 votes
    10y
    Originally posted by @Chris Mason:
    Originally posted by @Jen Anderson:
    Originally posted by @Chris Mason:

    Welcome, @Jen Anderson. What are you looking at in terms of down payment on this duplex or triplex? 

     Probably going to have to do 20%. That'll be a lot of cash but not sure I have an option

     OK. For the duplex owner occupied, 20% down works. 15% down is also an option.

    For the triplex, alas, it'll have to be 25% down OR FHA.... it's tough getting FHA offers on multi units accepted in our area.

     wow- 25% for a triplex even if it's owner occupied?  Why is that?

    0Reply
  • Chris MasonPro Member
    Moderator
    Lender · CA · Member since 2015 · 9k+ posts · 10k+ votes
    10y
    Originally posted by @Jen Anderson:
    Originally posted by @Chris Mason:
    Originally posted by @Jen Anderson:
    Originally posted by @Chris Mason:

    Welcome, @Jen Anderson. What are you looking at in terms of down payment on this duplex or triplex? 

     Probably going to have to do 20%. That'll be a lot of cash but not sure I have an option

     OK. For the duplex owner occupied, 20% down works. 15% down is also an option.

    For the triplex, alas, it'll have to be 25% down OR FHA.... it's tough getting FHA offers on multi units accepted in our area.

     wow- 25% for a triplex even if it's owner occupied?  Why is that?

    It's a Fannie/Freddie thing. FHA with a strong 20% down might be easier to get accepted than the 'typical' FHA 3.5% down.

    0Reply
  • Jen Anderson
    OP
    Investor · Emeryville, CA · Member since 2015 · 28 posts · 11 votes
    10y

    But they'll require PMI even at 20% down?

    Also, I'm afraid my offer won't get accepted if it's FHA. Doesn't that slow down the process?

    0Reply
  • Avi Garg
    Rental Property Investor · Concord, CA · Member since 2016 · 499 posts · 219 votes
    10y

    @Jen Anderson ... I am planning to do the same and created another post last night looking for wholesalers/off-market properties that might need some fixing. Selling my condo in the peninsula and house hack. Would like to hear more about your Ohio investment. Will send you a pvt message.

    @Chris Mason Why bother with FHA when putting 20% down? Why not conventional at that point? I am curious.

    0Reply
  • Chris MasonPro Member
    Moderator
    Lender · CA · Member since 2015 · 9k+ posts · 10k+ votes
    10y

    @Avi Garg and @Jen Anderson - Actually disregard the above, I was thinking of something else. 20% down conventional on an owner occupied triplex is fine. 

    1Reply
  • Starla Ballantine
    Investor · Rodeo, CA · Member since 2016 · 6 posts · 1 vote
    10y
    Hi Jen, I just connected with BP as well, so am hesitant to write or say anything as the more I watch and listen, the less I feel I know! To be honest, I haven't been on the site as much as I should to take in all the info it has to offer. The first thing I would like to do is connect with people from the Bay Area, specifically the East Bay where I was born and raised. I've also had my Real Estate license since I was 21 but don't actively use it but have basic knowledge (however, probably just enough to make me dangerous...lol). I've been looking into investing out of the state as well, but I'd rather stay close to my investments. I have several different scenarios I'm wanting to do but I really need advice and a network/group/Meetup, etc. to bounce ideas around with. I'm in the Pleasant Hill/Walnut Creek area. If you would like to chat or know of any group, etc. that is helpful, please let me know. Good luck to you! Starla
    1Reply
  • J. MartinPro Member
    Rental Property Investor · Oakland, CA · Member since 2011 · 3k+ posts · 2k+ votes
    10y

    @Jen Anderson,

    Welcome to Bigger Pockets! SF Bay Area investors are very active on the site, and lots of meetup groups in the area also. I own in the East Bay, and have some other real estate interests in Silicon Valley. I house-hacked my first 4plex in Richmond, and there are lots of other folks doing it in the Bay Area. @Mel Selvidge helps investors find small rental properties to house hack.

    I'm with @Starla Ballantine about networking. That's the way I blew up my business! Come out and meet some other investors! We're having a free meetup in downtown San Francisco next to the Embarcadero BART station on 8/11 and a huge Summit on 8/27 & 8/28 with a lot of the greats from the BP website here.. Meet the experts from the podcast in person!

    @Engelo Rumora, still finding deals in Ohio..?

    Check out the bigger pockets events page for our area..

    https://www.biggerpockets.com/forums/521-events-an...

    Hope to meet you both in person soon!
    Feel free to tag me on the forums if you have any questions :)

    1Reply
  • Jen Anderson
    OP
    Investor · Emeryville, CA · Member since 2015 · 28 posts · 11 votes
    10y
    Originally posted by @Starla Ballantine:

    Hi Jen,

    I just connected with BP as well, so am hesitant to write or say anything as the more I watch and listen, the less I feel I know!
    To be honest, I haven't been on the site as much as I should to take in all the info it has to offer. The first thing I would like to do is connect with people from the Bay Area, specifically the East Bay where I was born and raised. I've also had my Real Estate license since I was 21 but don't actively use it but have basic knowledge (however, probably just enough to make me dangerous...lol).
    I've been looking into investing out of the state as well, but I'd rather stay close to my investments. I have several different scenarios I'm wanting to do but I really need advice and a network/group/Meetup, etc. to bounce ideas around with. I'm in the Pleasant Hill/Walnut Creek area.
    If you would like to chat or know of any group, etc. that is helpful, please let me know. Good luck to you!

    Starla

     Hi @Starla, I"d be happy to chat further.  Sounds like there are some great networking events coming up - want to plan on meeting at one?

    0Reply
Join the conversationCreate a free account to reply, vote on answers and follow this thread.
Log InJoin for Free