I just moved from Quebec City, Canada to San Luis Obispo, California this past July for work purposes under an L1A Visa. I decided to rent an all furnished house for the first year as I was not exactly sure if my move was going to be long-term or not. Everything looks like I will be here for a few years at least. With the price of rents around here, I see a good opportunity for me to house hack and reduce my cost of living by a lot. I am currently paying $2,700/mth (utilities incl.) for an 850 sq foot 2 bedroom house all furnished. I want to be able to put that $2,700/mth towards my own equity and not someone else's. I know the market in SLO is quite high right now. Even if I don't live for free 100%, if I can bring down my housing cost to $200-$300/mth, that is still close to $2,500/mth I can invest or put aside for another deal later on.
I would like to know if anyone has or is house hacking in the San Luis Obispo area and hear what kind of deal it was. (Multiy-family, single-family with rent per room, etc)
If anyone in the area is interested in discussing SLO investment opportunities with me, feel free to message me!
Hey Nicholas - welcomme to SLO. If you don't mind students, you shoudl not have ny problem renting rooms out to kids going to Cal Poly or Cuesta junior college. The thing is you need to get your timing right for when they are looking for housing. People make a killing around here renting out rooms for $500-$1,000/pc. The closer you are to Cal Poly the better.
Hey @Nicholas Doyon welcome to the central coast! There are definitely some house hacking opportunities in and around SLO area. It really depends on what you’re looking for. In my opinion there aren’t really any multifamily properties that are a good buy right now in the city of San Luis Obispo since everything on the market is overpriced and with the recent rent cap bill it makes it a little more difficult to manage multis. That would leave you with a large single family home option 4+ bedroom usually is what I look for and depending on the location you can use some basic rent numbers. There is a solid student base but I’ve found you can also rent to business professionals at the same rates and they are much easier to live with, unless you don’t mind coming home to the occasional college party with kegs getting tossed off your roof and into the pool haha I will shoot you a message so I can hear more about your plan and offer any advice to your specific goals if I can, I’m always up to grab food or some drinks to talk real estate too.
Free eBook from BiggerPockets!
Join BiggerPockets and get The Ultimate Beginner's Guide to Real Estate Investing for FREE - read by more than 100,000 people - AND get exclusive real estate investing tips, tricks and techniques delivered straight to your inbox twice weekly!
- Actionable advice for getting started,
- Discover the 10 Most Lucrative Real Estate Niches,
- Learn how to get started with or without money,
- Explore Real-Life Strategies for Building Wealth,
- And a LOT more.
Sign up below to download the eBook for FREE today!
We hate spam just as much as you