HOUSE HACKING IN SAN DIEGO NORTH COUNTY

[Christy Greene]

There is a house that is walking distance to the beach and restuarants.  It has a separate granny flat that is 500 square feet with a kitchenette.  The house is turn key with only a one car garage.  It is on a street that has a park at the end of it selling for $525k.  

We have 20% to put down.  Since I am a newbie, will the numbers work if we have a renter?  I have checked beach rentals in the area and we could probably get between 1000-1400/month for this.  There is no HOW and taxes are low in this area.  

Could anyone give me any advice for this deal if you would do this deal?  

[Patrick Diamond]

Hi Christy,

I would recommend looking into doing a short-term rental via Airbnb or another provider... I have personally had tremendous success with it, and I'm quite sure if you're near the beach you can pull in much more than 1000-1400 a month.  To start you can check out the website www.airdna.co to get a report on the area... There are some other sites that provide that type of information as well.

Beyond that, you'll need to have a bit more information as to the area and the regulations on STR, etc.

While it is a different model than taking a standard renter, I think you'll find that if you do your homework and set up good systems for its operation, it can well be worth the extra legwork.

Are you local to the property?