Reserves for Repairs and CAPEX (House Hacking)
Hello BP Bay Area Team!
I live in San Jose and I'm looking to house hack my first property in the Bay Area! As I analyze deals, I'm looking for guidance on how much capital I should be putting away for repairs and CAPEX. I understand it will depend on the age and condition of the house, so lets assume the following scenarios.
- Newly renovated (move-in ready) with new appliances
- Older home that needs a face lift and that has old appliances
Also, as I look for houses, I'm not tied to any particular part of the bay. Is anyone having success house hacking in the bay area? (and by success, I mean when you eventually move out you'll be cash flow positive). If so, what strategy do you recommend, and what area of the bay do you recommend?
Thanks!
Ryan