New to Real Estate · Pomona, CA · Member since 2016 · 9 posts · 1 vote
Hello, I currently live in Irvine, CA and planning to move to Pomona (near Cal Poly) soon this year for work. Please let me know if anyone currently a house hacker (via MFR or vacation rental) in the city of Pomona, Walnut, Chino, Clairmont, Covina, West Covina, San Dimas, La Verne, ...?
Investor · Gardena, CA · Member since 2016 · 41 posts · 14 votes
7y
@Ray Ngo My wife and I recently bought a 5 bedroom house in Pomona with the intention of house hacking. Pomona is one of the few decent areas in LA County where you could conceivably house hack your way into a monthly housing payment of less than $500/month buying off the MLS. The house had been on the market for several months and the price was recently reduced. We ended up getting it $15k below asking with 5% down and will have a smaller mortgage payment and larger yard than we did living in Southbay. Rooms rent for $600-$650 and there should be no shortage of potential renters with 3 colleges and metro station nearby.
Flipper/Rehabber · Long Beach, CA · Member since 2017 · 155 posts · 118 votes
8y
I’ve been monitoring the Pomona market for about a year. I didn’t fall in love with any house hack deals there. Made a couple offers but never got into escrow. It’s been a while since you posted this but curious if you made any progress on this.
Investor · Gardena, CA · Member since 2016 · 41 posts · 14 votes
7y
@Ray Ngo My wife and I recently bought a 5 bedroom house in Pomona with the intention of house hacking. Pomona is one of the few decent areas in LA County where you could conceivably house hack your way into a monthly housing payment of less than $500/month buying off the MLS. The house had been on the market for several months and the price was recently reduced. We ended up getting it $15k below asking with 5% down and will have a smaller mortgage payment and larger yard than we did living in Southbay. Rooms rent for $600-$650 and there should be no shortage of potential renters with 3 colleges and metro station nearby.
Investor · Gardena, CA · Member since 2016 · 41 posts · 14 votes
7y
What type of ROI or net mortgage were you targeting? Were you looking north of the 10? Phillips ranch? There are newer 4bed homes under $500k and maybe even under $450k to be if you're comfortable living in the more blue collar parts of the city as well as some larger historic homes that could be easily be converted into 4 or 5 bedroom houses if you're comfortable buying a home that needs some renovation.
I am in a similar situation right now. My cousin and I currently live in Irvine and we have been looking at properties in Pomona, Corona, Ontario, and even Riverside. We are wanting to do a house hacking strategy because well.. a multi under 500k doesn't exist in OC. We are looking for multi's or SFR that we will be doing an FHA. Our exit strategy will be either to rent it out or sell after the year of occupying, whichever makes more sense.