Hey guy looking for a little advice and help A 4 bedroom 3 bath Locally in my area of Huntington Beach just came on the market! Every home near by is in the 800k-900k this is going for 600k. My idea is to live in the garage and rent every room out for a total of 3200$-4000$ towards mortgage and my money going towards home repair. i am young and looking for advice! I have 15-20% down payment
@Jeremy Clendenin if you've run the numbers and things look good, do it.
make an offer contingent on inspection, and get a professional inspection done, then if something is wrong with the place just rescind the offer.
do you know why it's priced that low compared to other offers? will you need to rehab at all?
@Jeremy Clendenin I lived in Huntington back in the 80s. Awesome place to be.
You should look into AirBNB for additional income. You should be able to generate more than you can with year round rents.
This is a great way to house hack / live and flip. Expect the property to sell for above asking price - looks like the seller is marketing the property for 7 days before reviewing offers.
FYI: Short-term rentals (airBnB) is an excellent income generator. However, they are not allowed in Huntington Beach at this time. I'm not sure what the oversight is, and if there is an exception since you will also be occupying the property full-time.
@Kwaku Farkye the property is out dated and needs 150-200k to modernize it any advice for finding a lender?
@Greg Dickerson much appreciated thanks for the help any advice on a lender i have 20% down payment good credit but 20 years old and self employed
@Holly Birchall i spoke to a leader and i Concluded it’s going to be the hardest part of this investment i have 100k in the bank and great credit and 20yrs old any lenders locally you know of? Very motived
I'll send you a PM
Sounds like a good plan. Have you done your homework in terms of rehab costs and timelines?
One thing to note... From time to time properties like this are listed lower to get a bidding war going. Its a very effective marketing strategy to get buyers reeled in. Often times initial offers will be countered and almost always ends up selling way above listing price. Just make sure you know your numbers going in... especially your max offer price and stick with it. Good Luck!!
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