Hello again Bigger Pockets. Just wanted to know if anyone has had any experience with house hacks in the Menifee, California area. I was thinking of using the VA loan because I saw a few homes that looked like they can cash flow. I took a quick look and found bed and baths that were renting for 650-800 in Menifee. Is this accurate? If so, I think a house hack would work there. If anyone can offer advice it would be much appreciated.
@Julian Pacheco that’s a great idea a good area for your first house hack! How did the overall numbers look that you ran on a couple of the homes?
What numbers specifically should I be worried about? I have an example of a 4 bed 3 bath with optional 5th bedroom. All rooms decent size, huge kitchen and living room, potential for 4th bath addition. 470k using my VA loan that would be estimated $2500 a month with escrow. No HOA. I've found similar homes for about 30-50k more that bring up the mortgage to about 2700. Is there anything else I should consider?
@Julian Pacheco sorry I did not see your reply yesterday as I only get notified if you tag me. Those are definitely the numbers you should be looking at. What do you plan to or think you can rent the 3 other bedrooms for while you live there?
@Grant Schroeder thanks for the tip. I’m still learning how to use the forums. I was thinking I could rent the room that shares a bath for 600, take the other for myself rent the master for 750 and the last room for 675.
this leaves me to pay about 500-800 out of pocket for the mortgage which is better than paying 1000 rebting a bed and bath like I am now. The 5th room option could also generate cash flow as storage or i considered converting to bathrooms but idk how difficult that would be.
From what I see what rooms for rent go for in more centrally located areas of inland So-Cal, I think that price range is a bit on the high side.
@Nathan Williams what do you think is more accurate?
No worries @Julian Pacheco ! I like your plan of attack. Way better to build equity in your own home than rent for $1,000. Let me know if you have any VA loan specific questions as you are running the numbers and getting ready for being preapproved.
Will do. Thank you!