All Forum Posts by: Anh Nguyen

@Mark Frattini Thank you for the clarification on ADUs. I guess I'll have to work with an agent to find them.

My total monthly expenses is $1750 so nothing else I can realistically shave off, but I'll definitely keep saving towards the down payment.

Although the relationship is inverse, would trying to buy home prices towards the bottom of a dip be more beneficial in keeping options open for refinancing, Home equity loans, etc? 

I've been looking for multi family homes with no problem with Realtor.com, but I can't find homes with ADUs through any searches or filters. Using the keyword "ADU" on Zillow will only show listings that say "plenty of space to add an ADU". Anyone have advice on how to search for them? Thanks

@Chris Vargas Yea, I'm definitely lucky to be in this housing situation with cheap rent. Just going to sit tight and save aggressively for 2 years

@Twana Rasoul Thats a great point regarding the numbers without me occupying it. I see myself living in San Diego long term so I had not thought about that. I was having trouble looking for properties with ADUs on Zillow. Any search with keyword for "ADU" only gave listings that said something like "plenty of room in the backyard for building an ADU...". But its definitely an option I am open to

@Wesley I. Yeah HOA estimates is currently $400 for a condo. I'm interested in medium rentals to travel professionals since I believe it wouldn't need the permit, but am not familiar with how competitive that area is, rental price points, or vacancy rates. Do you know what websites these travelers look for listings in San Diego so I can do some digging?

@Dan H. I definitely agree right now is not the time to buy and I don't plan on it either until around 2024 when prices and rates are hopefully better. I'd like to hold onto the property long term for sure with a buy and hold strategy

@Marshall Leipprandt I really appreciate your time to provide your advice and perspective! I do think I am underestimating the work in a STR and its probably best I start off easy with a LTR. It's just tempting to explore since everyone says how much more profitable it can be.

I have tried calculating rent vs buying a few times and it often ambiguous who the winner is since I am currently paying $300/month for a room. If you don't mind sharing your spreadsheet, I could hopefully make a more accurate assessment of the return of each route!

Thanks!

Hey all,

I'm pretty new to real estate and was originally considering buying a starter condo around 2024, but am now sold on house hacking. Below is some background information for context and a few options I have so far. I would appreciate any feedback on each route or any additional ideas. 

Income: 120k

Downpayment: 5%

Credit: Excellent

Goal: Low effort equity building through house hacking

Area: North of I-8, West of I-15, South of Escondido

1. $600k SFH 3bd Condo - Rent out two rooms

Mortgage: $4500

Room 1 Rent: $1000

Room 2 Rent: $1000

2. 1.2Mil Duplex 3bd+ - Rent out one unit

Mortgage: $8500

Unit 1 Rent: $3000

3. 1.2Mil Duplex 4bd+ - Rent out one unit, rent out a room in other unit

Mortgage: $8500

Unit 1 Rent: $3000

Unit 2 Room Rent: $1000

4. Option 2 or 3, but do STR with a property manager instead of LTR

Thanks!