All Forum Posts by: Charlie Schneider

Hey Brigitte and Ryan!

Welcome to the community! My wife and I have been looking for a property we can house-hack in Burbank! Because of the price point of the area, and the flexibility to add ADU's, we're very excited to get something underway before pivoting to much cheaper markets - likely out of state!

If you haven't listened to the Bigger Pockets podcasts yet, they're an incredible starting point! This episode in particular really spoke to us! 

https://www.biggerpockets.com/blog/biggerpockets-podcast-350

Cheers! Happy Investing! 

Hey Emma! I know this post is a couple years old, but I'm a buyer looking for a personal home that we'll house-hack and then convert to an income property down the road.

How's business?? Still looking for buyers?

Hey Adrian!

I too have the same question, but I believe you are right that the "Buy and Hold" rental calculator is the right tool.  I enter the rent I will be paying as if it were income  unit, and just keep in mind that I'll be paying myself... Eventually the goal for us is to move into our own home, a few years down the line, so that "rent" we were paying ourselves will eventually be replaced by tenants paying the same amount...

Hope this helps! 

Thanks,

Charlie

@Shiloh Lundahl is your Burbank house currently listed? My wife and I are looking to buy our first home in Burbank & live in an ADU while renting out the main house!

My wife and I are looking to buy our first home and want to make use of the house-hacking method to lower our expenses and start to build real wealth. We would love to stop renting and paying someone else's mortgage. We work in Los Angeles, so trying to find a deal in a hot market has been challenging. Assuming we qualify for an FHA loan with 3.5% down, with a tenant living in one unit, all the duplexes I've run numbers on have come up with a negative cashflow of about $1,000/mo for the first 7 years on average. Is negative cashflow a bad thing if we occupy one unit? Now starting to wonder if continuing to rent while investing in an out-of-state market would even be a better option! I'm keeping my mind open, looking for any advice!