All Forum Posts by: Keeya WangJones

Ali Boone I agree with you! So-Cal is tough for cash flow. I was researching the condo market for cash flow and unless the condo is under $130k and in a popular neighborhood like North Park here, it is hard just to meet a 1% rule. It's like find a pearl in hundreds of clams that have already been picked. The 1 pearl nobody saw hidden in a corner. Very frustrating! After the MFH purchase in SD, I decided to look at the market in Washington State for cash flow. My wife and I definitely wanted at least 1 property in So-Cal to guarantee our retirement-- equity. And when the property is paid off-- cash flow. Buy and Hold is ideal and I am learning that often our strategies have to change according to goals and the market.

I went to the Meetup for BRRRR and it was so inspiring and good to see it in the reality of a tough market. It can be done!! Kevin Fox helped run this Meetup. I would also suggest to connect with him. PB, OB, MB is also the market I'm looking in because my wife and I have to live in the property and she's a surfer. That kind of limits my market, for now.

I agree!! I am hoping by the time I saved 10% for $900k property the inventory will be better. My goal is too purchase this time next year a multi-family unit. I'm using this year to research neighborhoods and fill up on real estate knowledge from BP, Podcasts, and books. I just hit the half mark this week of the down payment. I feel like San Diego is a great place and market for house hacking- buy and hold strategy if the inventory grow more.

Thanks Patsy Waldron for the advice! I will PM you for bank details. Cheers!!

Hi,
Does anyone has any advice where to put a down payment to collect interest while you are waiting for the right opportunity? I was thinking a money market account that is conservative. A CD is too long of a wait time. 401k is not an option because when it is time to withdraw the down payment, it will be a large amount of money so I will get extremely taxed on my own hard working funds. 

Situation: I want an account that has a 1-2 year to collect interest on the down payment that can essentially help add $$ to the down payment or even essentially help with closing costs. 

I am looking for a long term strategy that I can do over and over again as I gain more property besides using equity methods. 

Cheers!

Thanks for the replies! Saving on commission sounds realistic! But not sure if it is worth it. My agent is great to work with and she has to get paid to help with the deal. I look at commission as paying for experience that I don't have as a newbie on FHA on a multifamily home. 2-4 units. Are there any strategies on saving on closing costs?

Blaire Zook welcome to the community! My wife and I will be attending Kevin Fox event. We are also new to San Diego investment and particularly looking to house hack to get our feet wet in the market. Yes, properties are much more but I think it depend on your goals. Equity, cash flow, break even, appreciation, etc. I find it difficult to find a property that meet our investment goals so far. I actually think it is because we have specific goals for the long run. I feel San Diego is a buy and hold for a long time market.

Hi, A friend of mine told me I should get a real estate license to avoid closing costs because I am researching properties over 500k. 3% of loan is closing costs. I crunch the numbers on an ideal property and yes, closing cost is making the ideal purchase difficult. I tried to see if there are any FHA loan programs that help with closing costs and I can't seem to locate a lender. My income is too high to qualify for government help and they don't support multi-family units. Any advice?

John Arendsen Thanks for the info and research! I'm going to pass and keeping searching for opportunities that are lower in cost so I can pay for it as a cash buy.

I'm looking for Double Wide. Pretty good shape. No earlier than the 1975. 20-30 miles away from San Diego so I can easily manage it. Leucadia is near Encinitas. Are we talking about the same area? John Arendsen I understand the park reasons. I happen to live in a Kearney Mesa Lodge community. Easy real estate purchase because I bought the home cash. 2006 manufactured home. Really good modern shape. Value went up almost 40k within the last year. This is why I was thinking it would be good experience to purchase another one and rent it out. The park wins because it is beautiful on outside, inside, and I rehab the backyard. We are going to sell and move into a triplex/Quadplex that I am planning to buy and hold within the next year. For the year of 70's I am researching cost. A family member bought one for 30-40k cash. Rehab it while she lived there. Beautiful community for seniors. This was actually in the Bay Area. I'm looking at similar price range so I can pay for it cash. I'm saving FHA loans for the bigger stick built purchase. In the meantime, might as well get started with something that achieves my goals and add to the bigger goal. John Arendsen My purchase wait time is about 6 months. How much is the one your talking about going for? And is it a double wide? What is the name of the park? Jo-Ann Lapin Yes, I will contact you too!