All Forum Posts by: Ken Maguire

Hi all! I recently asked a question if I should house hack (in San Diego) a condo to get started now (I'm 22) OR should I wait until I have enough to buy a house and house hack a house? 

I only have 50k saved up now which can get me a condo, but would probably need to wait another 1-2 years to have enough to put a down payment down on a house + have enough reserves 

I'm only considering trying to get a house instead and wait because they appreciate more over time and there's more room to add value down the line - I can add an ADU to a house and won't ever be able to do that with a condo...please let me know your thoughts!

Hello all!

My name is Laurin and I am a Future Investor! I started my journey about a year ago, taking on extra work and saving my a$$ off, diligently. I've been keeping my eye on the market and trying to educate myself as much as possible. My dream is to eventually have a huge portfolio, be a real estate tycoon, and have $10,000 in cashflow a month.

To make a long story short, I inherited some money and combined with my savings I will have $100,000 total in about 2 months. I have already applied with a lender, and the results were pretty disheartening. I always heard it was impossible to buy in San Diego, but I couldn't help but try to be optimistic. All my hard work will pay off! I got this!     In reality, the results were that I would need to make $6000 more a month in order to afford a $650,000 property, which I've never seen anywhere on Zillow in the San Diego area! Never! And since I don't have any blood relatives any more ( single lady over here) I would need to partner up in order to really find something out here. Which bums me out because I wanted to do this on my own. 

But I'm keeping an open mind! 

So, my question is, should I try to find a partnership here in San Diego some how? Or should I put energy into finding an investment property within my means out of state? I am aware that within the perimeters of using the first time home buyers loan, I would need to live in the property for at least 6 months to a year before I rent the whole space out, which at that time I would want to continue buying properties and expand my portfolio. And I am open to that! House hacking is the strategy of choice for this scenario. I would like to dive into airbnb, eventually,  if I find the right property or do mid term rentals to traveling nurses or doctors. 

Thank you for your time and consideration! I appreciate any and all input in regards to my dreams! 

Be well,

Laurin

P.S.

Any book recommendations for newbies such as myself are also appreciated. <3

Hello! I'm look into a duplex in San Diego. When I pulled the county records, I noticed that the parcel is RS-1-7 zoning which from reading through the county municipal code is a zone for single dwelling units. I did some more research and learned about California's SB9 which from what I understood would make it possible for there to be a duplex in a parcel zoned for SFH.

The weird thing is that the duplex appears to have been built a LONG time ago and SB9 was just recently passed.

Does that mean the owner had an unpermitted duplex for years and it was recently legalized by the passing of SB9? Are there records that the owner would have needed to file with the county to register the duplex under SB9?

The current seller bought it in 2017 if that helps with anything. 

Thank you!

Hey y'all so my wife and I are starting our investing journey in the next few months. We are selling our home in sd august and relocating to boston. I currently I have a joint savings account with discover that's 3.6%. I may switch over to wealthfront. My question is this, being a newb when it comes to FDIC insured banks etc, let's say I have 1 million cash, how do I best spread this apart in various high yield savings accounts? I read that my wife and I can each have account with 250k and then a joint for 500k max to be fdic insured. What if I did two joint accounts but with two separate banks? Like a joint at wealthfront and joint at discover.

 Ken,

Thank you so much that is helpful! Someone just put in an offer. lol Now, I have to decide to hold or sell after a counter. Craziness 

Random question - when you were first starting out (brand new to the business) did you find BPCon to be worthwhile?  

I'm still in information overload / analysis paralysis phase (less so me more so my SO), and want to make sure the investment is worthwhile.  

If I registered today it would be 0 investments; hopefully it's several more than that by the event.

Thanks. 

Thanks Ken! My wife is also army vet so she has VA loan. Which do you think is better? Can we use both simultaneously for different properties?