All Forum Posts by: Nicole Jones

Oh Dane, what an endeavor. I'm looking to do the same thing in the same market! Good luck and congrats on choosing to house hack! Best break-in strategy of REI in my opinion. If you have any questions regarding management let me know. I'd be more than willing to offer any advice.

Awesome congrats in house hacking! It's my favorite break-in strategy. If you have any questions regarding management feel free to contact me. More than willing to help however I can. 

@Miles Davis House Hacking is a great way to break into REI! It's my method for now. I have 2 duplexes, now of which I occupy.

Welcome to BP and as others have recommended check out all of the many resources available to members. The podcasts in particular have helped me. If you have any specific house hacking questions PM me. More than happy to offer whatever I can in advice! 

I also wrote a blog post on house hacking the other day. Feel free to check it out. You can find it on the bottom right hand side of my profile page. 

Hi @Ruth Escobar I guess it depends on your strategy. For me If I were to buy and hold forever I might consider putting more down and maybe even do a 15 yr only if I could swing it/the numbers at the end. If there's a possibility that you will sell within the next 5-10 years I might put less down and do the 30 just so it's less money out of my pocket for those years. I'm no financing expert though... interested to hear some other input on this. 

Either way... congrats on deciding to house-hack! It's the strategy I've used and it's a great way to break into investing and to save on housing expenses. 

I write a blog post on the topic, you can find it on my profile. Check out if interested. If you have any landlord/management questions let me know! More than happy to help. 

@Chris Mason Sorry if this is a stupid question but what do you mean by seller credit and lender credit? 

Ah thanks Jay. I'm embarrassed to say that I did contact an agent prior to getting the pre-qual letter and I totally see how this would lead to no urgency. My last purchases were made by contacting a realtor first who referred me to a lender they prefer. I realize this can be annoying. So maybe I need to back up since the lender we're currently in contact with is another feet dragger. 

Any advice on choosing a good experienced and speedy lender on my own? 

Hey @Daniel Lee sounds good! PM me your contact info. 

OO- owner occupied. In case anyone asks... ran out of characters.

My question is, is there something I should be looking for in an agent when I'm looking for what I'm guessing is a more special request of finding the best deal on an owner occupied multi-family unit in the super tough market of LA? 

I have been working with an agent but have not had the best response rate with her. Because I have a specific goal in mind and because I currently do not live in LA I need a little more help than I would normally ask for. I was able to schedule time to drive the 4 hours from where I am in Fresno to LA early next week to view some possibilities, which I mentioned to her last week but without hearing much from her since then I have a feeling that I will be wasting the days I set aside and likely not be viewing anything. 

I know this type of home search process must be frustrating for some agents who can normally make a traditional SFH conventional loan sell quicker and without so many non-negotiable items that fit within a certain budget. But I also know that certain agents must have expertise in this type of investment.

What do I need to do to help an agent want to help me? I'm not against doing some long distance footwork but I need to know what agents look for and need. 

And yes I have emailed the similar question (written very carefully) to the agent directly but in case there is more of a blunt/real answer, I know I can count on BP for it. 

And on that note... for the lender as well... who is also not very responsive. 

(As a side note: I'm pretty reasonable and am not a super impatient or annoying client. Just need some urgency for this one.)   

I agree with @Chris Mason in the house hacking scenario you have to look at it this way. It all depends on what your goal is with the property. If it's to pay nothing out of pocket yourself and to even cash flow monthly you may have a hard time reaching those numbers. But, if you look at it as you are getting assistance in paying down the mortgage on your asset it doesn't seem so bad. I don't cashflow in my owner occupied duplex... but I just about break even giving me extra money that I would normally be paying in either rent or my full mortgage. That, for me at least, is cash flow. 

I wrote a blog on my experience, which you can find on my profile if you're interested

Either way awesome job on purchasing a fourplex... Such a smart investment, again if the numbers are right. 

@Brian Salame Congrats guy! Repeating this multi-unit, owner-occupied process can build you a beautiful portfolio quite easily. Way to get started at such a young age! Curious... Are you self managing?