All Forum Posts by: Nicole Jones

Has anyone had any luck lowering property taxes? I have a duplex in Fresno, Ca. with a tax bill of $2020/yr.... I have another duplex a few miles away that is only $780/yr. I know little about property taxes but something seems off to me and I would love to look into lowering this cost for myself. Any help appreciated. 

I may agree with the agent regarding family. That is one of my rules as well. But buying a multifamily that you can live in while renting the other units (if done right) is a solid investment strategy for a beginner and is how I got started. You do not need to know everything to get started in this way and you can learn a great deal.

Conor Hesch Amazing info you just gave. Thank you for that! For this 3% down no PMI loan... What if you own one home but it is owner financed and you carry no loan with a bank? Would you possibly be able to still qualify? I wish I would have known about this for myself but it's too late for me. Asking for my fiancé.

@Scott Bustos Found both duplexes I own (house hacked one) through an agent with FHA financing.

Out of curiosity, do you all have personal access to the MLS due to RE license? Looking to get my license soon partly for this reason.

Lol I love hearing the "south of Shaw" mentality. I'm a Clovis girl so I've heard it all my life. I apologize that I don't have super professional advice to give... only to say that both of the multi families I own ARE south of shaw and it hasn't been a problem. There are great pockets of town south of Shaw. If the property is going to be owner occupied then maybe that's something only you can decide on but if it's not owner occupied I would say don't rule out deals based on "south of Shaw" thinking!

I don't have much input but I am in the same boat looking into the same type of deal within the next year. For me I'm looking at it in the way @Zach Quick is describing. I can't imagine house hacking out there in a way where you even break even, let alone coming out cash positive. Some investors are extremely crafty so I wouldn't put it past some.... but for me, I will definitely plan on paying some out of pocket. Depending on where I purchase short term rentals such as airbnb may be something I look into. But that's just my uneducated (at this time) plan. I'm hearing that done right this can bring in more and get you closer to that break even/profit area. Of course there are more expenses and time to consider. BUT long term, I really believe it's a solid investment. Definitely not part of the get rich quick investment portfolio.  

I'm interested in ALL house hacking stories from investors but I'm most interested in those stories and/or advice from individuals working in larger cities with rougher markets (ex. LA county). I started out as an investor of a multifamily in Fresno, Ca. and have lived in one of my units off and on. To me the house hacking strategy is a prudent one. 

I am looking to accomplish this same thing in the more scary market of LA and am just curious of other people's stories... including financing, landlording, any important lessons learned etc. 

Any house hacking stories from any market welcome! TIA  

@Jonathan Pantages

I'm not a financing genius and I financed my first multifamily the traditional way but if I were you I would do a lot of research on financing and I would buy a multifamily and "house hack" (i hate using this buzzword). For all of the great reasons @Bill Regan just provided. As a first deal in my opinion it's the best. I never understood the investor who was still renting themselves. Good luck! And congrats on living in a market that is still decent. I have some experience purchasing and landlording so if you need any direct help feel free to contact me.  

Justin Bioc Hey, first... Congrats on even getting this far into a possible investment! I know Boston area is a tough market. Second, I'm interested in some other opinions regarding this deal. And just out of my own curiosity, are you rolling the projected rehab costs with the loan? If not how is this being financed?

Sean Tracey I've been managing a few rentals about 4 hours away for close to 7 years. It's do-able. I have a great maintenance guy who works for a large apartment complex (so understands tenant relations) but does my work on the side. It is scary to buy somewhere that takes some time to get to but if that's your only gripe just go for it. A lot of others may disagree but for me I'd rather have a property an hour and a half away than no property at all. I bought in Fresno but lived in LA at the time. Much more manageable market.