All Forum Posts by: RD Delgado

Ain't that the truth.  Haha.

Hello Bigger Pockets!

My name is RD Delgado. I’m a producer based in Los Angeles, California where I'm blessed to be following my passion in entertainment. It’s a wonderful life.

My wife and I are actively working to improve our situation and begin our real estate investing career via the lovingly termed “house hacking.” Specifically, we are looking for:

• Property: a small multi-family (2-4 units)
  • one unit to be at least a 3 bedroom / 2 bathroom stand-alone house which we would occupy
  • additional unit(s) which we will manage
• Location Options:
  • While we’re open to a number of possibilities, here are the target areas:
    • the South Bay area (Manhattan Beach, Redondo Beach, Hermosa Beach, Torrance, Rancho Palos Verdes, Lawndale, Gardena, Palos Verdes Estates, San Pedro, etc.)
    • the Pasadena area (including Alhambra, San Marino, La Crescenta, Montrose, La Canada-Flintridge, Glendale, etc.)
    • some areas might also be nice and/or on our wish list, but are secondary to what's listed above unless we found a great opportunity (Santa Monica, Pacific Palisades, Burbank, Sherman Oaks, Studio City, Santa Clarita, etc.)
• Financing Options:
  • We’re open to a number of financing options, including partnering with an investor, using private/hard money loans, and other creative financing suggestions.
  • FHA loans is a seemingly popular option in these scenarios, so that's high on our list.
  • Additionally, here’s a list which we’ve found helpful http://themortgagereports.com/17670/7-mortgage-loa...

So there you have it. A brief intro and background. I’m working hard to make the most of Bigger Pockets; but if anyone has any wisdom, personal experience, resources, articles, podcasts, introductions, etc. to share, I’m open to listening!

Thank you! Here's to a great 2016!

RD

Hello Bigger Pockets!

My name is RD Delgado. I’m a producer based in Los Angeles, California where I'm blessed to be following my passion in entertainment.  It’s a wonderful life.

As I'm “living the dream” as some may say, my wife and I received some interesting news a few days ago: our apartment complex has been purchased and the new owner is doing a complete renovation. He’s giving all the tenants up to 60 days (first week in March) to vacate so the renovations can occur. After that time, we will be offered the option to lease the rehabbed property. However, the rents will have doubled…

This is not exactly how I’d hoped that 2016 would start off. But no problem. Such is life. And it’s providing us with an incredible opportunity to focus on the positive and to channel some energy into something that will bear good fruit.

My wife and I aren’t interested in the new landlord's offer; so we’re actively working to improve our situation and begin our real estate investing career via the lovingly termed “house hacking.” Specifically, we are looking for:

• Property: a small multi-family (2-4 units)
  • one unit to be at least a 3 bedroom / 2 bathroom stand-alone house which we would occupy
  • additional unit(s) which we will manage
• Location Options:
  • While we’re open to a number of possibilities, here are the target areas:
    • the South Bay area (Manhattan Beach, Redondo Beach, Hermosa Beach, Torrance, Rancho Palos Verdes, Lawndale, Gardena, Palos Verdes Estates, San Pedro, etc.)
    • the Pasadena area (including Alhambra, San Marino, La Crescenta, Montrose, La Canada-Flintridge, Glendale, etc.)
    • some areas might also be nice and/or on our wish list, but are secondary to what's listed above unless we found a great opportunity (Santa Monica, Pacific Palisades, Burbank, Sherman Oaks, Studio City, Santa Clarita, etc.)
• Financing Options:
  • We’re open to a number of financing options, including partnering with an investor, using private/hard money loans, and other creative financing suggestions. 
  • FHA loans is a seemingly popular option in these scenarios, so that's high on our list.
  • Additionally, here’s a list which we’ve found helpful http://themortgagereports.com/17670/7-mortgage-loa...

So there you have it. A brief intro and background. I’m working hard to make the most of Bigger Pockets; but if anyone has any wisdom, personal experience, resources, articles, podcasts, introductions, etc. to share, I’m open to listening!

Thank you!  Here's to a great 2016!

RD

Hey @Ericdowling 

Are you guys considering house hacking?

Hey @Fay Chen

Got it.  Thanks.  Well, I'm an optimist, so I think you'll find the "right" place eventually.  But I'd definitely agree that it's best to prudently approach business decisions especially when one's emotions can cloud the decision making process.  

Hello @Fay Chen,

Thanks for posting about this.  I think a lot of people are running those scenarios, too!  In fact, I am doing similar calculations for Pasadena!  While I am focusing my search in Pasadena; but I'm open to surrounding areas, too (Alhambra, San Marino, Altadena, even as far north as La Crescenta/Montrose, La Canada).  

I'm POSITIVE that there is a way to finance a small multi-family using FHA or a similar program in that area. Since you have some time to search until you want to move in June, it seems that you still have enough time to find a property whose numbers will work for you. There's an article by @Logan Allec about how he purchased a small multi-family via FHA in Santa Clarita here.  

A couple of questions: 

1) How have you been searching: Redfin et al?  Or realtors?  Craigslist?  

2) Are you working with a lender now (e.g. to get pre-qualified) or are you looking for a property first?  Have you considered private money?

Also, here's a list of "Low and No Money Down Mortgages" from "The Mortgage Reports."  https://www.biggerpockets.com/forums/50/topics/262800-for-2016-low--and-no-money-down-mortgages

Let me know your thoughts!

RD

Also tagging @Joshua Dorkin re: the eblast.  

Cheers!

RD

Hi Everyone!

I found this very helpful guide from the website Mortgage Reports today: Low and No Downpayment Mortgages

Hopefully it helps!

Hey @Brandon Turner, maybe this can make it in an eblast down the road?  

Cheers,

RD

Hey @Manolo D. 

Thank you!  I recently got in touch with @Logan Allec.

Please do let me know if you have any more suggestions!

Cheers,

RD