All Forum Posts by: Ricky Anon

If financing did not exist, how and where would you invest $100k in cash?

Buy 1 property worth $100K?  if so, in which market ? why ? 

or buy 2 properties worth $50K each? which market? why ?

So I got preapproval for about $280K...  Sadly, I guess house hacking is out of the question haha

Should I look into SFR or just wait and save up more? I plan on staying in this area for at least another 1-2 year

Hello everyone,

So I finally got word back from my lender and got pre-approved for about $280K. Now that I have a solid number to work with I have to make some real decisions and I'd love to hear your thoughts...

First of... I am currently living/working in the Inland Empire, CA (Fontana/Riverside) . I am pretty confident I will be in this area for at least 2-3 more years. Not exactly sure where I will be after that time period, most likely closer to LA (family, friends, gf, all live in LA) 

My initial goal was to "house hack" a duplex, but after some looking on redfin/trulia, it seems almost impossible to do with the amount I got preapproved with. That leaves me with 2 other options... look for a single family unit/condo or wait. This is where I'm stuck... I want to own property and I know I can probably find something for my price range. But like I said, I plan on moving closer to LA eventually...I'm scared I won't be able to rent out my place later, or if I do, if it will create positive cashflow...  What would you recommend? Is playing the waiting game the smarter choice here? 

Thanks in advance for any input.

@Eric Wong Yeah, I guess it's better to wait and see than to assume. Will report back, thanks!

@Ali Boone Thanks for that link, I'll def check it out :)

@London Robinson Still waiting on pre approval, but I'm probably looking at the 200-300K range

Hello everyone!

My name is Rick and I've been thinking about getting into the real estate game for some time now. I have finally decided to take the plunge. After doing some research, I've come to the conclusion that house hacking is the way to go for me (as it is for most people starting out!). The problem is that I live in a very high priced market (Southern CA) so that really limits my options. Luckily, I work in the Inland Empire so I can look for properties in this area, which is not as crazy as Los Angeles. I still want to be somewhat close to LA (family, gf, and friends all live there) so I'm looking at areas such as Rancho Cucamonga, Fontana, Ontario, Riverside.

I'd love to "hack" a duplex but I don't think I can find anything in my price range in this area, unless I look East. That would put me in areas such as San Bernardino, Highland, Moreno Valley.... far from LA and not so desirable areas. So that's an option I have... the other one would be to look into SFRs in the areas I want , and rent out rooms. This would put me in a location I'm happy with, but would sacrifice privacy and would make it more difficult to place "tenants" in the extra rooms...

So that's my dilemma... I feel a bit lost now and don't know which way to go. Would love to get some feedback and hear what you guys think. Anything to point me in the right direction. So what do you think?

Thanks in advance for any input!

Rick

Hi Amanda! Thanks for the reply! Which areas would you recommend looking into? Any tips/advice you got from finding "house hack" ready properties in the IE?

Thank you~

Hello everyone!

My name is Rick and I've been thinking about getting into the real estate game for some time now. I have finally decided to take the plunge. After doing some research, I've come to the conclusion that house hacking is the way to go for me (as it is for most people starting out!). The problem is that I live in a very high priced market (Southern CA) so that really limits my options. Luckily, I work in the Inland Empire so I can look for properties in this area, which is not as crazy as Los Angeles. I still want to be somewhat close to LA (family, gf, and friends all live there) so I'm looking at areas such as Rancho Cucamonga, Fontana, Ontario,  Riverside.

I'd love to "hack" a duplex but I don't think I can find anything in my price range in this area, unless I look East. That would put me in areas such as San Bernardino, Highland, Moreno Valley.... far from LA and not so desirable areas.  So that's an option I have... the other one would be to look into SFRs in the areas I want , and rent out rooms. This would put me in a location I'm happy with, but would sacrifice privacy and would make it more difficult to place "tenants" in the extra  rooms...

So that's my dilemma... I feel a bit lost now and don't know which way to go. Would love to get some feedback and hear what you guys think. Anything to point me in the right direction. So what do you think? 

Thanks in advance for any input!

Rick