Getting started in real estate investment in SAN DIEGO

[Bobby Russo]

I stubbled a crossed Bigger Pockets recently and stated listening to the podcast. After pretty much hooked and knew this was 100% something I wanted to do. I took advantage of a 5 hr car ride to my wife's parents over the holidays and she's on board now too! (First big hurdle over come my having the wife's approval everything should be easy now right!) Sooooo that brings me to asking for any advise on how to get the ball rolling in San Diego. My wife and I are looking into a multi family property that we can also house hack at the same time. We aren't 100% set on this route but thought it would work for us and are open to suggestions on a better strategy as well. Property in San Diego is not cheap and we would love to hear what advise you all have. Thank you in advance for any help, we really appreciate it! 

[Chace Fraser]

@Bobby Russo welcome to BP! You've caught the bug and it'll never go away! House hacking is an incredible way to get into buy and hold real estate investing with a relatively low financial barrier to entry… plus the added benefit of reducing housing costs!

Getting your mindset right, setting goals, and creating a strategy are essential first steps to investing in real estate. It’s also crucial to

There are many people that you will need to surround yourself with. To ensure success you will definitely want to associate with like minded people, people with experience and who are already doing what it is you want to do, and people who inspire you… not naysayers, negative people, nor critics. BP is a great place to find these people, both virtually and in real life. You can find local meetups in your area by going to Network>Events up in the menu bar. I’ve found that people on BP are incredibly friendly and willing to help. @Twana Rasoul is a perfect example!

Besides surrounding yourself with the right people, the two initial and essential members of your professional team will be a lender and a realtor. You need to make sure you find quality, experienced professionals. These two members of your team can make the process great or terrible. They can make a deal happen when it looks like it’s going to fall apart or they can kill a deal that is on track to close. These two team members will help you fill out your team by leveraging their professional networks (inspectors, lawyers, escrow officers, CPA’s, etc).

When it comes to Realtors, they will help you identify which areas of town are good to invest in and what to expect in rents, quality of tenants, how to analyze deals, provide you with investing opportunities (both on market and off market).

Besides figuring out what your goals are, how you want to get started, and meeting like-minded people, the first action item would be to talk to a lender. In my experience working with house hackers, the majority of the questions center around financing the deal.

When it comes to finding the right lender there are a few things you’ll want to keep in mind. Lenders, like realtors, are not all created equal. In order of importance, here’s what I think is important to look for in a lender. You want to make sure your lender:

• Has worked with house hackers before; the rules change depending on what loan type you use and how many units you purchase. There are A LOT OF TRAPS along the way that can/will make the deal fall through (and cause you to lose your earnest money). You want to be sure the lender you choose has navigated them before.
• Can help you strategize the lending piece for this purchase AND purchases in the future
• Is an investor themselves

If you’d like a recommendation for a lender DM me. I have one that I have closed many house hacking sales with (my own house hack included), and checks off all of the boxes above as well. Not to mention she’s licensed in all 50 states.