San Diego County House Hack Help

[Josh Johns]

Hey BP Family! 

Excited to say that this is my first BP post ever! 

I am 27 years old and was born and raised in SD county, although I am currently living in San Francisco. My girlfriend and I are planning on moving back to SD this coming April, 2021. 

We are searching for a House Hack in San Diego. My goal is to put 3.5% down with an FHA loan and rent by the room to help cover PITI, while living on the property. My girlfriend and I would like a situation where we have our own space, (multi unit or ability to convert a SFH into a multi unit situation). We are happy to live in a small space if it means renting out the more expensive or main unit. We plan to live in the property for 1-2 years before moving into a 2nd house hack, while holding onto the first as a long term rental. I realize SD is a difficult market for cash flow, but I only want to do the deal if the first property will cash flow positively once we move out and keep as a rental (while only putting 3.5% down).

I have spent a lot of time researching the various neighborhoods throughout the county where this may work, although I would love some guidance on which areas of the county to focus on. Living in at least a somewhat safe neighborhood is a high priority for us. Not afraid of dealing with a rehab situation to create some sweat equity, although a more turn key situation is preferred if the numbers work. 

Thank you in advance to all! 

[Josh Johns]

Thanks @Mark Frattini! 

Both my girlfriend and I are hoping to be working remote and our budget is up to about a $950K purchase price. We also have funds saved for moderate renovation work. I have identified parts of Mira Mesa, Linda Vista, Clairemont, La Mesa, Poway, Oceanside, Vista, and San Marcos. 

To clarify, I am not expecting to cash flow positively while living on the property. It just needs to at least break even once we move out 1-2 years later and hold as a rental. 

Thanks again!