New to San Jose & REI. Would love some advice on how to start!

[Emily Shirk]

Hello everyone,

My husband and I are new in REI and just moved to San Jose. We are looking for a home to hack (flip while living in it) but are limited to a $655,000 budget due to the loan cap on a traditional loan with 5% down. We had intended on using a VA loan but learned that in this marketplace most sellers won't give offers using a VA loan the time of day because of all the contingencies that come with them. Because of that we are scrambling to pull together a 5% down payment before the inventory is off the market again. I am struggling finding single family homes that seem like good investment deals. I have been using the 70% rule to quickly search the MLS but inventory is so limited it seems like nothing is hitting close to the 70% rule. Does anyone have any experience in flipping in the SJ area? I could really use suggestions on the best areas/neighborhoods to focus on with our budget. Our end goal is to raise enough capital to buy investment properties but for now a flip seems the best option for us.