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Updated over 7 years ago,

User Stats

6
Posts
2
Votes
Max May
  • Encinitas, CA
2
Votes |
6
Posts

House Hacking a multifamily in San Diego

Max May
  • Encinitas, CA
Posted

Hello BP!

I am a newbie investor, and long time BP Lurker. 

I have been interested in real estate for years, and thanks to a random influx of cash I am now finally ready to get started with my first property. My plan is to buy a duplex via FHA loan, and live in one unit with my girlfriend while renting out the other. Ideally it would be a property with some sort of value add, and I would fix it up while I live in it. Then hopefully a couple years down the line I will refinance, and try the whole process again. Essentially, house hacking a multi family / duplex with a touch of delayed BRRR.

Realistically, it looks like I can afford something in the 500k - 600k range for a duplex 4br/2ba.  I know the 1% rule is impossible here, so I have calculated that a .07% (at minimum) would work for me ( 0.7% is calculated assuming I no longer live there, and both units are rented out). I know there are cheaper options in other parts of SD county, but since I have to live there I would prefer not to be in south or east SD.  Clairemont area is ideal.

The issue I am having is finding any deals. I have been monitoring the MLS, loopnet, craigslist, ect for months and have made a few offers only to be outbid by cash offers. Maybe I am looking in the wrong places? I have driven all over and built a list, now I am now working on building a very targeted direct mail campaign.

Any help would be greatly appreciated here.

Max

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