Questions about House Hacking OC CA

[Brian Wilson]

Hello BP,

I have a rather complex (at least to me it seems complex) question and my current scenario for you to see if this fits any of y'alls  area of expertise at all.

My current situation is this. My current roommate of three years a good friend will no longer be able to live with me in the townhouse we rent and will be moving in with his mother. For me this means I will have to find a low income housing apartment which is an option I am trying to avoid or 'House Hack' if I am able to get a VA, FHA, or non traditional loan. I have been going to school for my BSN full time using the GI bill as my only source of income and am less than two years from completion of my degree, and I quit working at 24 hour fitness in February 2017. I have a job interview at Hoag hospital this Tuesday to try to have some sort of steady income for loan applications and to try and save for a small down payment.

I was wondering if anyone has any incite or input that would be helpful for my situation and or needs. I am currently in Anaheim and my school is in Anaheim/Irvine and would like to stay relatively close and know the area can make this plan very difficult but that is why I am asking the BiggerPockets community for advice and opinions on my plan. I do not mind constructive criticism or if someone knows of a different route for me to take I would love to hear as many differing or same opinions as possible.

Thank you, Brian.

P.S. I hope this is the proper place to post this question if not please let me know and I will move it to the right location.

[Louise A.]

@Brian Wilson

I think that the VA loans have low down payments and great terms, right? That would be a great option for you. The only thing I'd be worried about is that buying in CA might be too expensive to make the house hacking work. Have you run any numbers on that yet?

What about trying to recreate your current situation and finding a nice rental (or stay in yours) and have roommates come in.  Our getting a 2 bed 2 bath place and using AirBnB to rent out the other room?  

You're definitely in the right place to post your questions.  Good luck!