Aloha from a Veteran in Alameda, CA

[Derek Okahashi]

Aloha everyone. I recently sold a business and am a few years in to a good job. We are finally at a point to where we are thinking about what to do with our money rather than just trying to get stable in life. My wife and I have a 3 year old and a 3 week old. We recently looked at some new condos and at $799k for a 2 bedroom in Alameda, it both lit our fire and discouraged us.

I am a veteran and prequalified for the max VA loan through USAA. We are looking at the potential of a tri or quad to be able to stay in Alameda or another nicer area for our first investment. It would take probably a $1mil+ property though. I know there is some leniency with the "LTV" on the units that we wouldn't occupy? I need to learn more about this. Either way, it seems the market keeps you pinched and hard to cashflow. It will probably take an off market deal or I heard on one podcasts of a couple in North Jersey getting an REO within the first 12 days while the bank was holding it as a part of a first time home buyers program.

Besides house hacking I am trying to learn more and more about turnkey investments. Seems that if you had to deal with a vacancy in say Memphis it'd be pretty easy to absorb the hit while making Northern California money. 

Any advice is much appreciated and maybe I'll see some local BP members around Northern California. 

Mahalo,

Derek (we're from Hawaii originally)