SF Bay Area, CA · Member since 2022 · 17 posts · 6 votes
Hi, I'm living in the San Francisco Bay Area, single, working a W-2 job that brings in about 50k a year. I'm currently sitting on 500k in cash, and I don't have my own home yet. I would like to know if there's any investment combination that I can purchase my own home and at the same time pull in about $3000 a month in cash flow so that I can quit my current job? I prefer to stay in California, if not the Bay Area, but I will also consider moving out-of-state if that's not achievable in Cali. I've been thinking doing a combination of a small multi-family home and 2-3 short term rental properties. I'm still pretty green to the real estate investment game, so please share some input. Appreciate it in advance. Li
Realtor · San Jose, CA · Member since 2015 · 318 posts · 154 votes
4y
Hey Li,
Welcome to RE Investing.
It might take awhile to get to $3000k a month cash flow.You could do a house hack with a high down payment to stay in California, if structured correctly that could get you 3k a month. One thing to consider if you are planning to real estate invest longterm quitting your W-2 immediately after getting your first property will make it more challenging to get the next one.
It might take awhile to get to $3000k a month cash flow.You could do a house hack with a high down payment to stay in California, if structured correctly that could get you 3k a month. One thing to consider if you are planning to real estate invest longterm quitting your W-2 immediately after getting your first property will make it more challenging to get the next one.
Hi ,Osazee
Thanks for the input. What percentage do you consider as high down payment? Could you give me an example? Let's say if I wanna purchase a four-plex in Mountain View that's worth's $2 million, how much down should I put? I've been keeping an eye on the MLS, and found that if I 30% down on a four-plex, live in one of the units and rent the other units out, it barely cash flows.
Real Estate Agent · Destin, FL · Member since 2019 · 116 posts · 111 votes
4y
Hi! It sounds like House Hacking is going to be the way to go. Look into first time home buyers programs or do an FHA loan so you have a low downpayment (maybe put the remainder of the $ towards another property for additional cash Flow down the road). You can maximize your cash flow by renting out by the room or purchasing a multi family. Im not sure you will cash flow 3k but at least live for free + some if you do it right! Good luck!
It might take awhile to get to $3000k a month cash flow.You could do a house hack with a high down payment to stay in California, if structured correctly that could get you 3k a month. One thing to consider if you are planning to real estate invest longterm quitting your W-2 immediately after getting your first property will make it more challenging to get the next one.
Hi ,Osazee
Thanks for the input. What percentage do you consider as high down payment? Could you give me an example? Let's say if I wanna purchase a four-plex in Mountain View that's worth's $2 million, how much down should I put? I've been keeping an eye on the MLS, and found that if I 30% down on a four-plex, live in one of the units and rent the other units out, it barely cash flows.
Your Welcome.
The downpayment will vary depending on how your financing is. I inboxed you.
Rental Property Investor · Centreville, VA · Member since 2019 · 1k+ posts · 799 votes
4y
Hi Li!! I would suggest exploring investing in a different state. I am an out of state investor based in Northern virginia and invest in small multi family and SFH in Cleveland. Feel free to connect and we can chat about working with turnkey providers or setting up your team in Cleveland to start investing.