All Forum Posts by: Andres Andrade

@Andres Andrade

Thank you all! I’ve gotten so much feedback and it has definitely need helpful and also a bit of a bummer.

This is a 4 bedroom property and my wife and I will be living in it for the next year and since we can’t Airbnb the extra rooms we were hoping to rent out 2 of the rooms on a 12 month lease while we live there. However, it sounds like we are just going to have to bite the bullet on this one and just live in the property without making any money on it until we move out and rent the whole property out for to a family or to someone as a whole house rather than by the room. Does that sound correct?

I’m definitely pretty disappointed and bummed out as this was our first property and I was super excited to get this investing journey started by house hacking until we can afford another property. Now I see why our agent kept saying he couldn’t get his hands on the CC&Rs. We let him know the main thing we DEFINITELY wanted and needed was for us to be able to rent by the room while we live there.

Thank you all.

@Mindy Jensen Thanks for the information. However, isn’t minimum 30 day rentals still against the CC&R’s?

@Bruce Woodruff no word back from the HOA

@Elisa Waldman Thank you Elisa, I will definitely get with an attorney. We are going to proceed with renting each room with a legal contract and lease and my HOA provided me with paperwork to include the names and information of my tenants. This helped a lot, but rest assured I'll review these CC&Rs and a rental lease with an attorney. Thank you!

@Andres Andrade

Thank you all so much! Definitely a curveball, but worst case scenario we can find tenants and rent each room furnished hoping to get a bit more than market rent.

So if Airbnb is not allowed, does this include 30 day or more Airbnb rent by the room?

Hello all,

My wife and I closed on our first property March 2021. We live in the property, but we want to list 2 of our rooms on Airbnb. We have been renovating the extra rooms and getting them ready to list. However, I am very worried as I just received our HOA's CC&R's and this is what one of the sections states:

Do you think we can still proceed with listing our rooms or will this be a big no no?

Section 6. Use of Lots.

Except as may be otherwise expressly provided in this

Declaration, each Residential Unit shall be used for single family residential purposes and not as a boarding house or other arrangement for the rental of individual rooms. Any lease of a Lot or Residential Unit shall be in writing, shall state that it is subject to this Declaration and the Bylaws and rules and regulations of the Association and that a breach thereof shall be a default of the

such lease, and shall not he for a period of less than thirty (30) days, With the exception of family day care on any Lot so designated by the Declarant and the use of Lots as models and

sales centers by Builders, no trade or business of any kind may be conducted on a Lot. Lease or rental of a Lot or Residential Unit for residential purposes shall not be considered to be a

violation of this covenant, so long as the lease is in compliance with reasonable rules and regulations as the Board of Directors may promulgate. Any lessee or tenant shall in all respects be subject to the terms and conditions of this Declaration, the By-laws, and the rules and regulations adopted hereunder.

Thank you all in advance, any and all input and advise is greatly appreciated. The rooms are furnished and we have spent some good money getting this ready including getting a permit from the city. Thank you

@Jake Jaenicke Hi jake, sorry I am just seeing this. No we have yet to find one yet. Have you by chance?

Good morning everyone!

My name is Andy, my wife and I are saving up to buy our first property/house. By the time it is February 2022 we will have saved up a minimum of $42,000. Right now we currently live in San Diego California, however with the market being so expensive we want to relocate to a different state. We are thinking of moving to Raleigh North Carolina or Austin Texas. we have a few questions that we were hoping we would get some advice from you guys who have a lot of experience.

1. Our current rent lease ends March 2022 and no longer want to rent. We are hoping to buy a home by February 2022 or March 2022. If our timeline is February and March when should we start talking to real estate agents?

2. Since we are from California will there be certain restrictions when buying a property in a different state? Will we be able to use an FHA a loan? Will we have to have a job locked in in order for us to be able to qualify for a loan?

3. How would we go about finding a great real estate agent in that city? Ideally, we are hoping to find a real estate agent who has experience with investment properties.

4. With $42,000, what is a realistic home value price we should be looking at? The $42,000 would be used for closing costs and down payment. Ideally, it would be great if we can get a 5% down FHA loan that way we have some money left over for some renovations or for another down payment on another property after a year or within a year.

5. We have a trip planned to Raleigh North Carolina in August to visit the area. How would we go about meeting a real estate agent for the days we are there? Is it possible to even look at some properties then even though we are not preapproved yet and it would be 6 months before we are looking to buy?

6. Off-topic question, I am in construction as a project engineer. Does anybody know what the median salary is for project engineers or field engineers in Raleigh North Carolina?

In advance, I want to thank all of you for even reading my post. Please don’t feel like you have to answer every question. Any advice or answers is greatly appreciated. Both my wife and I are ready for this journey and are tired of renting and being stuck in the rat race. We’ve been talking about real estate investing for over a year and a half now and we are ready to take action and get going. We are chasing financial freedom and time freedom and couldn’t be any more excited for this new journey. Once again, thank you all we appreciate it and we hope you have a wonderful day!

Respectfully,

Andy Andrade

@Dan Heuschele

Thank you so much! I never knew this was on BP. This is great. THANK YOU Dan!

Good morning,

My name is Andy and I have been looking for a Real Estate Investment meetup group over the last few month. My wife and I will be looking to purchase our first home/investment property in March of 2022 and would love to meet local agents and investors for strategies and advice. Anyone know of some great REI groups in San Diego, CA with the dates and times? Thank you so much.

Respectfully,

Andy Andrade