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All Forum Posts by: Cathy S.

Cathy S. has started 16 posts and replied 44 times.

Post: New to BP and REI, looking to connect in the San Diego area

Cathy S.Posted
  • Rental Property Investor
  • San Diego, CA
  • Posts 44
  • Votes 33

Awesome tips and advice from everyone! Another (perhaps self-limiting) belief is that I don't have enough capital to finance any profitable/cash-flowing properties, especially in the San Diego area where you see 2 BR condos going for at least $500k. Multifamily and SFRs in nice areas where I would want to house hack in are easily over 1M. I just don't know how it's possible to finance something like that. I see everyone mentioning that the FHA loan is a good route to take for house hacking since it has a way low down payment requirement (min 3.5%). Of course, with a lower initial down, there's going to be extra monthly fees, so I was wondering if it's worth saving up for that 20% conventional loan or go the FHA route. I guess I'm not too familiar with the pros/cons of either approach. Would appreciate any insights!

Post: New to BP and REI, looking to connect in the San Diego area

Cathy S.Posted
  • Rental Property Investor
  • San Diego, CA
  • Posts 44
  • Votes 33

Hey there @Nicole Holcomb! That's awesome. I figured house hacking would make the most sense right now given that I'm still paying rent on a 1 BR near the La Jolla/UTC area, so I may as well look into moving out and spending that rent money on my own property soon. I'm definitely open to places that are relatively close to the ocean (within 15-20 mins) and also open to north county (I really like the Encinitas area!) I've barely begun my search but that's where I'm hoping to look - somewhere closer rather than farther away from the ocean.

From your experience living and investing in the north county area, what are some trends you've been seeing? Any tidbits of advice would be appreciated!

Post: New to BP and REI, looking to connect in the San Diego area

Cathy S.Posted
  • Rental Property Investor
  • San Diego, CA
  • Posts 44
  • Votes 33

Thanks for the replies everyone! Definitely excited to embark on this real estate journey, and looking forward to attending some online meetups some time soon. 

@Kenneth Donaghy - For sure, house hacking to me sounds like a solid step 1 and initial foot in the door that will eventually pave the way for other investment strategies and techniques. With real estate prices so high and cashflow generally on the lower side in the California market, I would probably want to eventually look in cheaper areas out of state, but I don't want to take on too much risk and immediately dive into out of state investing. 

@Jared Aquino Good to meet you! Seems like we are on a similar path where we both want to eventually quit our day jobs and do what we actually want to do on our own terms. My goal is to eventually generate enough passive income through rentals (and maybe flips, BRRRR, etc.) to quit my software job.

@Jennifer Zhou Awesome, I will keep that in mind down the road. I'm not quite ready yet to put down a 20% down on a property quite yet. It looks like you're based out of the Bay area, but you also work with folks in the SD area?

@John Reardon Thanks for the rec! Will definitely take a look at SDCIA. I am still relatively new to the area (been here for just over year), so I don't have a large network out here, so it would be great to meet like-minded folks. That's an interesting prediction - it seems like housing in SD is just on the rise, and with more companies open to permanent remote work, I wonder how that'll affect the market if people from other HCOL places flock here for the weather and sunshine. Like if all the bay area tech folks can suddenly work remote permanently and decide to move to SD. I guess we will see how things play out!

Post: New to BP and REI, looking to connect in the San Diego area

Cathy S.Posted
  • Rental Property Investor
  • San Diego, CA
  • Posts 44
  • Votes 33

Hello everyone,

Just another newbie post - I’ve just recently discovered real estate investing, and I’m particularly interested in eventually buying my first rental property in the San Diego area to generate some cash flow (and also to live in).

Eventually, I’d like to expand to other types of properties and markets, but I think getting that first property will build the momentum and spark the fire to keep going, instead of being stuck in perpetual analysis paralysis.

A bit about me - I’m a software engineer by profession but deep down, I don’t have a true passion for tech so I would want to eventually transition out and focus on real estate full time (of course, this will be much later down the line).

With these crazy COVID times, it’s hard to get out and actually attend meetups and get to know people in person, so I’d like to connect and get to know some other folks local to the SD area and even beyond!

Cathy