All Forum Posts by: Charles Renn

Hi @Crystal Smith,

Congrats on nearly closing on your condo and welcome to Bigger Pockets! House hacking is a great way to leverage both your need for shelter as well as investing and building equity here in the SoCal market. It's great your husband is close to the industry. With rates just dropping a bit it's a great time to be looking at multi-family. There are a lot of variables involved in finding a good investment, but location is a good place to start. Besides working with a lot of investors myself, I can also introduce you to an investor friendly lender in the event you'd like to talk more strategy. Hope this helps!

Hey @Dillon Brooks,

Great question here, and if I can add anything it would be to consider your exit strategy since adding an ADU to a duplex may create finance issues down the road. This is because currently duplexes (3/4 units too) with ADUs are nonconforming, meaning a potential buyer would have to pay cash or use a non-conventional loan source, higher interest rate, to buy it from you in the future. This will also become an issue if you try to refinance to pull out capital. Again, these are current finance restrictions, and may change in the future, but this is why it's good to know your exit plan. Double check this with your lender, and if you'd like an introduction to an investor friendly lender, just ask.

Hope this helps!

@Joshua Poitras, congrats on getting three sold there. I appreciate the insights into Chicopee and the area. It sounds like the city is still more than a few years away from economic stability, but worth keeping an eye on. Cheers!

Hey @Joshua Poitras,

Great questions! I'm in the same boat (and a UMass Amherst alum; I miss the area!) Any luck getting an answer to your Springfield market question?

Hey @Joseoctavio Torres,

Thank you for reaching out on this tricky subject. CA makes it hard to get people out if due to COVID restrictions, more specifically in parts of Los Angeles County, even if the new owner wants to move in. Sometimes tenants will take "cash for keys" to vacate. The safest bet is to talk with an attorney who can help with your particular situation including the city you're in.

Let me know if you'd like a referral. I have a couple my broker has worked with in the past.

Hope this helps!

Hey @Brendan Finney,

There is a lot of good insightful feedback here. I miss MA! (UMass Amherst grad). 

If I can add anything, it would be to ask your lender about any restrictions FHA loans might have for 3-4 units. I'm in escrow with a client here in CA for a duplex and the hurdles aren't too many. The appraiser called out some chipped paint and fixing the water heater straps. The regulations are likely different in MA, but here in CA 3-4 unit properties have an additional hurdle where the gross market rent must cover 100% of the mortgage. Again, ask your lender, but things like these can be additional headaches, at least here in CA where this hurdle in high demand markets could be too high to jump over.

One last thought is that often with 3.5% down, your mortgage payment (PITI) is going to be "high." Unless you're house hacking for a few years it could take some time for the numbers to make sense.

Hope this help!

Hey @Jonathan Carmel,

If I can add anything to this conversation it would be that when considering 3-4 unit properties, there are additional requirements for FHA buyers, specifically the projected rent needs to cover 100% of the mortgage. Your lender can clarify this, but it was added during COVID as a further hurdle for financing. If you'd like an introduction to an investor friendly lender familiar with the Los Angeles market, let me know.

Hope this helps!

**Featuring keynote speaker David Greene (Host of the BiggerPockets Podcast) // Hosted by Steven Lam (Top Producing Agent in the Bay Area)

About this event

Find out what real estate investment strategies are working RIGHT NOW in the Bay Area!

During this talk you'll learn:

- RE investing strategies that are working in today's market (reevaluating if strategies from the past are still working now)

- The quickest ways to grow wealth

- Redefining a "good deal"

- What to expect in the coming months with real estate

- How you can take action starting now!

TICKET INFO

General admission = $20

VIP tickets* = $75

VIP ticket Includes:
- Hour long Q&A with David
- One-on-one picture with David
- VIP goodie bag

*Only 25 VIP tickets available.

Link for tickets:

https://www.eventbrite.com/e/w...

Hi @Dan Chapman,

An eviction attorney is your best bet! I'll direct message you a couple options. Hope this helps!

Hey @Damein White,

You'll find a lot of meetups happening here through BP. If you're available this Sunday, we're hosting a short term rental meetup in Long Beach. DM me if you're interested in more details. It's a great way, like you say, to meet more like minded people! Hope this helps!