All Forum Posts by: Charles Renn

Hi @Alexander Glantz, further insight into your lease would be helpful. Take a look at the lease and see if you can sublease it. Another option is to talk with the landlord to see how flexible they are. It really depends on the lease and your relationship with said landlord. 

Best of luck!

Hi @Jonathan Dunn,

Scott and AJ both have some good advice. Here are my thoughts and questions I'd ask myself:

Do you currently own or rent?

Are you comfortable with potentially "roughing it" for 1-3 years in a property that may need a little work, but will appreciate and potentially turn into a rental property? I know you have a family of 4 others to consider, but in California depending on circumstances, it can be a challenge to get into the market. A househack might work in this situation, find a duplex with one unit that you live in and rent out the other to lower your monthly expenses. California has good appreciation, and if you find the right duplex, you could be cashflowing after the first few years, you then move out and repeat the process or just find yourself a home to live in.

Hope this helps and provides some options for you.

Hi @Matthew Sipes,

Drew and Kathy hit it on the head regarding the market rent rates. I might add craigslist too, but not as reliable as the resources above. Once you find the market that works for you, typically a solid real estate team that's familiar with investment properties can breakdown the deals with you, further analyze and send you deals.

Best of luck!

Hi Chi Wen, there are lots of ways to go here, but if the goal is to develop a portfolio of properties, here's what I would do in your position. Find a house hack property(SFH/Duplex) in a Bay Area neighborhood that has potential. Use FHA or conventional with the low down payment so you don't tie up your capital and take advantage of the low interest rates. Once your situated, start looking for your next property with the left over savings, and depending on your comfort level, start building your team for out of the area investments. Even is the next property is 1-2hrs away, you'll want a few members of your team to take care of the place. This will provide peace of mind, and stability in growing your portfolio. Of course bigger pockets can help find those people too!

If you'd like a referral let me know, and best wishes going forward. 

Congrats @Alana Reyes on graduation!

Adding to Grant's advice, the Riverside area should fit the mold for a house hack. Once you're preapproved you and your agent will be able to narrow down criteria to get you started. A couple things to keep in mind, if you're approved for a low down payment loan, you'll have to intend on living on the property for at least a year. Also, as a first time buyer, the process can be intimidating, so if you don't already have an agent helping you with the process, put in the effort to find one that understands house hacking and your situation. I do have referrals if needed.

Hope this helps and feel free to reach out with any further questions. 

Hi @Pete Johnson,

To piggyback off of Austen, the house hack might be best in your situation. Depending on where you are, where you current properties are, and where you want to live, you have some options with house hacking. Do you also own the property you live in now? If not, it might make sense to move into one of the units of the properties you currently rent out. Sounds like you want to add a property to your portfolio. If you have the means, buying a house to rent out a room or two may also work.

If you feel like sharing more about your situation, I'd be happy to dive deeper.

Hope this helps.

Charles

Hi @Kenan Heppe,

Great question, and Shiva hit it on the head. Best to consult directly with a real estate attorney that specializes in evictions. I work in the of LA with owner occupied multi-family properties, and there are many details to the process, especially with Covid and the potential expiration for the eviction moratorium. The best advice is to seek legal consult. If you'd like a referral please let me know.

Hi Austin,

You do have an edge being a contractor. While the market is strong and competitive, I see a lot of properties not marketed well or in need of a specialist to take on a project. SoCal does offer opportunities even with the high prices. House hacking sounds like it could be a great situation for you. Either rent out a room or two in a fixer, or find a duplex that needs some love and rent one unit, while you live in and remodel the other. 

Feel free to ask any follow up questions, but you have a good set of skills to start building your wealth.

Best,

Charles

Hi Alex,

What state do you live in or are you interested in buying? Agreements vary by state. Are you looking at residential or multi-family?

Hi Michael,

Welcome to Bigger Pockets! Finding a deal isn't too complicated, but there are a few things to consider. Are you looking strictly at the purchase as an investment, or are you considering a house hack. A house hack requires you to live in the house/a unit. This may allow you to qualify for a lower down payment, and save that upfront cash for improvements or your next buy. Investment properties require more up front, but you don't have to move.

Starting there, what do you think?