All Forum Posts by: Jake Andronico

@Alex Del Rio

Super cool. Congrats on your experience and welcome to the forums! 

@Loan Nguyen

As someone who grew up in the Bay Area (just north of San Francisco), I feel your pain. 

I moved to Reno, NV to live and invest. It may not make sense for you, but people are still sleeping on it. 

Drivable to the Bay Area, much lower property taxes (that DON'T reassess on the sale), much friendlier tenant/landlord laws, strong population and job growth, strong appreciation, and also anchored by the tourism and wealth of Lake Tahoe. 

I've been investing here for years and I'm definitely bias now, but started investing here long before I became an agent. 

As you know, cash flow comes down to how much you have to put in the deal, what it produces, and how your debt payment is structured. 

@Aileen Ouyang

Can you save money while keeping it? 

It 12 years, assuming you make no extra payments, you'll have a paid off condo that cash flows a lot better. 

Can you house hack without selling it? Assume a mortgage or figure out another creative strategy? 

@Timothy Lawrence

Congrats!! Sounds like you have a great plan. It will not be sexy, but it can change your life (I've house hacked twice and it's certainly changed mine). 

Here is what I learned, my mistakes, and what I regret house hacking starting at 22: 

https://www.biggerpockets.com/forums/922/topics/1133476-hous...

@Kelly Lane

Can't recommend house hacking enough. It's definitely NOT dead, but, cash flowing or breaking even is significantly more difficult. 

A general "rule" on house hacking: The more uncomfortable you're willing to live, the better the numbers will be. The more comfortable you need to live, the worse the numbers will be. 

I started house hacking at 22 and this is what I've learned, my mistakes, and what I regret: 

https://www.biggerpockets.com/forums/922/topics/1133476-hous...

@Muhammad Kashif

No shame in that. The elephant in the room, however: 

How much cash are you looking to deploy? 

If you have $5,000 v.s. $5mil, that will be radically different on what opportunities are approachable. 

@Vhernadette Sasing

Congrats!! I know people that would kill to be in your position. 

Put simply, an $8mil portfolio throwing off 6% would get you to $480K per year. 

I don't know what your lifestyle is like, but if you're able to save $200K-$300K or so per year, this is extremely achievable. 

Buying quality assets with a larger amount down, making improvements, and paying off debt could get you there relatively quickly. 

If you want to be more risky, BRRRR is an option.

Whatever you decide, you're in an awesome position! 

@Venecia Baez

House hacking is absolutely the best way to get started in RE investing (in my bias opinion). 

I've done it twice in Reno, NV and it's changed my life. 

A quick word of advice: 

Do NOT expect a home run deal. Just get into the market (IF you can afford it). 

If you swing for the fences, don't be surprised if you strike out. Learn how to consistently hit singles and doubles. 

Best of luck! 

@John Pipitone

$4K per month x 9 months rented = $36,000 annually 

$3K per month x 12 months rented = $36,000 annually 

Make sure a MTR is worth it. Very market dependent. It may be, but I always give this example! 

@Sara Robin

Wow, you're in an awesome spot!! 

What if you just payed cash for the property you want after selling your house? Do you need to upgrade? 

Definitely don't recommend committing mortgage fraud...that's pretty crazy a lender told you to do that. 

If you don't have an income, it's close to impossible to get an owner occupied home loan. 

How would you plan on paying it every month?

Food for thought!