All Forum Posts by: Jake Andronico

@Solomon Nguyen

Congrats man!! Good for you. It sounds like you have a lot of good stuff going on. 

If you can house hack locally, that's almost always the best way to get started (in my opinion). 

The more uncomfortable you're willing to live, the better the numbers will be. 

If your brother doesn't help with co-signing, I would suggest purchasing your own property. If you've an agent and PM there, you can definitely find a better deal. 

Don't expect to hit a home run out of the gate. Consistent singles and doubles add up significantly over time. If you swing for the fences, you may strike out. 

Best of luck to you!

@Kyle Reynolds

There's no shame in selling a property if it makes sense for you and your family. 

Best of luck to you!

@Adriana V Alvarado

Welcome to BP! You're in the right spot. I grew up north of San Francisco and moved to live and invest in Reno, NV, where I've house hacked twice. 

It's completely changed my life. 

With house hacking, there is a simple rule in my opinion: The more uncomfortable you're willing to live, the better the numbers can work, the more comfortable you need to live, the less the numbers will work. 

The more money you save, the lower your monthly payment because the more you can put down. 

But, you also have to weigh the time it's taking you to save, the market is (likely) going up. Each market is different, and SF is very unique. 

I would HIGHLY recommend discussing w/ a RE attorney and getting familiar with the tenant/landlord laws in SF. 

@Ian Russell

Hi Ian, always cool to connect with other investors in Reno, NV. I sent you a PM. 

In my opinion, you're going to be in a lot rougher areas trying to chase that kind of cash flow. There is a reason multifamily in worse areas trades at a much higher cap rate. 

Here is something to consider: Appreciation buys you more cash flow. 

Here are some helpful previous BP posts on this exact topic of cash flow vs appreciation: 

https://www.biggerpockets.com/forums/12/topics/1171104-the-m...

https://www.biggerpockets.com/forums/48/topics/1159104-overl…

@Becca F.

If a 2-3 hour drive is on the table, people are sleeping on Reno in my opinion. It's changed pretty dramatically even within the last 5 years. 

I'm definitely bias, but I invested and moved here long before I was an agent. 

Low property taxes, diversified job growth, population growth, Lake Tahoe 45 mins away, much better landlord/tenant laws compared to CA, property taxes DO NOT reassess on the sale, and still very close to Northern CA. Land constraints make appreciation very strong.  

It will not make sense for everyone, but definitely an option to consider. Whatever you decide, best of luck to you!!

@Jamie Petraglia

Never heard of this, but wow. I grew up north of San Francisco and it just seems to get more and more difficult to be a landlord. 

I'm very bias now, but couldn't be happier with the move to live and invest in Reno, NV. 

Still close to the Bay Area but get the benefits of landlord/tenant laws, low property taxes, still high appreciation, job growth, population growth, etc. 

This sounds like a difficult situation and I'm surprised that they enforce this. Did someone reach out to you, or how did you hear about this new law? 

@Karin Recalde

I'm sorry to hear that. Happens all of the time. Assuming you used financing, i'm assuming it appraised? 

We always check the assessor as we see people trying to boost unit count when it's not actually true. 

@Keith Mintz

Way too much to deal with. I rent by the room to long term tenants and that's enough. 

People chase cash flow but receive a lot more of a headache factor to (maybe) get it. 

@Gabriella Pellolio

Have a great one here in Reno if you're still looking! If not, no worries. 

@Eric Formiller

If you have cash, some turnkey deals that need to sell can be a fantastic buy right now. People are feeling the pressure from higher interest rates (yes they're coming down slightly) but with turnkey multifamily that has to sell it can be powerful to have cash. 

We've seen some of the best deals we've seen in years. 

Also for renovating a multifamily property, tenant lease expirations are key.