All Forum Posts by: Jessica James

Investment Info:

Small multi-family (2-4 units) buy & hold investment in Julian.

Purchase price: $575,000
Cash invested: $15,000

My first home purchase! House hacked for a year while living in the bottom unit and renting the top unit out as a short term rental. Now I short term rent both units house while I make the move back to Sacramento to be closer to family.

What made you interested in investing in this type of deal?

BIGGERPOCKETS! Knew I wanted to house hack to help me save up money for more investments and retirement.

How did you find this deal and how did you negotiate it?

After analyzing over a hundred multi-homes in San Diego County, the only one I could find under a million dollars that didn't need a total gut job was an hour outside of the city in the cute little town of Julian. It had fallen out of escrow twice due to change of minds about living that far away from town.

How did you finance this deal?

I used a VA loan with 0% down. Paid closing costs and costs of materials to update and furnish the place myself

How did you add value to the deal?

Ive added a walk way and steps down to the property. New Kitchen countertops and new appliances in all bathrooms, replaced cabinets with floating shelves and repainted all cabinets . Installed new light fixtures and flooring. Added smart thermostats and window/acs, new blinds, new flooring and baseboards, and washers and dryers. Also furnished and staged the place for short term renting and inserted cork underneath the carpet of the top unit to limit noise of stomping etc.

What was the outcome?

The place operates wonderfully as an Airbnb for short term guests. I cash flow at least $1000 to $4000 a month.

Lessons learned? Challenges?

I might have consistently cash flowed better using it as a long term rental in the long run. I spent a lot of money on cleaning supplies, utilities, sheets, etc. May still be an opportunity for later if I decide I don't want the hassle of communicating with guests and cleaners etc.Also, I had a pipe burst in my attic due to improper insulation and faulty copper pipes. I shouldnt have taken an inspectors word and had professional plumbers take a better look.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

I worked with a rebate program called Thank You Hero's before I was a real estate agent and the saved me a lot of money. Also Caliber Home Loans gave me the best interest rate I could find at 2.75%

@Reggie Powell perfectly said! Thank you for your response! 

Thanks @Chris Martin! The older I get the more I look back and wonder why I didn’t get skilled in a trade earlier!

@Bruce Woodruff thank you so much for taking the time to share your experience and give me a little more insight about what a general contract is etc. I’m def starting from the bottom of the bottom in experience but in my time in the Navy working in helicopters, I at least know how to use most tools haha I feel hopeful and just need to figure out what my next steps are :)

Thank you @Grant Schroeder!!!!

@Dwayne Poster thank you so much! I feel so motivated to learn! :)

@Bruce Woodruff how about then maybe getting a license as an inspector? So at least I know what to check for? Also, what does it take to become a general contractor? I mean I would guess you would need to know an ample enough about most things before you can get that license?

I def want to do on the job training as well, I know that obviously I can’t really legitimately learn just in a classroom or by taking a few courses

Hello I'm Jessica! Have been a BiggerPockets fan for the past few years and had another account for when I was still in the military and living in San Diego where I bought my first house hack multi-home. It's been an incredible experience with lots of ups and downs but, now that I am finally out of the military and diving into my next chapter as a Realtor, I've created this new account! 

I hope to make connections with anyone else in the industry in the Sacramento area since I'm just moving back in town after moving away after high school! I love to talk all things real estate and am looking forward to making friends and meeting mentors locally! 

If anyone knows of any great meet ups in the area please let me know and feel free to send me a request to introduce yourself! I'm also an investor with a house in Julian, CA that I used to house hack and now short term rent out :)

After a pipe broke in the attic of my two story multi-home, I faced a lot of issues with my general contractor and plumber in particular. Leaks still prevalent in pipes and refusing to fix them, contractors worker and his family squatting in my home without my permission, and lazy work done to finishes of the home. It was a nightmare to say the least and I had to figure out a lot of stuff to fix the problems myself.

I like to think of myself as someone who isn't afraid of getting down and dirty and doing the hard work. Someone who wants to know everything I can about the things I love, including real estate and home the systems in a home work. As a new Realtor and someone who plans to buy and house hack many more multi-units in the future, I'm thinking about instead of using my GI Bill for a Masters, perhaps getting certified in multiple trades to further my education on electricity, plumbing, HVAC, and building. Even if I'm not the one who originally has to build a home from the ground up, I want to know the basics of how to do things myself or at least know enough to check and make sure things are done correctly.

Any thoughts or suggestions from anyone who feels like they have a great amount of knowledge about what goes into a home and any licensing they suggest is the most important? Or how to go about getting certified? Personal experiences dealing or feeling similar to me after a bad experience with several "professionals"?

After a pipe broke in the attic of my two story multi-home, I faced a lot of issues with my general contractor and plumber in particular. Leaks still prevalent in pipes and refusing to fix them, contractors worker and his family squatting in my home without my permission, and lazy work done to finishes of the home. It was a nightmare to say the least and I had to figure out a lot of stuff to fix the problems myself.

I like to think of myself as someone who isn't afraid of getting down and dirty and doing the hard work. Someone who wants to know everything I can about the things I love, including real estate and home the  systems in a home work. As a new Realtor and someone who plans to buy and house hack many more multi-units in the future, I'm thinking about instead of using my GI Bill for a Masters, perhaps getting certified in multiple trades to further my education on electricity, plumbing, HVAC, and building. Even if I'm not the one who originally has to build a home from the ground up, I want to know the basics of how to do things myself or at least know enough to check and make sure things are done correctly. 

Any thoughts or suggestions from anyone who feels like they have a great amount of knowledge about what goes into a home and any licensing they suggest is the most important? Or how to go about getting certified? Personal experiences dealing or feeling similar to me after a bad experience with several "professionals"?