All Forum Posts by: Karen Gordon

Thanks @Jordan Noble!

@Sean Resavy thank you for your feedback! i was looking at vallejo - unfortunately i can't buy there now because i have to stay within 20 minutes of my daughter's school, but it does look like a good market and there are lots of multis in the area!

@Erick Vallejo thank you for your thoughtful response! let's connect, as i'd really like to work with a BiggerPockets realtor when i'm ready to start looking, which will be in January. would love your help!

thank you all for the welcome! @JD Martin thank you for telling me about @Shiloh Lundahl - i will definitely look into connecting with him. i think psychotherapist-investors are probably a rare breed! :)

Hi all @Marc Rice @Reid Chauvin 

@Remington Lyman

thank you for taking the time to read and respond! i would totally do a house hack but it is simply out of my price range here in Sonoma County, CA. i'm working with a realtor to potentially find a property with an ADU in the back but it's not likely I can do that here. @Marc Rice i think that i'm leaning toward what you said as a strategy but unless i can find a house hack that works in my overpriced area it will just take me a longer time to save up the money for another deal, which may just be what needs to happen. 

Hi BP Community! I am a psychotherapist who wants to do less analyzing people and more analyzing deals. I love my work but I don't want to exchange hours for dollars forever and I currently have no retirement funds. I feel a lot of passion for real estate and in February I'll have saved $40K with good credit and good monthly income and ready to make my first move. My issue is that I live in the SF Bay Area (very expensive) and I'm here for the next three years until my daughter graduates high school. 

I'm wondering what you all think in terms of my first step. I am currently renting (for $3K a month - yikes!!!) so I'm thinking of buying a SFH in the spring for $650K with 5% down FHA loan. I would house hack but that's very difficult here because of the insane prices. I'm wondering, however, if that's my best first move, or if it makes more sense to keep renting and spend my $40K savings on a deposit for a triplex or quad in a place like Cincinnati where it's much more affordable and up-and-coming?

If I buy a home, it'll take me another year and a half to save to invest in a multi-family property, which is what I'm interested in. But if I buy the multi, I'm throwing out money on rent. I hear that short-term rentals are also a good option for cash flow, but that feels more intimidating to me for some reason. 

Anyway, that's my intro! Happy to be here, listening to the podcasts all the time, reading the books, trying to learn as much as I can and eager to build wealth and create a new financial story for me and my daughter. I'm 45 and late to the game but I am biased toward action, very self-disciplined, and highly motivated to build a better future. Also would love to connect with anyone who is also passionate and driven to make things happen and talk real estate!

Hi! I am a single mom and RE rookie in the SF Bay Area. I am currently renting for 3K a month (i know, it's insane here) and need to stay in this area for the next few years until my daughter graduates high school. I am planning to buy a home when my lease is up this summer for $650K with an FHA loan and 5% down so my mortgage will be about 4K a month. I would house hack, however it's very hard to do that here since everything is so expensive.

My question is should I continue renting and spend my 40K savings on a down payment for a quad somewhere like Cincinnati or use my money to purchase my first home, just to get out of renting? It will probably take me another year and a half to save another 40K to do a deal. Any strategy feedback would be great! 

@Dan H.

@Dan H.Thank you so much for your thorough and thoughtful reply. I really appreciate it and value the information! 

whoops reposted by mistake sorry

I have a related question and please forgive any obvious naivete because I'm a newbie. I am a single mom, a couples therapist, and when my daughter completes high school in 2024 I expect based on my current savings rate that I will have 100K saved. I am planning to purchase my first property in San Diego - house hack ideally a fourplex that I can get an FHA loan on. I have been just looking at some of these triplexes and quads on Zillow to run the numbers and get a sense of it and it seems like based on the 50% rule that with every one of these deals, I'd end up paying at least $1500 per month to live there - in other words the numbers don't seem to work in a way that the other rents would be covering my mortgage and I could live for free.

My question is - is this because San Diego is such an expensive market and house hacking only works when you get an off-market deal or a deal in an up-and-coming area? And my follow up question, which is related to this thread, is - would it still be worth it if I were spending $1500 a month on rent for a house hack if I intended to hold the property long-term and use it to take out equity asap and do a BRRRR?

My intention is to become an investor to build wealth and pay off my own and my daughter's student loans as soon as I can, but I am stuck here in Sebastopol, CA until she graduates before I can move, save up enough money, and do the house hack thing, which seems like the path of least resistance to get into the market. Any thoughts appreciated!