All Forum Posts by: Account Closed

Quote from @Nicholas Coulter:

@Account Closed Have you interviewed multiple lenders? This doesnt seem like you have the greatest terms to lend on! If you need suggestions shoot me a DM!

I’ve interviewed many. I have found a lot actually that specialize in self employed bank statements loans and they can offer 10% down. You said it doesn’t seem like the best option haha but I’d challenge you to find a better option, given the self employment. I’ve done a lot of research.

Hi there - I'm looking to buy a SFR such as a 3 BR / 2 BA and right after convert it to a smaller SFR and ADU. I would then like to convert the garage into a second ADU and rent out both ADUs. I make $20k gross monthly; have perfect credit; zero debt; $120k+ liquid and yet have only been offered 15% down for up to $1M via bank statement loan because I am self employed and deduct a lot of items for tax reasons. I'd like to only put down 10% though so I can use the funds I have to construct / convert the first ADU to start immediately renting it out and having the renter pay at least $2000 toward the mortgage (realistic estimate based on market rent for the area I'm looking in). Note that I am currently looking at 3 BR / 2 BA places closer to $700k-$900k. I'm considering FHA, conventional, bank statement, really anything as I just want to see what my options are. Thx

Hi there - First time home buyer here. I'm looking for lenders and real estate agents in San Diego who have actual personal experience (their own investments, not just vicariously through their clients) house hacking (buying a *multifamily* property like a duplex; living in one unit; & renting out the other) and/or buying a single family home & renting out an ADU on the property. pls message me if so. Also, to be clear: I am not interested in house hacking a SFH- I am not trying to have housemates or actually live in the same unit as any renters…Thx!

Quote from @Sam K.:

Thank you all, who answered and shared their wealth of knowledge. I'm about to close on a 2-unit, multi-unit. I surely feel I'm over-paying but there is good potential to add value, so in the long run the numbers will make sense. I'll be creating more posts soon about the projects I want to start on that property. Will create a separate post for each project, I want to start.

Thank you again! Excited!

Nice! How did things end up working out for you?

Quote from @Kevin Gamboa:

@Ryan Phu I think that house hacking is the most tangible way to get your feet wet in real estate investing, especially in San Diego’s expensive market. If you have a situation where you could do it, or if you could create one, I say give it a shot. I started house hacking this year here in San Diego and it helped me build up more capital for my next project. Good luck

Nice! What kind of house hacking did you do? Multifamily or just renting out rooms? 

Congrats! I’m looking to do something similar in SD

Hey there - I’m looking to do the same. Feel free to message me if you’d like to chat about SD house hacking. :-)

Nice to be in touch with you here! I’m self employed and have my own clean energy marketing agency that yields $4k in passive income per month, but I’d really like to start possibly house hacking a 2-4 unit property in SD. Curious to hear anyone’s experience with this here in SD. I currently live (rent) in PB 1/2 block from the beach 🤗 (might be hard to say goodbye to being so close to the beach 😜)