All Forum Posts by: Meng Long

Caleb,

Helpful tip that speeds up the financing process is to organize the documents listed above on google drive. You can then send your lender the google drive link when you apply  for a new loan, allowing them to take what they need. By updating theses documents every year, You’ll be ready to go at a moments notice. 

Ellis,

The max rent I'm willing to pay is $2000 /month but the cash flow calculation is based on renting out both units. I don't really have a restriction on the location but I'd prefer a location less than 1hr from the Coronado base. I have about 50k worth of capital and the bank is offering a rate buy down from 4.5% to 3.875% for 3.25 points. Ultimately, I am looking for a deal that is cash flow neutral in case the navy moves me elsewhere.

Hello BP,

I've been a long time reader but have been hesitant to post. I am in the navy and have recently moved to San Diego. After working with Navy federal credit union, I was able to get approved for ~600k(1-2 unit SFR), 30yr foxed,4.5%interest, 0%down, and 2.2% VA funding fee which is wrapped into the loan.

I want to take advantage of the current low interest rate and house hack in San Diego but it’s been nearly imposible to find a break even cashflow deal. My goal to purchase a duplex, rent out one unit and live in the other. I’ve analyzed dozens of properties and only a few even come close to break even. (Note: the breakeven cashflow is based on both units being rented out)

My questions are, should I even be looking for breakeven cashflow deals?  Maybe im too conservative when running my analysis and overlooking good opportunities? What would you do in my situation? Thank you ahead of time for the inputs. 

Meng

I plan on attending. Looking forward to meeting everyone.