All Forum Posts by: Nicole Candelario

@Antoine Martel yes I'm looking to fix and flip near Riverside, Corona, Moreno Valley, Beaumont, Banning, Cherry Valley, Oak Glen, Redlands, San Bernardino..........anywhere in the Inland Empire really. I live in Beaumont. Do you have anything in mind?

Thanks @Caleb Heimsoth! I will most definitely scrutinize the numbers before accepting anything! Also, should I walk away from an assignment if there's no inspection clause? I'd like to look at the property inside and out with my contractor. What is the typical inspection period? How long is the close of Escrow on assignments? I'd need to show my hard money lender all the buttoned up stats before purchase. 

I'm on the search for my first fix and flip. Should I use a local wholesaler to find the deal or should I find it myself? 

Excited to hear your feedback.

Hi @Matthew Runfola,

I'm new to investing in SoCal too. You are so encouraging! I live in the Inland Empire and I found a REI meetup group in Riveside (they meet at the Mission Inn on Wednesday evenings). Too bad your significant other isn't interested in house hacking! We bought a small (4 unit) multi family in Cherry Valley (Beaumont) and live in one of the units ( a beautiful 3/3 with a pool/jacuzzi) and rent out a duplex and a 4/2 house all on the same property! Yes we have to be landlords but in our experience, living so near the tenants kind of keeps them on their best behavior. Okay so the fun part is that the tenants pay 90% of our mortgage! So we live here for nearly free! This gives us 2 options for investing.....1) we can give ourselves time to learn and absorb as much education as we can while our property increases in equity until we can pull out a HELOC for our next investment OR 2) do #1 and try to find a hard money lender to fund our next deal and use our property as "skin in the game" when they ask what experience we have. I understand that you have almost the EXACT financial situation as we do, so if you can find a house hack that would be awesome! We used a program called NACA. Not sure if I'm allowed to suggest it but it's a non-profit organization that helps people like us. Zero down payment! Credit issues can be explained! No PMI! I don't work for them, we just used them to purchase our home. Good luck and hopefully we can work together in the future!

Nicole

Thank you everyone! You are all great! @Ali Boone if I can cash flow at least $200/mo that's fine with me! Eventually I'll have enough rentals that it'll all add up to a nice chunk of change. However, I really liked what @James Gates suggested. I will definitely find a strategy for focus on and go all in and add the other strategies later. Also, @Jo-Ann Lapin I think I will start attending the meet up in Riverside and Redlands. I wish I could go to Orange County where my association is (Laguna Hills) but it's a bit too far. Gotta start in my own backyard right? Thank you all!

@Vinci S. the program we used is called NACA. You can go to naca.com to find info. Honestly we fell into it....a blessing! It was our first purchase and income property. It took awhile for it to be finished but it was completely worth it! Let me know what you think.

Nicole

Hi BP family!

I'm new here to BP and exited to share my journey and also gleen any knowledge I can from the more experienced. I'm a realtor in the Inland Empire of Southern California (my brokerage services all over SoCal) and I have "house hacked" my first small multi family property. I'm very interested in flipping, wholesaling and renting out properties. Just trying to get my portfolio started. I've heard that it's quite the challenge to invest in SoCal so.....challenge accepted! This is where I'm from and I know it's possible to yes, even "cash flow" here!

Nicole Candelario

CalBre# 01984085

@Sandy Hu 

Yes! I am a real estate agent that is experienced with small multi family units and also own one myself. I live in the Inland Empire but my brokerage has helped many clients purchase multi families in Orange County. It's very possible and there are programs that will help you! For example, in some cases you can use 75% of the potential market rents added to your max PITI to qualify for the loan for up to 1.2 million. However, you'd have to live in one of the units. But it's still a wonderful "house hack" and a brilliant way to invest!

Nicole 

BRE# 01984085

@Sandy Hu

Hi @Jacob Prelle....I came accross your post and thought I'd respond. We did the very same thing you are looking to do. It's totally possible to buy a small multi family and live in one and rent out the other units. With that price range you are absolutely correct in choosing the Riverside, San Bernardino counties. We used a program with zero down payment, no PMI, low interest, no points or origination fees, they paid seller AND buyer closing costs. There are several guidelines to purchase like living in one of the units but you already know FHA is the same. The process takes a little while but in my opinion and experience it's completely worth it! I am a real estate agent in the Inland Empire and would LOVE to help you find your first "house hack" deal! We bought a one acre property in Cherry Valley for $740k. After our tenants pay their rent, our portion of the mortgage is only $325/mo!