All Forum Posts by: Nicole Holcomb

Wow what a great plan! Get out there and build a skill and knowledge base now so when it comes time for your first project you will be ready. I wish I had a project going right now to put you to work on, but I am sure someone else would like an apprentice.

Best of luck to you and keep us updated.

Nicole

I would be weary of any "mentorship" that requires you to pay money. I think the general consensus on BP is that gurus can be good sources of information and some will serve you well but a true mentorship is not something you fork out cash for. There is nothing wrong with paying for a seminar or "mentorship" just know there are gurus out there looking to take advantage of newbie investors.

Check out this BP blog post on finding a mentor https://www.biggerpockets.com/...

Wow from the information provided this sounds like it could work well for you, living free is fantastic. 

Are the properties on the market and what condition are they in? 

Why is he selling?  

Have you checked property values to make sure you will be purchasing at or preferably below market value? 

Is he going to get the tenants out or are they staying? 

I think for house hacking the most important thing is to keep an open mind and see the potential that others do not. A property with a detached garage, unfinished attic or basement or multiple entrances all shout house hacking potential. More bathrooms is better, old houses only have 1-2 bathrooms and more than 2 people sharing a bathroom can lead to conflict.

In addition to what I mentioned above look for:

Ranch style and split level homes

Properties with a "California Room"

Dual masters

Potential to add a shower to convert a 1/2 bath 

Ways to give tenants their own entrance (change a window to a door in bedrooms)

Properties that can be split into two units by adding one wall or a door and a kitchenette.

Corner houses (more parking when the property sits on two streets)

Laundry hookups inside (a laundry room/ closet can easily become a kitchen/ kitchenette)

I hope this helps!

Could you purchase it cash ($100,000 including renovations for example) and have him move in and perform the renovations. Then after the renovations are complete the value of the property will have increased (now it's worth $130,000) have him take out a mortgage on the property and pay you back? He would have a family home and you could then take your initial investment and buy your next property. 

Alternatively he could do a live in flip, but flips can be risky and first time flippers don't always profit.

Best of luck to you!

Thank you for your honesty about your tenants; others can learn from your experience as a landlord. I am a first time landlord and I fully vetted my tenants based on the horror stories I have heard from others. I am so happy to hear you are having a good experience with your second tenants. What is next for you in the REI world?

If you don't have any luck finding a big time flipper here, check out the San Diego REI Facebook groups. I am a member of a few REI groups on Facebook and I often see posts from big time flippers asking for more properties. It is also common for wholesalers to post, "Any cash buyers want to get on my list?" Members of the group then respond with their email addresses, so you should be able to go back to the old posts and collect many investor's email addresses to reach out to directly.

Best of luck to you!

Legally you would need a permit to make those changes. I am going to refer you to Jessica Muto, she would know more about estimated costs. Best of luck to you in your renovation.

Thanks for arranging this get together, I will spread the word!

Hi Sameep Kodia I am a real estate investor and Investment Property Consultant that works with investors to help them meet their investing goals. House hacking is the best way to break into real estate investing in San Diego and you have a great plan to start your investing career. I recommend looking at 2-4 unit properties as well as SFR to maximize your cash flow. If you are cash flow positive and the market does see a correction, the property will still be generating profit for you. An income generating property allows you to wait out a correction and sell when appreciation is in your favor.

If you have time now, take action and don't fall victim to analysis paralysis. Interest rates are historically low so start looking today!