All Forum Posts by: Peter Williams

Quote from @Joshua Viksman:

Welcome @Peter Williams

What type of investing are you getting into?

Hey @Joshua Viksman ! Looking to get into buy and hold. Always doing value-add, my good buddy is a GC here and I grew up building houses. Just got a private money guy lined up, seeing what I can do! 

Quote from @Vinay C.:

Quote from @Josef Hardi:

Hi Peter, 

We really wanted to find a property to house hack. But came across a couple of issues:

Property prices are so high, we would use significant capital towards down payment. It would leave us at a very tight budget for renovation costs. 

Plus we currently do not have connections with contractors, and therefore we don't have a way to accurately budget the costs or time. 

In the end we decided to pursue a duplex in South Bay that is move in ready. Would be interested in others experiences as well.

 @Peter Williams @Josef Hardi

Hey Peter / Josef,

I house hacked 4 years ago. It has been great and definitely recommend this approach to everyone. Here’s the link with all my numbers for the house hacking.

https://www.biggerpockets.com/...

Having been successfully navigated this, I got my Real estate license to help more people. I also helped clients already with their house hacking journey. I recently helped a friend find a duplex as well to house hack and build equity faster.

If you guys are looking to buy, want to brainstorm and are looking, I can help you with it. 

All the best. Let me know if you have questions. 

Cheers

Vinay 

This is great! Good for you, fun to read your story.

Sounds like it worked beautifully.  Congrats to y’all on getting the journey started! 

Really interested to hear from folks who have House Hacked in Los Angeles. What type of property? What part of town? Any numbers you’re willing to share? 

Quote from @Charles Renn:

Hi @Peter Williams,

Thanks for sharing your situation and best of luck getting your offer accepted! 

All-in-all, it sounds like a good plan if you are both considering holding this property long term. However, at the moment, if you add an ADU to a duplex it will not qualify for conventional financing in the future. Again, this isn't an issue if you plan to hold the property long term. If you are planning to refinance or sell to a financed buyer in the future there could be issues since conventional lenders won't lend on a duplex with an ADU.

Just something to consider. Hope this helps!

Thanks Charles,
That is wonderful info, I do plan to hold the property. I know it’s a pricey start, but I figure fortune favors the bold. Buying an expensive property in a high-rent area just means I’ll be able to leverage more money sooner than later. 

Okay, first timer here!

Just put an offer down on a duplex in my area. Listed at 1.2M, I offered 1.025M

Duplex is 2x 2bed 1bath, plus a detached garage that I'll convert to a 1bed ADU. Property has a pool.

Would need to do the FHA loan at 3.5% down. payment would be $7500/mo. I'd pull a personal loan for the ADU build, would be $500/mo. Total loans $8k/mo

If my best buddy and I live in the duplex with our wives, and rent the ADU on Airbnb, we feel like we could clear enough monthly income that we could atleast eat into our obligations to the loans by half or maybe a bit more.

Curious what y’all think, anyone done anything similar? 

Thanks so much,

Pete

Hello,
I’m Pete Williams. My wife and I live in Toluca Lake and are excited to get into investing. 
Looking forward to meeting y’all.

Cheers,

Pete