All Forum Posts by: Phong Nguy

Hello BP Community,

I am looking into house-hacking a multifamily unit (probably a 4-plex) in Berkeley, Oakland or the surrounding areas. Right now I get to work from home so I am staying at parents' home in Sac to save money on rent, otherwise I would be living in Berkeley for my job.

It seems like starting price is around $800k for a 4-plex in Oakland and around an extra $300k for a similar unit in Berkeley. I am not sure if I can save up for a conventional 20% down or if I can afford to do an FHA loan. I am leaning towards conventional since I do not want to pay for mortgage insurance, but this involves a significant chunk of cash up-front.

I still have a lot of details to work out right now, but I guess big picture that is my goal. 

To make sure I am more efficient during the process, I would like to ask a few questions from everyone in the BP community. 

1. What's the most important thing I should focus on right now?

2. For a buy & hold situation, is Berkeley worth the extra 30%-50% in price difference when compared to Oakland, assuming both deals generate relatively the same cashflow?

3. What are your go to tips and tricks?

4. What should I be asking you guys?

I am also looking for referral to a local (Berkeley and surrounding areas) realtor, lender, contractor or REI wizard to connect with so I don't miss a deal if I find one unexpectedly. Thank you so much for your input and I would love to connect with you!

Happy Weekend!

Hi Ben,

Thank you for the insight! I will search around in the area for any good value homes. 

Cheers,

Phong

Hi BP community,

I live in California and one of my family member will be stationed at Dyess Airforce Base in a month. He will be staying there for at least 2 years. His housing allowance is $1350. He is willing to live in a hotel for a month or so while I search for a potential rental home. I would like some tips and advice on the situation.

I've done some research and Wylie, which is about 15 minutes from the AF base, will be the most desirable location for families with children due to the school system. Houses around there average $160-200k currently for a 3br, 2 baths. I was looking at this as an opportunity to get my feet wet in the buy and hold. I am not sure if a month or so is enough to look for a decent deal or just a home within my budget of being sub $200k. I would not have to worry about the first 2 years of rent, which is the main reason for my interest in buying right now. I figure I can learn the nitty-gritty using those 2 years.

Please let me know your thoughts, comments and questions on the situation. Also, please recommend an agent in the area that I could work with during the process. Thanks in advance!

Hi BP community,

I live in California and one of my family member will be stationed at Dyess Airforce Base in a month. He will be staying there for at least 2 years. His housing allowance is $1350. He is willing to live in a hotel for a month or so while I search for a potential rental home. I would like some tips and advice on the situation.

I've done some research and Wylie, which is about 15 minutes from the AF base, will be the most desirable location for families with children due to the school system. Houses around there average $160-200k currently for a 3br, 2 bath. I was looking at this as an opportunity to get my feet wet in the buy and hold. I am not sure if a month or so is enough to look for a decent deal or just a home within my budget of being sub $200k. I would not have to worry about the first 2 years of rent, which is the main reason for my interest in buying right now. I figure I can learn the nitty gritty using those 2 years.

Please let me know your thoughts, comments and questions on the situation. Also, please recommend an agent in the area that I could work with during the process. Thanks in advance!