All Forum Posts by: Ryan Knapp

Hey BP, 

My wife and I have been attempting to luxury house hack (add an ADU onto SFR) in my hometown and are feeling a little worn down. I've read quite a few BP books and believe it's a strategy that works. I want to provide a tangible path to advancement for my wife and little 6 month old. We both work full time and don't make a ton. We've been approved for a 420k FHA loan, VERY entry level for SD.

The last house we put an offer on we were essentially ghosted by the selling agent after his loan officer called to "cross check" our loan and I didn't bite on switching over to his non-FHA loan product. We've looked at 20ish homes in person, I analyze and check the MLS and real estate apps every day (hourly, honestly) and we've been looking for four months or so. In this time we've only found two homes that would potentially work and we put offers on.

It's hard to put my wife through the emotional toll of looking at so many properties and getting our hopes up to find out it won't work. I'm beginning to wonder if I should continue or if it's just foolish to put my family through the ups and downs. Don't want to quit of be a quitter, but am trying to be wise and realistic. 

Have some question's that I need some advice on...

-What's a realistic number of homes to put offers on before finding something when you're very entry level in the market? 

-Do agents discriminate against FHA loans? Is it a loan product that's worked for other to house-hack with at the lower end of the market?

-What's a better way to find FHA approved style deals?

-Do most agents play games or are they being honest when they tell us they "Have multiple offers and more to come, so please get your's in soon"?

-Any creative strategies for funding ADUs? Or specific loans?

-What are some way besides offering more to make our offers more appealing?

-What's a realistic amount under asking to offer in a hot market like SD?

Best, 

Ryan

Hey BP,

My wife and I are looking into a property East of San Diego, and have come to a standstill looking at how much wild fire insurance is. An additional $300 at minimum.

I grew up in the area and evacuated bc of fires twice so know it’s a big deal.

Any recommendations on good companies or people to connect with??

Thanks!

Ryan

I’m also “newbie” in San Diego but things I’ve found helpful are leveraging connections you have out of state (relationships are everything) and committing to spending a year or two researching-reading, podcasting, etc. whatever works with your life and allows you to absorb information. BP has tons of books and a podcast. 

At some point then you have to take action when opportunity stares in the face.

Investing is extremely complex and requires tons of research and knowledge. 

You’re on the right track!

I wish I could’ve afforded a place like that when I was single...looks great. But that’s just reality for most young people in a city like San Diego. $800-1k in a bad part of town w/eight roommates is closer to most’s experience, which makes that place look great. Being safe, being in a decent area, they’re all very very fundamental needs that dictate these decisions. 

And yes @Matthew McNeil you might be investing in the wrong asset class :)

Oh wow that's encouraging to hear. Thanks @John Morgan and great job.

Do you mind if I ask roughly how much you spent on repairs?

Ok I hadn’t thought of there but that’s great to know @Ronnie Williams. 

Any recs on specific areas?

Gotcha good to know thank you @Roni E.!

I have! @Roni E.   Feedback I’ve gotten is that there’s more industry and consistent work in DFW. 

What do you like about SA as an investment market? 

@Cody Longmire do you think those areas have a lot more promise then somewhere like Fort Worth? Do you think they have a leg up over FW? FW compared to Dallas still seems relatively affordable. All outside observations though and super curious. 

@Jaron Walling feedback I've heard is that San Antonio is still lagging pretty far behind DFW, Austin, and Houston. 

Do you find that to be the case? Does it seem like it's headed the direction of Austin at all? 

I know it's also huge.