All Forum Posts by: Sarah D.

@Mike Cumbie @Roger S.  That's a nursing pillow... which is why this went from gross/shocking to heartbreaking for me.  Hopefully they're just hoarders and didn't actually have a baby living there.

We are house hacking a 4 unit and told everyone we are the owners.  It's only awkward for you at first.  No one texts or calls me all night, I've never had to unclog a toilet at 3AM, and the worst situation that happened is a tenant texted me at 8:30PM to see if I could let her into the laundry room (she accidentally locked herself out).  Seriously small stuff considering the benefit we get from house hacking (no housing costs AND $1300/mo mortgage paydown!!!)

It seems like you're leaning towards the honest approach which is great.  If our experience is any indication you won't regret it!

I'm very much a DIY person, but this is a huge job to do yourself as a first project.  That could be great- you will learn a ton!  But this is also something you want to make sure you do right.  

Can you repair the floor with the tub in place?  Does everything need to be dried out before you can start?  Do you have to replace the joists or can you sister them?  Is there moisture in the walls causing them to need to be replaced as well?

If you have a friend with rehab knowledge who can help that would be best.  And worst case scenario, you start the project and realize you need to hire some aspects out.  No matter what (if you can live w/o a bathroom for a while) there's no harm in starting the project on your own.

Please keep us posted!  My husband and I bought and rehabbed a 4 unit last year, and we really miss doing construction work.

I think the first question you both need to ask is what are your financial goals in 1, 5, 10 years.  It sounds like you need to save up a down payment whatever you decide (invest in SD or OOS) so you'll have some time to work on those goals if you haven't already.

Second question, which ties into the first, is what kind of lifestyle do you want?  That will dictate your house hack decision, home location, home type, etc.

My husband and I are house hacking a 4 unit in Pacific Beach; buying into SD real estate was the right move for us, and we have learned and grown tremendously in the year we've owned this place.  But it only works because this decision is aligned with our financial goals; we are willing to make lifestyle concessions to achieve those goals.

Finally, if you decide to buy a house with plans of building an ADU in order to generate income, please take your time to look into the feasibility, cost, loan options, future sell-ability, etc of that property. I don't know about anyone else in CA but I suspect a lot of people are buying properties that would make terrible rentals, at the top of the market, with some poorly thought out plan to build an ADU and 'get into real estate.'

Is it legal to charge two months rent for a lease termination and then get someone new into the unit right away?  I thought you could not double dip rent like that.

@Juan Rango Honestly, the best thing you can do to set yourself up for financial success is to save 50% of your income.  How to invest it, best returns, time commitment, etc. that's the fun stuff to figure out!  Do the hard part; prevent lifestyle creep, live on less, save like no one else.  With (what i presume is) a high salary, you will be set very quickly.

@Marcia Maynard  Wow, what a story!  Everything in the way you handled it is impressive, and that ending brought a tear to my eye (is it dusty in here?  must be dust, I'm not crying!)

I don't understand why you want to invest in real estate? Most people do it for financial freedom. If you have a demanding career you love you should also consider whether the time you dedicate to learning about REI would be better used towards growing your career.

Appliance connection, Home Depot, and Lowes are where we purchased apartment size stainless appliances.  They all have various deals (especially in October-January).  

One thing about stainless is that it will accumulate rust spots if they get water on them and are not wiped down regularly.  You can remove rust spots with a toothbrush and baking soda (ask me how I know...).  We just went through our first turnover, and after that experience I'm not sure I'll put stainless in our next set of rental units (or at least know to pay the cleaning people to do it).  They sure do sell the place though...

I just had my first no show in the year we've been doing this.  The best part is that person is a real estate agent/property manager; not who you'd expect not to show up!  But when I got to the property (20 min early) there was someone there hoping to do an unplanned showing.  So my time wasn't wasted.

i also spent an hour talking to prospective tenants who loved the place and never applied.  People are funny.  Now I bring something else to do while I wait for showings.  I have two young kids, so this is the closest I get to 'me' time ;)