Agreed. Say that he already owns the property he lives in and he used a VA loan for that he may not have enough entitlement left for a secondary house not to mention it’s going to be a lot harder for him to pull off. The VA is and primarily at your primary house not a vacation home or what have you
@@panrrak96you can use the VA how ever many times you want. I’m a vet and my husband is still serving. You have to live in it a year and then you can rent it out freely as you need and then use the VA loan again forever.
The biggest issue with luxury home hacking is homeowners insurance. The price to own my home actually goes up every year in Florida because our homeowners insurance increases every year.
lol born and raised in San Diego, California and left at 23. I only say California not Cali. I’ve been obsessed with real estate since I was in property management in downtown San Diego so your channel is amazing! Thanks for sharing amazing information. I’m a new subscriber 🎉
Thanks, Dave! Been listening for years and you've always been a strong communicator; and overtime you've just gotten, better and better. Always a pleasure to join one of your podcast, much love keep it up!!
I've lived in California since 1966 and I have never heard "Cali" before. In the last many yrs I have heard or saw on baseball hats, "NorCal". I live central coast in CA.
Hi David, I love your podcast. I do have a duplex which I bought in 2019. I am now renting this property which has $600 cash flow monthly after all the expenses. The property has over $130k equity. I would like to know if you think I should sell it pull out that money to buy multiple properties or I should go the HELOC route and use it to buy multiple properties. My goal is scale my portfolio and I want to make sure I am making the right decision. I have steady job that pays me 6 figures and I have no debts beside the mortgage on that duplex and another single family that I recently bought in which I am living with my family. Thank you for your advice and thank you for everything you are doing for the community.
No one from SoCal ever says Cali unless they live in box raised by midwesterners or something, but i have notice mostly NorCal people say 'hella' more.
Hi @david! Thanks for all your knowledge sharing!! Question - my lender said that I would not be able to buy a cheaper house than my current one and make it a primary residence. Is there any merit to what he is saying? That means I would need to buy a more expensive home every year if I was going to continue buying a new ones? Thanks in advance for your great support!! You're great!
David gives great advice about using loans and a cool 'sneaky rental' trick. And they talk about living in a fancier place too. It's a must-see if you're into real estate!
No way. I'm from Cali, 30 years born and raised went to school at UC Berkeley and I definitely call it Cali and said h*lla quite a lot before I gave up swear words. 😂
Biggie HAD to say "Cali." Try rapping that with "California" in it's place. 😂 Great episode btw... answered some questions I had with my current situation.
Man I’m born & raised in Cali. Literally everybody calls it Cali. In fact it may even be opposite of what you said. People outside of Cali don’t know what you’re talking about when you tell them you’re from Cali. In my experience at least. Lol
I lived in California for 2 years and call it Cali as well lmao. I now live in wisconsin, and whenever I bring up Cali, they have to ask me where that is.
David quick question when you say “buy one house every year with 5% down” what exactly do you mean because that was going to be my strategy I’m planning to buy my next home on a fha loan being I used my VA loan for the first and wanted to scale surely but slowly but I’ve been hearing you can only use FHA LOAN once so what other loan were you speaking about where I could get 5% down and keep growing? Is it conventional your talking about?
Yes, that would be just conventional financing. You can reuse FHA (only if you refinanced out of that loan product) but the requirements on the property may be more strict than conventional.
It really makes me feel aggravated when you guys say, “5% down” as sellers won’t accept an offer with this little money. They don’t even accept with 20% down as they want cash offers. This is what’s happening in NY. I can’t get a house for over 20 percent down as I get outbid by cash.
I’m born and raised in the Bay Area and hella say hella. But I always refer to where I’m from as from the Bay Area, not the state (the bay is very different from SoCal)
I’m looking to get my real estate license without going to college and eventually invest in rental properties but I’m not sure how to do it successfully. I know I have to start by getting a license and finding a brokerage or team to sponsor me, but I want to have a good “first year”
"Luxury" house hacking 😅 We've been there, done that a couple of times. Made tons of equity over 600k on each, allowing us to stay in upscale neighborhoods, paying less than half the mortgage every month, saving lots of cash, and being easy to rent out. And yes, rent went up every year!
Here is counter question. If you had the cash would u pay for a house all cash, especially at lower interest rates? (As opposed to putting less down buy 2 properties instead of 1)
@@CamoronMireCat aside the commission you’re paying a listing agent (unless you’re doing FSBO) and since you would probably 1031 and defer taxes into 2 properties or refi and buy another, wouldn’t be not selling or refinancing/releveraging, essentially the same thing as buying it in all cash? The end result is the same. You will have unleveraged equity. Only case I could think of that this wouldn’t make sense is if you’re over leveraged and your DTIs are too high, in which case its a lot harder to get ROE because then you would probably need to get more creative financing aka more expensive financing.
@@dinahduke1982 sorry for the acronyms and code talk lol. FSBO-for sale by owner. 1031- selling and buying while deferring cap gains tax. DTI - Debt to income ratio. ROE - return on equity. Hope that helps =P
On a house hack meaning buying as a primary home is there a time frame that you have to live in it before you rent it out. Or can you buy a home with the intention of living there and then immediately change your mind and not live in it
Investor parasites (house hoarders) should all take painful losses and put the houses back on the market for cheap so that ordinary people can have a place to live
The first caller said he is military, he should be using a VA loan not FHA or Conventional. VA loans are 0% down.
Not necessarily. I'm a vet and I'm considering using other products and keeping the VA in my back pocket.
Agreed. Say that he already owns the property he lives in and he used a VA loan for that he may not have enough entitlement left for a secondary house not to mention it’s going to be a lot harder for him to pull off. The VA is and primarily at your primary house not a vacation home or what have you
Would he be able to get a conventional for the amount that his eligibility won’t cover?
@@panrrak96you can use the VA how ever many times you want. I’m a vet and my husband is still serving.
You have to live in it a year and then you can rent it out freely as you need and then use the VA loan again forever.
VA loans have extreme conditions. It had to be move in ready
@23:00 I call it Cali often just not all the time. I’m Californian born and raised. I used to say “hella” but that’s regional.
The biggest issue with luxury home hacking is homeowners insurance. The price to own my home actually goes up every year in Florida because our homeowners insurance increases every year.
Its California! 38yo grew up in Fremont then moved to Modesto. Great show!
lol born and raised in San Diego, California and left at 23. I only say California not Cali. I’ve been obsessed with real estate since I was in property management in downtown San Diego so your channel is amazing! Thanks for sharing amazing information. I’m a new subscriber 🎉
Thanks, Dave! Been listening for years and you've always been a strong communicator; and overtime you've just gotten, better and better. Always a pleasure to join one of your podcast, much love keep it up!!
I call it Cali I’m from Louisiana used to live in Newport Beach tho.
Going back to Cali is LL not Notorious.
Yes we say Cali. Hella is said only in Northern California, it’s a Bay Area thing
I've lived in California since 1966 and I have never heard "Cali" before. In the last many yrs I have heard or saw on baseball hats, "NorCal". I live central coast in CA.
You are the BEST!!!!! David Green!!!!!!!!! Best Show Ever!!!!!!!!!!!!!!!
Hi David, I love your podcast. I do have a duplex which I bought in 2019. I am now renting this property which has $600 cash flow monthly after all the expenses. The property has over $130k equity. I would like to know if you think I should sell it pull out that money to buy multiple properties or I should go the HELOC route and use it to buy multiple properties. My goal is scale my portfolio and I want to make sure I am making the right decision.
I have steady job that pays me 6 figures and I have no debts beside the mortgage on that duplex and another single family that I recently bought in which I am living with my family.
Thank you for your advice and thank you for everything you are doing for the community.
No one from SoCal ever says Cali unless they live in box raised by midwesterners or something, but i have notice mostly NorCal people say 'hella' more.
Hi @david! Thanks for all your knowledge sharing!!
Question - my lender said that I would not be able to buy a cheaper house than my current one and make it a primary residence.
Is there any merit to what he is saying?
That means I would need to buy a more expensive home every year if I was going to continue buying a new ones?
Thanks in advance for your great support!! You're great!
From the 619, there’s Cali regionalism, the Slang in LA and in the Bay is slightly different than that of SD’s
David gives great advice about using loans and a cool 'sneaky rental' trick. And they talk about living in a fancier place too. It's a must-see if you're into real estate!
Chiming in from Southern California here, we say hella and yes, we say Cali. But it’s definitely a generational thing.
Cali is a hip-hop phase that us non California folk say. David you nailed it. Biggie made it famous with "Going back to Cali".
Hey David, wondering when your house hack at 3.5% FHA do you have to refi out of that to qualify for another FHA after a year?
Correct
No way. I'm from Cali, 30 years born and raised went to school at UC Berkeley and I definitely call it Cali and said h*lla quite a lot before I gave up swear words. 😂
Great show. I loved the questions this time around as very topical for me. Thanks!
I am born and raised in California and I do call it Cali.
Thanks BP team. You guys rock
Biggie HAD to say "Cali." Try rapping that with "California" in it's place. 😂
Great episode btw... answered some questions I had with my current situation.
LOL !
Born in raised in California. Never called it “Cali” but frequently call it Comifornia lol
Thumbs up for Grunt Style!
We all call it Cali here in East Bay or anywhere in Bay area.
No i dont say Hella. 😂😂
Lived in SF south bay. NEVER called it Cali. Have moved away, still don't call it Cali.
Man I’m born & raised in Cali. Literally everybody calls it Cali. In fact it may even be opposite of what you said. People outside of Cali don’t know what you’re talking about when you tell them you’re from Cali. In my experience at least. Lol
I lived in California for 2 years and call it Cali as well lmao. I now live in wisconsin, and whenever I bring up Cali, they have to ask me where that is.
David quick question when you say “buy one house every year with 5% down” what exactly do you mean because that was going to be my strategy I’m planning to buy my next home on a fha loan being I used my VA loan for the first and wanted to scale surely but slowly but I’ve been hearing you can only use FHA LOAN once so what other loan were you speaking about where I could get 5% down and keep growing? Is it conventional your talking about?
Did you get your answer? Hopefully he responds as I would also like to know.
Yes, that would be just conventional financing. You can reuse FHA (only if you refinanced out of that loan product) but the requirements on the property may be more strict than conventional.
Born and raised in California and I don't know anyone who refers to it as Cali. Unless they're from outside CA.
Hello David, how can I contact you. I need advice on how to find nurses to rent my property and to keep investing in properties out of California
Braun Stroman's career has really blossomed since his WWE debut. He's the new John "Bradshaw" Layfield. 🎉 1:25
Born and raised in SoCal... always will call it Cali in written form because writing out C-A-L-I-F-O-R-N-I-A is just too much trouble :-)
It really makes me feel aggravated when you guys say, “5% down” as sellers won’t accept an offer with this little money. They don’t even accept with 20% down as they want cash offers. This is what’s happening in NY. I can’t get a house for over 20 percent down as I get outbid by cash.
I would get out of NY. Such a greedy scumbag state.
Leaving NY would be the best thing you do.
I’m born and raised in the Bay Area and hella say hella. But I always refer to where I’m from as from the Bay Area, not the state (the bay is very different from SoCal)
I’m looking to get my real estate license without going to college and eventually invest in rental properties but I’m not sure how to do it successfully. I know I have to start by getting a license and finding a brokerage or team to sponsor me, but I want to have a good “first year”
It’s going to be nearly impossible to qualify for REPS with a full-time job
I say cali & hella. Hey from San Diego
when you guys coming to orlando again
As for san diego. We call it california.
I’m from California and we don’t ever say Cali
David Green, great analogies. I really loved your pokerhand example.
Wisdom without pants! Now you're talkin
You mentioned DMing you for a consultation. Where is the best place to get in contact with you?
Born and raised in California.. I type Cali in dm’s and e-mails, but say California when speaking. And yes I say hella 😂
From Cali, in the military, I say Cali and hella! 😎
The lowest down payment is 0 with a VA loan
We in San Francisco 😢don’t like it when you call it “ fresco “ nor do we like Cali😮it’s California 😅
😊😂
Awesome show!
people say cali, nor cal people used to say hella and hecka.
"Luxury" house hacking 😅
We've been there, done that a couple of times. Made tons of equity over 600k on each, allowing us to stay in upscale neighborhoods, paying less than half the mortgage every month, saving lots of cash, and being easy to rent out.
And yes, rent went up every year!
Thats pretty greedy.
Whole lotta value 🔥
I say hella🤦🏽♂️
Never been to cali
Native Californian, and have never said Cali, never heard a friend say Cali. Maybe it fits into a rap song, but otherwise, nope.
Why would you sell houses that are paid off and paying you to own them. That blows my mind that it was even a question
Here is counter question. If you had the cash would u pay for a house all cash, especially at lower interest rates? (As opposed to putting less down buy 2 properties instead of 1)
@@Odelle8 nope, i would still utilize the leverage of a loan to get a higher return on investment
@@CamoronMireCat aside the commission you’re paying a listing agent (unless you’re doing FSBO) and since you would probably 1031 and defer taxes into 2 properties or refi and buy another, wouldn’t be not selling or refinancing/releveraging, essentially the same thing as buying it in all cash? The end result is the same. You will have unleveraged equity. Only case I could think of that this wouldn’t make sense is if you’re over leveraged and your DTIs are too high, in which case its a lot harder to get ROE because then you would probably need to get more creative financing aka more expensive financing.
This convo is intriguing to me yet you both may as well be speaking japense..🍿🍿🍿
@@dinahduke1982 sorry for the acronyms and code talk lol. FSBO-for sale by owner. 1031- selling and buying while deferring cap gains tax. DTI - Debt to income ratio. ROE - return on equity. Hope that helps =P
Love it!
David, I'm worried there may be an age gap issue with the Cali issue. Ahem, maybe the kids now are saying stuff differently now? 🤔
i csay california not cali.... i also say hella
NorCal (bay slang) vs northern California (southern California speak) never socal. Hella is north bay bro slang. Hell of = 90's Southern California.
Natives do not call it Cali. Natives do not call it San Fran.
😃No on both! LOL LOL
No one in California calls it Cali 😂.
On a house hack meaning buying as a primary home is there a time frame that you have to live in it before you rent it out. Or can you buy a home with the intention of living there and then immediately change your mind and not live in it
Dude, that’s fraud
And no, you can’t just change your mind. The regs require you to at least live there for a year before you can get your next loan
@richie1317 Noone ever cares or checks who lives there unless the payment is not coming...
At least 2 years then you can move out.
@@rullau3378 sure, go ahead and risk it for the FBI to find out
👀
👍
Never Cali! 😛 Never! It marks you as a poser. David, Keep speaking the Truth! 😂
Investor parasites (house hoarders) should all take painful losses and put the houses back on the market for cheap so that ordinary people can have a place to live
Boring
Long winded explanations! I think he writes his own complimentary questions
Who gives a crap
Cali
Not important
Sorry mr important lol
David, im from cali and ive always said cali..... and i say hella once in a while
@@LAMamba626 lets talk about all our pronouns next, super duper cool