Recent grad - HOUSEHACK hopeful

7 Replies

Good day, 

I am a recent accounting grad with 2 Jobs. Payroll associate and barbering. 

I am interested in moving to La or graduate school in France. Whichever comes first 

But if I do move to Los Angeles first, I would want to house hack a luxury property or whatever nice I can afford. 

I have student loans around 40k but I am opposed to car payments and have zero credit cards. 

Is my goal realistic, insane, or easy to accomplish? 

@JaBrie Lindsey Any goal is realistic. Question, since you have no credit cards, do you have any credit? Credit scores are often determined by how many accounts you have open and how long they’ve been in effect. Also househacking in LA is very possible but what you first need to do is set clear goals on what you want. Get as detailed as possible. This is a good place to start.

Hi @JaBrie Lindsey , congrats on recently graduating. The first question to ask is whether you'll be transferring your job to LA or will you be unemployed and looking for a new job since a w-2/1099 will factor into your ability to get financing? How much do you have in liquid assets to provide as down-payment?  Also, what do you consider a "luxury property"? You should speak to a lender first and see if how much in loans you can qualify for and then compare that amount to the neighborhoods and property types in Los Angeles. The LA market is different where a multifam in a rough neighborhood will run you anywhere from $450k - $3MM depending on the number of units, the condition of the property, whether you're inheriting low rent tenants, and how bad the neighborhood is. In a decent neighborhood, single family homes (like a 3/2 - nothing fancy) will run you $800k+. Talk a lender first and see what your options are and then you can pivot or adjust your goals according to the information you receive. Hope this helps. 

Originally posted by @Melissa Mendoza :
@JaBrie Lindsey Any goal is realistic. Question, since you have no credit cards, do you have any credit? Credit scores are often determined by how many accounts you have open and how long they’ve been in effect. Also househacking in LA is very possible but what you first need to do is set clear goals on what you want. Get as detailed as possible. This is a good place to start.

Perfect . My timeline is to close on the house September 1 2018 and move in. I have a full 12 months. 

I want a 4. Bdr 2.5 bath around 2000-2500 sq. Ft. 

This reply puts me into the right direction. I only know the end goal and a few of the beginning details. My goal is to have 6k cash but then and have already started saving.  

As long as I’m in LA with decent Tenants paying the total mortgage and utilities I’m perfectly fine with anything I can get “easily.” I plan on being very active away from the home 

Originally posted by @KJ L. :

Hi @JaBrie Lindsey, congrats on recently graduating. The first question to ask is whether you'll be transferring your job to LA or will you be unemployed and looking for a new job since a w-2/1099 will factor into your ability to get financing? How much do you have in liquid assets to provide as down-payment?  Also, what do you consider a "luxury property"? You should speak to a lender first and see if how much in loans you can qualify for and then compare that amount to the neighborhoods and property types in Los Angeles. The LA market is different where a multifam in a rough neighborhood will run you anywhere from $450k - $3MM depending on the number of units, the condition of the property, whether you're inheriting low rent tenants, and how bad the neighborhood is. In a decent neighborhood, single family homes (like a 3/2 - nothing fancy) will run you $800k+. Talk a lender first and see what your options are and then you can pivot or adjust your goals according to the information you receive. Hope this helps. 

good afternoon, 

This is perfect information . I can use this to build my foundation because the clock starts now. I have 12 months to make my dream a reality. 

I’m a simple man: i have a job that will transfer me based on performance, however I will find another place to be a 1099 easily... I want to work, study, and enjoy the city so I’ll never be home but I do want a clean place with 1 garage port or at least a driveway. 4bed and 3 bath enough for 3 other tenants . Small yard 

I want a nice place with my own bathroom and regular appliances. 

Tough neighborhoods don’t scare me I was born into one , as for my tenants idk. 

I plan to have 6k. Cash 

Also, luxury is not the only preference, it is just what I have learned is the best long term option. I’m not a slouch Renovating and doing hard work is also something I’m actually looking forward to. 

If you're saying you're going to have $6k cash available for the down payment of the property, you might want to discuss with a lender what they recommend you having available in liquid assets for a home purchase in LA. Its really hard to find a house for less than $400K in LA property in decent condition or in a decent neighborhood and even with FHA financing you'll need at least $15k-$20k cash to cover downpayment, taxes, insurance and closing costs.

Begin searching through Los Angeles Zillow listings so you become familiar with the prices, neighborhoods and types of homes available in LA. That will help provide some direction.

Originally posted by @KJ L. :

If you're saying you're going to have $6k cash available for the down payment of the property, you might want to discuss with a lender what they recommend you having available in liquid assets for a home purchase in LA. Its really hard to find a house for less than $400K in LA property in decent condition or in a decent neighborhood and even with FHA financing you'll need at least $15k-$20k cash to cover downpayment, taxes, insurance and closing costs.

Begin searching through Los Angeles Zillow listings so you become familiar with the prices, neighborhoods and types of homes available in LA. That will help provide some direction.

 MUCH!!! respect - 

I felt like 6k was low. But 15k is not impossible either and i believe if there’s a will there’s a way, especially for those who seek knowledge, 

Like I said I work like a dawg! But thank you so so much for pointing me in the right direction. 

- Sincerely