Updated about 6 years ago on . Most recent reply
Looking to take action and launch.
Ready to buy a small multi family for a house hack or open to other suggestions from the more experienced folks around here. I have a secure and stable union job that I’ve been at for the last 7 years. In that time I’ve saved 65k and have 24k in my employer retirement account.
From what I’ve gathered, to maximize my equity I want a property with value add potential instead of something already renovated. 3-4 units are usually the only properties where the numbers make any sort of sense.
My biggest hurdle in buying in LA would be my purchasing power. I have excellent credit, but only make 40k a year which allows me a mortgage approval of 275k. Is there a way around that problem or do I need to look at a different market with prices below that range? Thanks for reading!
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Following this thread too. I also live in LA (just up the road from you actually), and will have about $200k to invest. I think LA is hard, but maybe nearby cities like Bakersfield and San Bernadino. Easy to get to (ish) but properties available for that price perhaps...