Investment strategy - Purchased home in Los Angeles 🏡

[Joseph Schmitt]

Hello Bigger Pocket! 🎉

I would love some help and guidance!

I purchased a home in Dec in Los Angeles specifically Woodland Hills Ca. This purchase was not originally an investment, but my new goal is to use this as my first investment property.

Since I purchased the home I made critical updates like new roof, windows, new exterior paint and landscaping. Here’s a quick number overview.

Purchase: $650k

Mortgage: $611k

Exterior Appraisal last week: $660k

Updates $30k

2 bd

1 bath

Detached two car garage

House - 950 Sq. Ft

Lot Size 8,458 Sq. Ft

I've began my research and things like BRRR seem like a potential but I'm not sure the economics makes sense on this current home. I've looked into converting the garage into an ADU. Los angels has recently loosened up their ADU requirements due to the house in crisis in California.

I would love advise on the best strategy given my current situation and possible ways to finance.

My high level focus is building passive income. And would like to purchase my next property in Dec/ Jan.

Thanks in advance!

- Joe 🏠