Beginning Real Estate in California

[Jacob Irving]

I am currently looking into get into the real estate market in California. I currently live in San Jose, CA with plans of moving to Southern California (Long Beach, CA) by the end of the year. Come the end of 2019 I am hoping to purchase a multifamily unit (2-4 units) and live in one of the units. I have began and completed reading books in order to gain more knowledge however, with California (particularly SoCal and Bay Area) being one of most expensive real estate market. My goal is by the end of 2019 so i can gain more knowledge and save money. What is the best recommendation and advice when trying to invest in such an expensive market? With no much money saved currently is the end of 2019 to soon to invest or should i start sooner? Thank You

[Matt K.]

Go talk to a lender... but you likely won't qualify. You're going to need documented work history, cash reserves, and a down payment. FHA can be low, 4% or so... but you'll have closing costs figure another 2% or so and reserves (figure about 6 mo or more of payments).

Know you'll also be competing against investors who likely have all cash offers....