Is Purchasing a Multifamily in California worth it?
Hello BP,
My wife and I have been searching our local market (Los Angeles) to purchase our first home. After reading books and listening to Brandon and Josh on the podcast, we are convinced that we need to start with a multifamily (preferably a 4-plex).
We have been pre-approved for an FHA, and have looked into a 203k Loan. HOWEVER, with interest rates ready to soar, and housing already priced at an all time high, is it a good time to buy?
CASH FLOW is KING! - Yes -- I've heard this EVERYWHERE. But this seems like an impossible feat here in California. We have been renting for the past 3 years, and avg. rent payments are $2k plus. Frankly, I am sick of paying for someone's mortgage.
Is there ever a good time to buy in Cali? With all things considered, I would rather pay for my own mortgage than keep renting, even if this means I am not cash flowing. Is my thinking flawed? Please help!