I currently live with my boyfriend at his moms house, but she has recently been driving us insane with all her complaining hahah so we have decided that we want to move out. We have recently become interested in real estate investing and I believe we have more options than just the traditional way of buying a home. We live in the Los Angeles area and we both make enough money to afford a house payment, we just want the best bang for our buck!!
One of the options we were considering was buying a duplex, living in one house and renting out the other.
Another thing we have thought about is buying a small home, renting it out and maybe finding a cheap apartment somewhere...
There are so many different options to consider and I'm sure most people here on BP have come across this situation.
I was wondering of I could get anyone's input and maybe what you have done.
PLEASE HELP !
Amanda, I'm a big advocate of the multiunit owner occupied approach for new investors who want to save loads of cash on living expenses and start stashing money for additional investments. You can go FHA for a lower downpayment and depending on purchase price against income could be living for free.
Plenty of good people here on BP who've done this...I just listened to Brie Schmidt's podcast and she discusses her experience with living in her multiunit investment.
I only wish I had done the same :-(
I also am a fan of buying a multi-family to live in. What area are you looking in? There are some good options in the El Monte, Rosemead, Montebello, Whittier areas
We actually currently live in El Monte, which is where we got the multi-family unit idea. That would be probably our first option for buying.
Thank you for the input! I will definetfly give Brie Schmidt's podcast a listen!
Free eBook from BiggerPockets!
Join BiggerPockets and get The Ultimate Beginner's Guide to Real Estate Investing for FREE - read by more than 100,000 people - AND get exclusive real estate investing tips, tricks and techniques delivered straight to your inbox twice weekly!
- Actionable advice for getting started,
- Discover the 10 Most Lucrative Real Estate Niches,
- Learn how to get started with or without money,
- Explore Real-Life Strategies for Building Wealth,
- And a LOT more.
Sign up below to download the eBook for FREE today!
We hate spam just as much as you
Create Lasting Wealth Through Real Estate
Join the millions of people achieving financial freedom through the power of real estate investing