SFH Primary financing in Los Angeles
Hi everyone, I'm a long time RE investor in SFH rentals. I've also done well flipping Primary residences. States that I've owned in are PA, WV, KY an TN.
My good friend has asked me for advice on purchasing his first primary home. He's been renting in southern CA for about 10 years now and is feeling the futility of renting vs owning. I am at a total loss. The market is INSANE. How do yall do it?
Are there any programs or products specific to the area that might help him?
He's save a good bit and has about $75k cash, and showed $350k of income last year, but mostly 1099, as he works for himself. He's in a good credit range with a limited reasonable amount of student debt. He's currently paying $5k a month in rent, but really wants to get that substantially lower. He was approved for a large conventional loan, but the numbers are staggering to me. Tiny homes that need a full reno in his area are $600k.
Thanks in advance.