I'm in Santa Monica, CA. Needless to say, real estate is extremely expensive out here, however rents are high, too.
How would I go about financing for a similar property to this? The idea wouldn't be to cashflow it, but to add to my portfolio and live in a unit. This is in a A-type neighborhood, extremely desirable and sought-after.
Quick and dirty numbers on this specific deal would mean it would be about $11,000 a month in a payment, and 2 of the 3 units for approx.. rent for a $8,000 month, meaning I would be living in a 2/bed unit near the beach and paying $3,000/month.
I currently make $120,000/year and am house hacking my current condo in Santa Monica that has about $110,000 worth of equity. I also have $75k liquid in cash and $80k in retirement.
How would I finance something like this ?
Can you do a low money down FHA or VA?