Investor · Huntington Beach, CA · Member since 2014 · 29 posts · 1 vote
Hello everyone!
My name is Michael and it's great to see such a large community of RE investors here. I have been reading and listening to podcasts to learn as much as possible.
I am a pharmacist but I plan on retiring through the use of Buy and Hold rental income. Unfortunately, I currently owe 6 figures in loans.
My mom turned my eye toward RE because she currently owns a house and 8 unit townhomes in SoCal. She will have paid off the mortgage of her house and 4 of the units within 3-4 years and we plan on going BIGGER.
For my first purchase, I was thinking of a 4-unit multifamily. I'm debating on whether or not I will live in it or just rent out all 4-units. I currently live at home with my parents.
Realtor, General Contractor, and Developer · Redding, CA · Member since 2009 · 7k+ posts · 4k+ votes
12y
@THANG BUI Welcome to BP! I want to invite you to the Orange County Meetup we have once a month. It's in Lake Forest, at the Round Table Pizza. It's a very casual, friendly atmosphere. Orange County Meetup .
We are real estate developers in south Orange County, building spec properties. We currently have 2 SFR's, one in San Clemente and the other in Capistrano Beach that we are working on, and in the beginning stages of developing a 2 unit condo project close to the beach in San Clemente, that will be sold to owner/user or investors. We will be Joint Venturing that project with another BP member.
Where in O.C. are you wanting to invest? I see you are from Huntington Beach, are you looking there? The great thing about investing in the coastal areas is that they usually see very solid appreciation due to the demand. They're great for buy/hold long term renters and vacation rentals. Which are you looking for?
Hope to see you at the meet up next month. Have a great time on BP. Also, if you want to mention someone in a post, type the @name and then a list pops up at lower left, click on to the name and it will be highlighted (such as yours on this post) then that person is notified they were mentioned. See you around.
Lender · Rochester, NY · Member since 2014 · 3k+ posts · 1k+ votes
12y
welcome Thang!
As you probably know - living in one of the units would require a much lower down payment. It may be worth it. I would be glad to answer any financing questions you may have. I look forward to hearing about your success!
As you probably know - living in one of the units would require a much lower down payment. It may be worth it. I would be glad to answer any financing questions you may have. I look forward to hearing about your success!
Hey Jerry,
By living in it I can get an FHA loan right? How long do I have to live in it before I can move back in with my parents and rent out that extra unit?
Realtor, General Contractor, and Developer · Redding, CA · Member since 2009 · 7k+ posts · 4k+ votes
12y
@THANG BUI Welcome to BP! I want to invite you to the Orange County Meetup we have once a month. It's in Lake Forest, at the Round Table Pizza. It's a very casual, friendly atmosphere. Orange County Meetup .
We are real estate developers in south Orange County, building spec properties. We currently have 2 SFR's, one in San Clemente and the other in Capistrano Beach that we are working on, and in the beginning stages of developing a 2 unit condo project close to the beach in San Clemente, that will be sold to owner/user or investors. We will be Joint Venturing that project with another BP member.
Where in O.C. are you wanting to invest? I see you are from Huntington Beach, are you looking there? The great thing about investing in the coastal areas is that they usually see very solid appreciation due to the demand. They're great for buy/hold long term renters and vacation rentals. Which are you looking for?
Hope to see you at the meet up next month. Have a great time on BP. Also, if you want to mention someone in a post, type the @name and then a list pops up at lower left, click on to the name and it will be highlighted (such as yours on this post) then that person is notified they were mentioned. See you around.
Flipper · Mission Viejo, CA · Member since 2014 · 2k+ posts · 1k+ votes
12y
@THANG BUI Welcome to Bigger Pockets. As Karen mentioned we have an Orange County Group that meets once a month and hope to see you there.
For my two cents I would copy your mothers experience and get a home for "yourself" first, then think about investing with additional monies that you may have. You need to start somewhere and that would be the most advantages to you at this point.