Journey to my first home/investment property

Compton, CA · Member since 2017 · 22 posts · 11 votes

Hello everyone, my name is Abel Sanchez and I'm from Compton California, I just recently decided to pick up a book by BP and found it quite interesting. from what I have learned so far I have a plan and I would love to see what other investors think of this plan, would really appreciate what you guys think.

So I have good credit a stable job but I don't own a home, I rent a small place and live with my wife and two kids. I been thinking of getting money out of my 401k retirement account and then ask my RE agent to see if he can find me a distressed duplex and finance it under the 203(k) loan. Once that duplex is habitable I cant rent the other half while I live in one. thanks for reading my post let me know what you guys think.

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Michael S.Pro Member
Biggerpockets Support · Las Pinas, Metro Manila · Member since 2015 · 7k+ posts · 1k+ votes
9y
Welcome to BP @Abel Sanchez and all the best on the first deal
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Jason Fernandes
Investor · Glen Mills, PA · Member since 2016 · 14 posts · 2 votes
9y
Good luck and welcome @Abel Sanchez. Most institutions do not like for the down payment to be borrowed (at least in my experience), but I suppose you could ask and see what kind of response you get from the RE agent or loan officer you end up working with.
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Bradley De comarmond
West Hollywood, CA · Member since 2016 · 235 posts · 72 votes
9y
Welcome to Bigger Pockets @Abel Sanchez
BP is loaded with all the information you will need to succeed in whatever niche of real estate investing you wish to pursue and the community is filled with knowledgeable investors and professionals to learn from and connect with.
Listen to the podcast for extra inspiration and investing advice and post in the forum for any questions you have.
Like you, I am living in Los Angeles, but I focus on investing out of state (Florida) for the 3x cash flow and reasonable cost of real estate.
If you have any questions about out of state investing, please connect with me and good luck on your journey!
- Brad
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Sunita Maharaj
Real Estate Agent · St Petersburg Tampa, FL · Member since 2017 · 114 posts · 34 votes
9y
Good luck on your journey. You may need to start off leveraging your cash and using HM to begin with. If you have enough to get you started that is. I work with a company that teaches people how to do that type of investments. So all is possible.
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