All Forum Posts by: Austin N.

@Liam Sterbinsky, I second @Manolo D. on the self-sufficiency rule. If your goal is to acquire residential real estate with a low downpayment loan, FHA might not be the best product. FHA requires the "self-sufficiency" rule for 3/4 unit properties NOT for duplex. Its near impossible to find a deal in LA/OC that meets the rule, it is possible a bit farther out though (Riverside, San Bernardino, etc.). So, if you are set on a 3/4 unit property I would recommend the home possible loan. It requires 5% down and has some income limitations, but does NOT have a self sufficiency rule. 

Feel free to reach out if I can help with anything. Fight on!

@Nick Hedberg - Thanks for the recommendation. That follows pretty close to what I have seen in the market over the past year. This has put most of my focus in Long Beach. It's definitely not easy to cash flow in LA, especially with 3.5 - 5% down, this has me motivated to find the people who have access to off market deals.

Hello BiggerPockets!

I am looking to buy my first 3-4 unit multi-family in the next few months and am looking for an investor/agent with experience in the Long Beach/Carson/Torrance market. Plus for experience with FHA financing (do you understand the self-sufficiency rule?). Many of the agents I have been talking do not understand what an investor looks for. If you have the experience or know someone who does, please point them my way!

Thanks!