All Forum Posts by: Isaac Wang

@Rick Albert Thanks for the advice! 

I did an initial search on Redfin, and it seems like most residential multifamily listings in LA that have any chance of penciling out would fall into class C real estate and come with existing tenants. Are properties that come vacant rare, or is this just something that has to be negotiated with the seller?

Also, I saw you mentioned buying down the rate. Is that just to pass the sustainability test, or are there other benefits in this scenario as well?

I see a lot of talk online about how conventional is more investor-friendly. From what I currently understand, conventional doesn't have permanent mortgage insurance (MIP), and is easier to close with. FHA tends to have lower rates and has a higher max LTV ratio.

Is there something I'm missing? I would love to know more about why you prefer conventional and why it's a better fit for a scenario like mine!

Hi all,

I'm a college student at USC looking to do my first house hack in the LA area within the next 3-6 months (one semester). I have 30k saved from inconsistent income, and will potentially be able to cosign with parents who have a strong credit score (+800) and can help with the down payment. Properties in the LA area with promising cash flow seem to be predominantly over $800k, so I am planning to use an FHA 3.5% loan to either purchase a large single-family and set it up as a coliving space with other college students, or a 3/4 unit multifamily property that passes the sustainability test.

I understand that neither of these options is easy, so I hope the BP community can guide me as I begin my real estate journey. In particular:

1) Am I underestimating the amount of time the buying process will take, or overestimating my current ability to make a deal?

2) Would you recommend finding a loan officer or agent, and if so, any recommendations? 

3) Is buying a property in a rough neighborhood/with existing tenants something I should avoid? 

I appreciate any feedback about my current plans, and I look forward to connecting with all of you!