All Forum Posts by: Jasper Chong
Jasper Chong has started 1 posts and replied 4 times.
Post: Looking to Invest After Graduating
- New to Real Estate
- Los Angeles
- Posts 4
- Votes 1
Thanks for your response, Peter!
I actually have incredibly low expenses right now, but I totally agree starting out with an FHA loan would be a safer choice. Very interested in OC county as well, particularly Buena Park and Anaheim because of appreciation, so having roommates would definitely help manage the high prices.
Thanks again!
Post: Looking to Invest After Graduating
- New to Real Estate
- Los Angeles
- Posts 4
- Votes 1
Quote from @Robert Reynolds:
Hi Jasper,
My advice is to house hack as soon as you can. Buy a 2 or 3 bedroom house or condo (depending on approval and location) and rent out the extra rooms. Once it can pay for itself, look to buy another. I've had clients recently use great first time home buying programs that often will be 3% down, no pmi, low rates and credits for closing costs. We can then negotiate further credits for closing costs to eliminate all closing costs and you will just be 3% out of pocket. Then on your next buy you can use the FHA loan at 3.5% down. You will have just bought two homes using 6.5% down. Hit me up if you have any questions or need any guidance. My team will be hosting a first time home buyers meetup with David Greene coming up and I hope to see you there.
Thank you for your response, Robert! I just recently found out you aren't necessarily limited to using FHA loans once only or only on your first home - that was crazy to me!
Thank you again, and I'll definitely hit you up!
Post: Looking to Invest After Graduating
- New to Real Estate
- Los Angeles
- Posts 4
- Votes 1
Quote from @Josh Young:
@Jasper Chong you should talk to a lender, they can educate you on what it takes to qualify and they will help you create a plan. Buying a primary residence and renting out the rooms is most likely your best option because of the low down payment. Once you have an idea of budget you should start researching locations to buy in, you want to buy in the best area that you can afford, better areas tend to appreciate more and it's easier to find quality tenants in a good area too.
Thank you for your response, Josh! I'll definitely start looking for a lender. I was under the impression that I should be talking to an agent first before a lender; good to know!
I have some ideas of what locations are affordable and appreciating in Southern California (Anaheim, Covina, Chino), so a little more research can definitely help me narrow it down more.
Thank you again!
Post: Looking to Invest After Graduating
- New to Real Estate
- Los Angeles
- Posts 4
- Votes 1
Hi everyone, I'm interested in investing in real estate after graduating my healthcare program in 10 months (average new grad salary in my field ~ $90,000).
Currently have a healthy credit history, saving money through gigs (~10k saved), and studying podcasts and books. Not sure if there is anything else I can do within the next 10 months to better prepare myself to invest post-graduating; I'm assuming it's way too early to reach out to an agent etc.
Interested in an FHA on a 2/3 bedroom home in Southern California (where I'm based) and renting out the rooms OR investing out-of-state.
Any advice would be greatly appreciated!