All Forum Posts by: Joe Kim

@Ciprian L. Ah, that's good to know. I am currently working with a lender to try and find something in LA with a 3.5% down FHA first time home-owner loan to house hack. Even with that low down payment amount, it's really tough to get the numbers working. Which state(s) do you invest in?

@Ciprian L. Thanks for that tip! What were your conditions for out of state investing? Did you make sure you had someone you knew there to manage the property? Was it wholesale, flip, buy and hold for single family, multi-family, etc? I definitely have more capacity to purchase out of state, but does that mean my first time homeowner FHA loan will go to that sale instead of being able to do something in LA?

@Account Closed Thanks for the helpful information. I'd love to hear about your process so far, because as much as I've listened to pretty much every podcast episode, and read a ton on the first house-hack, the numbers in LA are just so challenging!  I definitely hope to connect and meet people at those meet-ups. Will be sending my email!

@Christine Kankowski hello! Have you done wholesale deals in Temecula?

@Ali Boone thanks for the kind words! I am currently working with a lender to see how much I qualify for. I plan and hope to get a low down payment amount with a first time buyer FHA loan. And although I may not cash flow immediately, I am willing to run my numbers with the rent that I am currently paying. Not quite sure if thats a sound method or not, but I figured that I'd rather put my rent money into my asset column, rather than into my landlord's asset column. I would most definitely welcome any number resources!

Thanks everyone for your responses! @Manolo D. and @Account Closed. My hold up is the fear that the wholesale deal will not go as planned and I will lose the down payment amount for the house hack. I'm so new to this that I don't know how the LA market is for the wholesale process. I will continue to do research!

Hello BP fam! Joe Kim here, a newbie to REI in Los Angeles. I am currently a graphic design teacher, graphic design freelancer, and newly licensed real estate agent. My journey to the world of REI began with my personal experience as a renter, HGTV, Dave Ramsey podcasts, a desire to become an agent, and now the Bigger Pockets podcast.

I am most enthusiastic about building a portfolio of rental properties for financial freedom. I believe my love for rehabilitation, interior design, experience in leading various teams, creating systems, and managing students will lend themselves well to the responsibilities of being a landlord. I hope to generate enough income to transition into part time teaching and graphic design, while building my asset column through real estate. I also hope to experiment with using Airbnb's platform for some of my future properties.

My current plan is to continue saving up money through frugal living, hustling with freelance design jobs, and selling real estate as an agent to purchase my first house hack. However, I have been wondering if I should get into the game sooner than later, attempting to find creative financing, or using a first time home owner FHA to lower my down payment.

Any insight with these first property questions would be very much appreciated. Thank you and nice to digitally meet you all!