All Forum Posts by: Marco Cruzatt

@Shaun Weekes I was told banks wouldnt lend you money for a 4 unit or more because of the lack of experience.

Hello everyone,

I've been planning to make my first deal for a lil while. However, I want my first deal to be a great jump start to the REI world thats why I'm planning on buying a 2 unit/duplex as my first investment so I can live in one and rent the 2nd one (Since Im a first time buyer I know I woulnt be able to qualofy for anything over 2 units).

I currently live in Torrance and I would like to purchase a property near by but prices around here are outrageous. Consequently, I started looking at properties near the South Bay area and I ended up in Compton. Why did Compton caught my attention?

-Numerous foreclosure properties or pre-fore. 
-Many 2 units/Duplexes available, most of them are fixer uppers

-Prices are significantly lower than any other surrounding areas. 

What do you guys think? Do you think Compton could be a place to invest? Or too risky?

Thanks 

Chris Mason Thank you!

Chris Mason Thank you mate. Also, So Flo stands for Southern Florida. Can I get a loan in California and use it in SO flo?

@Chris Mason Thank you for the response. 

Does that mean I would have to live there? 

Hello guys,

I'm looking make my first deal. I don't really care about living at a nice home therefore I dont plan on living in the property. 
My plan is to purchase a duplex (Or 4 unit if the bank allows me) and have my mom live  in one of the units (and manage the property) and rent the 2nd unit. However, I live in LA and my mom lives in So Flo (Coconut Creek). Here are my questions:

1) Can I buy in So Fl but live in LA? (Will the bank be ok with it?)
2) Can I finance in LA and buy in So FL or do I have to get a financing company in So Fl?
3) What are my loan options and what would be the most beneficial and cost efficient type of loan for me.

I have good credit and a strong steady income (I'm a Civil Engineer)

Lane K. Thank you so much your reply. I currently work fill time for a land development company. Pay is decent but I'd like to start thinking about my future and financial freedom, therefore I figured this would be a good way to learn as much as I can.

Michael Fundaro I'm leaning towards option B, I like that idea. What I don't quite understand yet is once I get pre approved for a loan, let's say $500K, how do I go about finding the right place? Do I need to get an agent? What if I find a good deal but can only put 3.5% down? That's my dilemma now.

Michael:

I'm a full time Civil Engineer with a decent income (Taxes are kicking my butt at the moment). I would like to start investing in real state.

This is what I have planned,

Option A:

Buy a house where I can live in , fix it up a lil bit and then sell it so I can make some money (Hopefully the house will create equity within the first 2-3 years).

Option B:

Buy a 4 unit, live in 1 and rent the other 3, once I have some cash, buy another house (where I can live in). 

As you can see, I'm still a little uncertain on where and how I would like to get started. I wanna be able to buy multiple properties to either flip or hold, whatever is more convenient for me at the moment. As of now, Im still trying to figure out what the best way to get started would be.

I'd like to live in my own house and at the same time I'd like to start making more money through investments.

Does that make sense? 

Edward: 

I will do that, thank you very much!