All Forum Posts by: Tarquinn Curry

Do you guys have any advice for a checklist of criteria I can follow to find property that is undervalued? Specifically, I am trying to purchase property that I can do a Live-in Flip with.  As well, do you guys think it makes more sense to do a live in flip with a condo or a single family residence?  I am looking to purchase  within a 30 mile radius of Long Beach, California.  Any advice would be greatly appreciated.  -Thanks

I'm looking to purchase a multifamily Unit in the Southern California area.  How much  money should I have in reserves when purchasing a multiunit? What is a general good rule of thumb to go by? 

Is anyone hear doing some investing in the Long Beach area of California. If so, what do you think of the current market in this area? I am looking to invest in a multiunit (between $550,000-$650,000) or even a single family (300,000-400,000). My goal is to utilize an FHA first time buyer program and only pay 3.5%. My real estate agent told me that it can be more difficult to purchase a good cash flowing multiunit in long Beach with an FHA loan since I'm competing with people who are willing to put 20% down. Does anyone with experience investing in this area (or within a 20 mile radius of Long Beach) have some perspective?

I'm a newbie when it comes to investing. I've been reading a real estate investment book and have been listening to the bigger pockets podcast for the past 3 months. Here is my situation. I'm looking to purchase property in the the Long Beach or Bell Flower area of California. I have a total of $40,000 max that I am willing to spend on a down payment and closing cost. Since I am a first time buyer, I'm looking to pay only 3.5% for the down payment through the FHA first time buyer program. My ultimate goal is to obtain enough properties to gain passive income that will ultimately replace my current income. I would like to obtain this goal within the next 7 years. I am torn at this moment between purchasing a multifamily or a single family home. The incentive to purchasing a multifamily is that I would only have to put 3.5% down since I am a first time buyer. My family and I would live in one of the units and use the rent from the other tenants to help pay the mortgage. Apart of me feels like I should take advantage of this now while I'm a first time buyer. (Am I even being realistic that I could a purchase a decent multiunit with an FHA loan in the Long Beach, Bell Flower area) The downside to purchasing a multifamily is that I will not have much liquid available after the purchase of the multifamily. Therefore, I would most likely have to wait for the property to appreciate and take equity out before purchasing another property. My real estate agent told me that it could take a while for multiunits in this area to appreciate. Therefore, maybe it's better to purchase a single family with the FHA loan and do a live in flip. I would have more of a liquid cushion after the purchase and I was told that it would probably appreciate faster. As well, there are other special first time buyer programs in California that will even pay your 3.5% down payment that I qualify for. However, this special program that will pay the down payment is only for single family homes. Overall, I don't want to bite off more than I could chew with the multi unit and have a small cushion of money in my bank account for emergencies. However, I really do want to take advantage of purchasing a multiunit while I am only able to put 3.5% down. What should I do?

P.S.  Should I even be looking to purchase property at all right now.  I keep hearing that it is a sellers market as home prices have been skyrocketing in the Los Angeles area.  It is very hard to find good deals.  I keep hearing a lot of chatter about the potential for a housing crash in the near future.  Should I maybe just wait for the market to come down before purchasing at all?