All Forum Posts by: Wilson Tang

Wow, thanks for so many awesome feedback and questions that i should and will ask myself!  Thank so much @Ciprian L., @Kiersten Vance, @Account Closed

To respond to the questions you guys threw in there,

My current unit is just 1 of 48 condos. I been living there for almost 6 years now i purchased for 200k, and it's worth about 330-350k from compareables.  I did a refi, last year to lower the rate on my school loans, so currently i owe 160k.

I don't think i would be able to afford a 2-4 unit and live in one, but i would do that.

I been saving and have some funds for the maintenance, vacancy and expenses that would cover most things, unless something drastically happens to my current unit.

I'm an operations auditor for a large private company, the income combined income of my wife and i, would be able to pay both units if i had vacay and just had to cover both. Sure, this means we'd be living off bag of ramen and being home hermits, but we would be able to cover both.

@Manolo D. - Thanks for the advice, i guess i'm usually very cautious and always on the super safe side i never got into the real estate or any real investment plus i never had the funds.

@Kiersten - Yes, after reviewing the rent pricing in my area for what my place is, it would cover the mortgage payment, insurance, taxes, HOA. The only thing it might not cover is getting a property manager, since it's my first time i think it would be a better route to get it rented out fast and having a good solid contract etc. The rent in my area for what I offer is about $2,000/mo.

I'm brand spanking new to this, and i'm not really looking to make a whole living on this. I know the real estate game is no joke and most people have a lot of knowledge and money to make a good living off this.  I am however just looking not to lose all my hard earned saved money. So i apologize if i missed the format of how this is usually done as i'm brand new and found this site, hopefully to get some advice.

Question: Is it a good time to buy in Los Angeles, CA? with low interest but the market seems to have gone way up i'm scared of the crash. again i'm brand new so i only know what i read over the past few weeks googling.

Where i am at: i currently own a condo in Azusa, CA. I still owe about 160k left, but had someone run a compareable home sales in the area and they were going for 330k-350k.  I'm considering cashing out 100k and refi, to purchase a new home i would live in and rent my current one.