First Time Home Buyer in Los Angeles with 50K saved

[Micah Shirley]

Hey there,

I live in Los Angeles, CA I saved around 50K.

I wanted to buy a duplex but it seems as if every single duplex is unaffordable with MIP and property taxes.

For instance a 700k Duplex 30-mortgage with 7.1% interest rate with rents at 5k would cost me over $6500/month putting me 1500 in the hole a month. That number of course is not including any repairs that I would probably have to do as well.

Any advice would be greatly appreciated.

Thanks to all.

-Micah