Updated 11 months ago on . Most recent reply
Im looking to move out this year and house hack my first property
Im looking to move out this year and house hack my first property
I’m 24 debt free still living with my parents . With the money from my savings and stocks I have about 100k .
I know LA is expensive so I’m not really sure what/ where I could even afford. I’ve been wanting to speak with someone about that but I’m not sure who would be the right person to ask ( real estate agent , broker etc) .
Lastly this is my first post here so apologies in advance if I posted this wrong or in the wrong place
Most Popular Reply
Hi Joshua! $100k is a great start, but in LA, it won't go very far, especially if you're looking to buy a duplex. Even with an FHA loan, the mortgage on a property there would be pretty high, and it might not be the best investment right now. You might want to look into investing out of state where your $100k will stretch a lot further. That way, you can get your foot in the door, start building equity, and stay at home a bit longer to save more money.
You could also consider the BRRRR method where you buy a fixer-upper, rehab it to add value, rent it out, and then refinance to pull your cash back out. It's a great way to make your money go further, build wealth, and learn the ins and outs of real estate investing along the way. Good Luck!