Skip to content
×
PRO
Pro Members Get Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
$0
TODAY
$69.00/month when billed monthly.
$32.50/month when billed annually.
7 day free trial. Cancel anytime
Already a Pro Member? Sign in here

Join Over 3 Million Real Estate Investors

Create a free BiggerPockets account to comment, participate, and connect with over 3 million real estate investors.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
The community here is like my own little personal real estate army that I can depend upon to help me through ANY problems I come across.
Starting Out
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated almost 6 years ago, 01/27/2019

Account Closed
0
Votes |
1
Posts

Neighborhood LIFT Program - Now or Never?

Account Closed
Posted

Hello,

I am looking to get my hands dirty and purchase my first piece of property to jump start my side hustle of real estate investing. My original plan was to wait until I had around 20% down payment for a duplex/triplex, live in one of the units, and lease the other(s) so I could have my tenants cover the mortgage. There is a lot more detail that would go into that plan, of course, but recently I found this NeighborhoodLIFT program that gives a 25K grant for a home purchase in LA County, that is, if you meet the bank's requirements. The problem is, I qualified for a loan amount that is significantly less than what I had hoped for and am scrounging to find property that would meet my requirements (shorter commute, free-way access, # of beds and bath, etc.). The good news is that if I lived in the property for at least 5 years, I would not need to payback the 25K at all! My question is should I jump at the opportunity, with proper due-diligence, and make my first home purchase to finally get some experience, or be patient and stick to my original plan? Your comments are much appreciated.