Tips on House Hacking in LA

[Riki Kubota]

Hi everyone! My name is Riki and I'm a 26 year old who lives in Los Angeles (Inglewood to be specific). I just recently gained an interest in house hacking and would love to dive into it. 

As I am a beginner, I was wondering if you can help me out by sharing some tips on how to start off the first house hacking venture within the LA environment. I've looked at a few bank foreclosure sites and browsed through the internet on properties. I also started reading "The House Hacking Strategy" book by Craig Curelop. While I am still in the learning phase, I'd love to digest as much info as I can to prepare myself for a successful house hack. If there are any useful resources that provide information on house hacking within the context of the Los Angeles area, I'd really appreciate your help!

Thank you all very much!

[Jon Schwartz]

Hi Riki! I'd love to help. Not an agent, just a fellow LA investor.

First off, Inglewood's a great market.

Secondly, you need to research the FHA first-time home-owner program. You can buy a home for just 3.5% down. How much money do you have saved for a down payment (if you don't mind my asking)?

Thirdly, I strongly recommend you start looking at duplexes. If you have the down payment, a duplex is a better long-term investment because it's more likely to cashflow/pay for itself when you eventually move out.

Fourthly, are you handy? Are you looking for something that needs a little sweat equity?

Best,

Jon