Is it possible to househack in LA?

[Cirilo Villar]

I am planning on saving enough money to put 20% on a down payment on a four Plex in LA I’m starting to wonder if it’s doable. I want to live for free and try house hacking but I wonder if LA is a market where that is possible! 

[Jon Schwartz]

Originally posted by @Cirilo Villar:

Thank you - this is my first property purchase - so then I can definitely qualify for an FHA loan....

Originally posted by @Craig Anderson:

Anything is possible, you just need to find the right deal in the right place that works for your budget. You can consider putting only 3% down since you'll be house hacking. Then have the rest of the money for cash reserves.  LA is expensive, so good luck.

Cirilo,

Not *anything* is possible, but with a little know-how, you can totally househack in LA. A few things:

Firstly, go to naca.com and familiarize yourself with the NACA loan program. If you have the patience, it's an amazing way to buy a home.

Secondly, don't expect to live for free in an LA househack -- but that doesn't mean that LA househacks aren't worth it. LA housing, whether rented or owned, is extremely expensive. If renting an apartment costs you $2000/month while owning a duplex costs you $1500/month, that's a killer arrangement! You'll be building equity and appreciation in the duplex while lowering your monthly cost of living.

I'm househacking a duplex in LA. I don't live for free, but I pay about half what my tenant pays -- and I have the better unit!

Good luck!

Best,

Jon