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Updated about 9 years ago on . Most recent reply

User Stats

76
Posts
36
Votes
Julian L.
  • Los Angeles, CA
36
Votes |
76
Posts

How would I fund something like this?

Julian L.
  • Los Angeles, CA
Posted

I'm in Santa Monica, CA. Needless to say, real estate is extremely expensive out here, however rents are high, too.

How would I go about financing for a similar property to this? The idea wouldn't be to cashflow it, but to add to my portfolio and live in a unit. This is in a A-type neighborhood, extremely desirable and sought-after.

https://www.redfin.com/CA/Santa-Monica/711-Marine-...

Quick and dirty numbers on this specific deal would mean it would be about $11,000 a month in a payment, and 2 of the 3 units for approx.. rent for a $8,000 month, meaning I would be living in a 2/bed unit near the beach and paying $3,000/month. 

I currently make $120,000/year and am house hacking my current condo in Santa Monica that has about $110,000 worth of equity. I also have $75k liquid in cash and $80k in retirement. 

How would I finance something like this ?

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