Los Angeles Newbie Question

[Steven Zamorano]

Good Morning Bigger Pockets Family,

Everyday I have been analyzing properties. Properties are very expensive in LA, but I really want my first purchase to be one I can manage and possibly live in.  I have been eager to find a small MF in or around the LA area.  I am always seeking advice or some sort of direction.  Below are a list of questions that I would appreciate any information on:

1. Do landlords or Tenants pay water in LA? 

2. Do Banks charge points on loans or do I leave that at “0” on the calculator?

3. Is it possible to get a 5% down conventional loan on a Triplex? 

4. If possible on the 5% down on conventional loan, is it true that the PMI would be FICO based and will my PMI be significantly lower if I have a good FICO Score?

5. When purchasing a Property, I heard the Seller Pays the closing costs.  Is that true or is that a myth? 

6. It looks like a potential property has some concrete issues outside of the property, will that have to be fixed to get my loan or does that only apply to FHA?

I know there are more questions, but it seems like I may be asking a lot for a single post! Again, I appreciate any information you can provide and it feels awesome knowing that everyone I have reached out to on this platform have been amazing.

Steven Zamorano