Buying rental properties in a hot market

[Kenny Colato]

Hello, My name is Kenny Colato. I Live in Los Angeles, a very hot market for REI. But the market being hot doesn't scare me. I want to buy my first rental property before I'm 25, but I want to house hack it. I plan on finding an off-market deal and finance it with an FHA 203k loan. I want to find a property that needs a substantial amount of rehab. Once I rehab the property with the loan, I plan on living there for a year, and gain instant equity because I purchased the property at a discounted price.

What are some tips you can provide me?

I'm currently 19 years old of age in the high 700s, credit score, and I need to know what can I do to get an FHA loan here in Los Angeles.

I’m open minded to plenty suggestions, and hungry for a lifestyle where I have time, which is my most important asset.