California Dreamin' Newbie in LA

[Marie S.]

Hi, I'm Marie! Growing up I never thought I'd rent, I always assumed I'd buy a house. My mom made us get credit cards at 16, and instilled in us that loans were for school and homes, THAT'S IT. I have perfect credit and though I'm an avid saver, I chose to work instead of go to school, so though I don't have any loan debt, I also haven't made 'real' money until just this year.

So here I am w/ my life savings to buy a house. And the Los Angeles market is a joke. My long term goal is to buy a 3/4plex here in LA where the rents are basically write your own blank checks. Then in a few years hopefully have enough equity to buy another, and move back 'home' to NorCal and buy something to live in. Not sure how feasible that is in this market, but it's the goal!!!

I'm currently looking at a DREAM in the valley with NO RENT CONTROL, it's a .3 acre fantasy but the realtor is being coy about not telling us how many units are officially coded. And since it's a dream that's been on the market over a year, I assume it's a officially SingleFamily only.. But until my bubble bursts I'm (semi) hopeful the dream 4plex could soon be my first step into my new retirement plan!!!
<3 

[Joseph M.]

Marie Scanlan welcome to BP! I live in the valley as well and know Burbank well , very nice city?
2-4 unit buildings in the L.A area are tough for sure . Are you looking to buy in Burbank or elsewhere in L.A area?

Have you heard of "househacking" or looked into FHA loans ? Many people will buy a 2-4 unit with an FHA loan (3.5% down ) and live in one unit and rent out the others .
Certain parts of the area don't have rent control at least and Burbank is one of them . I imagine it should be possible to cash flow if you do something creative like rent out some units on AirBnb . You'll want to check local regulations of course .

Best of luck !