Newbie from Los Angeles

[Brendan Dekora]

Hello! I'm new here and wanted to introduce myself. I have been interested in real estate investing for a long time but only now am I digging into the concepts because I have finally built my savings and income to the point where I can buy my first home. I'm pretty sure that I want to get into the brrrr strategy, but I also want to move into my first home to start. I love the idea of house hacking at first and rehabbing the first house to be able to pull equity out and start the brrrr.

I’m also wanting to learn more about brrrr strategies that I may be able to employ without waiting the full year to refi my first home, such as non-conventional lenders

I'm leaning toward a FHA 203k loan to start due to the obvious low down and rehab budget wrapped into the loan. Ideally I want a duplex with an ADU or triplex. Does anyone know if it's possible to get a garage ADU conversion funded with a 203k loan?

I am working with an agent, but I’m realizing that they may not be familiar with investor strategies, so I’m keeping my eye open for other connections.

I’m so happy I found this site and looking forward to making connections.

[Kam Olsen]

@Brendan Dekora

Welcome to BP! It’s a great site full of good resources for those who want to learn.

I dont know whether you can fund the garage conversion with the Fha 203 loan thats a question for your lender. If you dont have one yet I can give you a couple of referrals. Keep in mind if you’re doing legal conversion the min cost you’re looking at is $65k vs ~$25k without permits.

Have you considered renting out rooms? Not sure if you're comfortable with this option but it could bring you another source of income if you get a 3-4 bedroom Sfr with a garage for ADU. It all depends on your budget and risk tolerance and of course the area you want to get your first property. I work primarily with investors. A lot of them are just starting into RE world and i cant stress it enough - know your numbers to be able to act swiftly when you find a deal. As a realtor and investor I offer my clients my analysis in the deal as well but you have to be familiar and do your own calculations too.

Good luck on your new journey! Feel free to reach out if you have any questions.