>$1MM House Hack in West Los Angeles?! Help me analyze this deal!

[Erin O'Connor Smith]

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[Jon Schwartz]

Originally posted by @Erin O'Connor Smith:

@Daniel Ziner you can't buy a SFH fixer in this market (LA Westside) for under $1.2MM. This is a 5-10 year appreciation move for us to live in and gain equity/pay down mortgage.

@Alfredo Castro we are able to get the 2.65% rate only by making it a conventional loan (vs jumbo), which cannot exceed $1,053,000. Yes, tying up a lot of capital. Our down will be $417k plus closing costs. 

Erin,

I'm a house hacker in Hancock Park and agent in LA; all my clients are house hackers. 

I can refer you to a lender who has a pretty cool product: he marries a conventional loan to a HELOC so you can get a conventional rate and put as little as 10% down. The HELOC portion carries a higher rate, but it's a minority of the leverage, so the blended rate is still quite good. The product works up to a purchase price of around $1.5M, so it looks like a good solution for you if you'd be interested in putting less down.

Lemme know if you'd like the referral!

Best,

Jon