All Forum Posts by: Gary R.

I'm looking at two properties right now for owner-occupied income. Wondering what you guys think.

The first one is two big lofts in an area just south of gentrified Los Angeles hood. It's the most expensive property on the block. When I originally bid on it, the listing agent had put down $2500 per loft as the actual rent. I've later found out that was "projected" -- one loft has the owner in it now, the other has his friend paying 1100.

I think I could get between $2000 and $2300 for them. However, the hood is not very desirable.

Another one is an $800,000 Fourplex in a great neighborhood on the rise, very desired. Rents on that one are 5600 a month in total. If I get an FHA, i could live in one and still get $4800 a month to pay taxes and mortgage.

I'm basically renting now and wondering what I can do in Los Angeles to take advantage of FHA multi-family owner-occupied loans....

1. Will this still be a buy if rents are at 5500 total? there are two 3brs at 1650 one vacant 2br and one owner occupied 3br
2. Is it better to put down 20 percent or go for FHA?

These are updated with new kitchens and bedrooms in an okay neighborhood

I have absolutely no background in this. I'm looking for a place -- im now renting and want to live in SoCal in a not-so-bad neighborhood that is the best investment possible.

I found a 500,000 short sale in SoCal which is getting 1500 per unit. I could live in one and the others could give me 4500 bucks a month. Minus 2000 for mortage and 500 for taxes plus 50% rule -- that is about 4750 a month. That's about 1250 a month i clear -- is that right? (if i live in the place, i pay 250 a month)

Good, bad?

Starting with a fourplex -- good, bad?