Hi everyone,
I’m based in San Diego and looking to purchase my first investment property by March 2025. I earn around $15k/month from my business, but my income is somewhat variable, which might make securing financing challenging. I'm exploring different strategies and would appreciate your insights.
- - What are your thoughts on using an FHA loan with a 3.5% down payment for a multifamily property?
- - Is buying a foreclosure a viable strategy for me, and what should I be aware of?
- - My family lives in Indiana. Would it make sense to buy my first investment property here in California, and to build the rest of my portfolio in Indiana? That way, the flights be considered a business expense?
- - If I were to buy in Indiana, how should I go about finding a reliable property management agency?
- - Would partnering with someone be advantageous in this situation?
- - Should I purchase the property through an LLC for potential tax benefits?
- - Do you think it's a good idea to start a whole life policy and use the cash value to fund the down payment?
- - Are there alternative financing options, like private lenders or hard money loans, that could be suitable for someone with fluctuating income?
- What tax credits or incentives might be available for first-time investors or those purchasing multifamily properties? How can I take full advantage of these?
I’m open to creative strategies and any other suggestions you might have. I'm just trying to think outside the box. Thanks in advance for your help!
