All Forum Posts by: David Dye

@Eric Johnson Welcome!  I am a loan officer for a small mortgage broker here in LA.  I would love to connect with you and offer any financing advice you may need.  Additionally, I am a buy and hold investor here in LA County.  Shoot me a PM and we can connect! :)

Cheers!
-David

I would go the 30 year all the way, if it were me...  With rates how they are, you can almost certainly make a better return using the bank's money.  Use the extra cash flow to save for another property...  You can always pay it down faster but are not locked into a higher monthly payment just in case things turn for the worse...

-David

@Angel Jose Let's Chat!  I've been investing here in LA and too found the high cost to be an issue.  I would love to share with you how I over came it and would love to suggest some areas you might want to look at.  Would love to connect with you!

Cheers!

David

@Tanner Hargis You just need to meet the one year residency requirement then you can rent it out!

As @Maria Tan mentioned you can use a FHA streamline to refi but you CAN NOT take money out with a streamline. These are only for lowering your payment.

If I may suggest, look for a duplex or 3/4 plex.  You will be able to use some of the rent to qualify and they will help pay down the note from the very start.  Also, as many on here agree, generally your return is higher on multi unit properties.

May I ask why you are quick to jump to an FHA loan? Is the down payment a problem? There are lots of things that must be considered with FHA loans.

-David

Haha! I gotcha! I'm from Torrance myself.  29 Palms and the surrounding areas would be a great area to pick up some properties.  I invest up in A/V and can see many similarities between the areas.  

-David

Hello @Eric Brown!
Welcome to BP! I hope you are able to benefit from the endless information on this site as I have.  May I ask what area you are stationed in?

Cheers!

David

Welcome @Vincent Van and @Sydney Hall!

Welcome to BP.  Lots of great information here.  

I am a buy and hold investor from Los Angeles. One piece of advice: Don't be to quick to jump out of state just because you are from California. There are several little gems within driving distance that provide a nice ROI. Out of state investing can get quite costly.

Cheers!

David

@Tim W.

Let's connect.  I'll share with you some details on my strategy.  

The way I think of it, I want to be able to drive to my properties in a couple hours max.  Currently, my property is about 1.5 hours away from my house.  This means that I can drive out there to meet someone and the only thing it costs me is a half tank of gas and the three/four hours of time.  I have handymen I have vetted in the area that can handle little stuff but being able to drive there to handle big stuff is a great asset.

-David