All Forum Posts by: George Torres

Where though @David Faulkner??? Please help. I can't find anything in my price (2br 2 bath for 300k) anywhere close. My life is in hollwood, my job in culver city... where should i look if i don't want to live in a war zone? I'm spending 1700 renting now... at least if I buy a condo, I'll be paying down my mortgage and everything else for free (almost, with only 200 coming out of my pocket), I'll live not more than an hour from work, and I'll be 30 min from my friends and social life. You see my dilemma? Any thoughts? I mean, it's a helluva lot better than renting thats for sure, right? And I'm living for free so that's an extra 1500/mo in my pocket until I can afford to get my second property.

As for the title of this post, I was going to include that I'm semi considering long beach as an area to invest in using the same strategy, but you can ignore the Long Beach reference, lets stick to the N Hollywood area please :)

Hey Guys, Newbie here about to make the plunge! I'm thinking of buying a 3br 2 bath condo in north hollywood/Panorama/arletta, taking one room and renting out the other two... First off, is this generally allowed in condos as long as I occupy the unit as my primary residence?

Secondly, what do you think about the idea altogether? My Mortgage/Ins/tax/hoa will be about 2k and my income from the other 2 will be about 1800.... I know that condos can be volatile in price but being that i get to almost live for free, am I making the right choice given the location? Or should I be concerned about something(s) I'm not thinking about?

Thanks for the help guys!

 Really great Info, @david. Thanks! As far as LA proper, would you recommend a condo in Englewood for instance over a 2 family in lancaster as far as appreciation goes? 

 Awesome, thanks @logan! Anything I should be on the lookout specifically that is particular to this location? Any "special" emphasis I should put on one thing over another?

Hey guys, I'm in the process of getting pre-approved for a mortgage and I'm strongly considering purchasing my first rental property in the Palmdale/Lancaster area... Truth be told, It's really one of the only areas I can afford to invest in. Does anyone have any helpful info or advice for a new investor in that area? Is it a good place to invest in? Any help would be greatly welcome. Thanks!

Hey guys, I'm in the process of getting pre-approved for a mortgage and I'm strongly considering purchasing my first rental property in the Palmdale/Lancaster area... Truth be told, It's really one of the only areas I can afford to invest in. Does anyone know any good RE agents there or have any advice/info on that area? Is it a good place to invest in? Any help would be greatly welcome. Thanks!

 Hi Narmina, Shoot me a message and let's chat. Thanks!

@Ned Carey But how exactly? So many options online. What do I do to actually look for a loan? Dumb question perhaps, but it's like paralysis by choices (a bit different I think than paralysis by analysis)

Hey guys, so here's the deal... I'm itching to buy my first 2 family home/investment property but can't decided if I want to A) take out a conventional loan and cover the downpayment with a loan against my 401k or B) take out an fha loan and cover the downpayment and repairs in cash, and then look for a property that will still cashflow given the higher monthly payment required of me. Please help!

-I have a low credit score (about 600) but may be able to get a guarantor if I need one

-Make decent money (sub six figures but close)

-Have enough to cover 30-40% as a downpayment plus another let's say 10-15k in repairs, but nearly all of it is tied up in my 401k

I hope I gave ya'll enough information to be able to help me. Thanks so much!!

Also, stupid question: HOW do I actually go about applying for these loans? Do I do it online? Go to a bank? A credit union? Mortgage broker? All of the above? Some of the above? Will it cost me money to apply? 

Should I do it ASAP or once I find a property?

Should I make an offer on a property before I get approved or should I wait?

What first time homebuyer programs can I take advantage of (if any) in California?

Thanks again!!