All Forum Posts by: Jeremy Pelle

Hey ! Let' say you are currently paying a rent, you ready to buy your first property, you live and work in Los Angeles and you got $60K cash. What would you do ? (really, don't advice me... tell me what YOU would do in your current situation). 

Hey @Leeron Regev ! , Sorry for the late answer, for some reason I did not get the notification.

I love your questions, they actually make me think deeper once again about my goals !

So I am going for a long term play on the investor side and mid term for my first purchase. The goal is then to repeat the process so I will have to move out probably.

Unfortunately I don’t have the skills and knowledge to flip but I am do prefer property that needs cosmetic upgrade.

That’s for an investment and to live in! House hacking I guess…

About my return, my first goal would be to live for almost “free” by owning a duplex or triplex and live in one unit.

Thanks for the tips about the areas, very helpful!

Thanks a lot Leeron.

@Matthew Forrest hey Matt! Thanks for sharing that. Yeah the 5+ Units strategy sounds good for those reasons. It will be my next move after building some equity I guess. Price must be huge in CA.

Good to know your experience! Thanks !

@Nabil Suleiman

Woua! That is super helpful Nabil! I will check on that very soon.

Thank you so much !

@Nabil Suleiman Hey, right it misses some important information, let me clarify :)

 I work mainly between Hollywood and Downtown LA. But the value of the property (appreciation/cashflow) is worth the drive if I have to (30/45mins max).

Yes I need to live in. I am willing to put up around 550K to 700K if really good deal. For now I am scanning only the Valley because it is a nice area and mostly because I am not sure which other area would work for me and for my investment

Hello BP ! I live in Los Angles for only 2 years and I am new in Real Estate - I will be buying my first property pretty soon, what areas would you recommend ?

Thanks for your time !

Hey @Victor Ong 90031 looks good. I will be scanning that area. So far I was trying to get in Van Nuys but it's a little expensive for me. Thanks for the tip! Have you invested yourself in one of these areas? 

Hey @Barbie Steele I have never thought about that. It may not provide a lot of appreciation but it may be a good option for me to live in. I will do some research. Thanks ! 

@Alejandro Garcia, yes you are right!  I can probably increase that limit this way. I am more concerned about which strategy to adopt. Duplex would mean at least 700K investment (in LA) as first purchase. Not sure if its fear or precaution ;)

Hello all, first of all I am very humble to be part of BiggerPockets community.

I will be buying my first property in Los Angeles probably by the end of the year. The strategy is first; investing in a renting property, second; living for “free” (I am currently spending $1,700/mo for my rent).

I have $40K down payment and qualify for a $500K loan (FHA).

According to what I understand so far… I think I have 2 options:

1. Getting a duplex (lease 1 unit, live in the second)

Or

2. Getting a Single home family with ADU (live in the ADU)

The duplex option would require probably an extra $200K but I wanted your point of view concerning these 2 options.

Thank you so much for your time !!