All Forum Posts by: Jon Wilson

@Dennis M. Yes. That was from Quicken loans.

@Jeff Zimmerman Thanks for reaching out. Fresno seems like it might be a good starting point for me if I can’t house hack in LA.

@Raul Saldivar That’s very helpful! Looks like I have some research and calls to make. thanks a lot!

@Cody Smith a BRRR seems like the way to go if I want to scale as quickly as possible. I'd like each deal to lead towards the next one. Try and keep most of that initial down payment money working as long as possible.

275k gets you nothing worthwhile in The immediate LA area. Central California has places with workable numbers. Just need to build the right team of people to help things run as smoothly as possible.

My goal is 5k of cash flow in 3-5 years of multi family investing. My expenses are very low so that would give me financial freedom and I could slow down or continue expanding from there.

Thanks for the thorough reply!

@Raul Saldivar I haven’t been back since the UC has been built. That is a really good idea. Do you know of any good property management companies in the area?

@Jake Thornton Thanks for the reply. I’d be open to Bakersfield, Fresno and even Merced since I grew up there and am familiar with the area.

Ready to buy a small multi family for a house hack or open to other suggestions from the more experienced folks around here. I have a secure and stable union job that I’ve been at for the last 7 years. In that time I’ve saved 65k and have 24k in my employer retirement account.

From what I’ve gathered, to maximize my equity I want a property with value add potential instead of something already renovated. 3-4 units are usually the only properties where the numbers make any sort of sense.

My biggest hurdle in buying in LA would be my purchasing power. I have excellent credit, but only make 40k a year which allows me a mortgage approval of 275k. Is there a way around that problem or do I need to look at a different market with prices below that range? Thanks for reading!

Thanks for the reply Travis. I would have right around 15k in reserves after the down payment. So not quite 6 months. More like 4 at the moment. Thanks for the information and reminding me to have the proper reserves.

Hello all, I've been listening to the BP podcasts and educating myself with videos and books learning the concepts and different strategies in real estate investing for a about a year. I've narrowed down my field of interest to buy and hold investing using the BRRRR method. Multi family looks like the way to go, but I'm not ruling out SFRs at all if the numbers work. The strategy clicks and makes a ton of sense to use to grow a portfolio to me. I live in Woodland Hills so the cost of entry is very high in the Los Angeles area. I have found a few MF properties that would make great house hacking units, but I don't have the income to qualify. I have the down payment money needed for an FHA 3.5% and a solid credit score (720), though a low limit overall. Is there a way to house hack a 700k property when I only qualify for 275k loan myself? The numbers work look good even with PMI and would cash flow with a tenant in place after the required year to fulfill to loan requirements. My other option would be to look at other lower priced markets like Fresno, Bakersfield...etc. I'm open to that as well, but if I can start close to home, I like that option. Thanks for reading and even more if you take the time to reply!