All Forum Posts by: Joshua Piche

I am currently saving money to help put my self in a better position and be able to qualify for a better property or just have a better down payment ( for context I am looking to house hack my first property) . After speaking with some people I got told a lot that getting a soft pre approval was a good idea. What made me hesitant was the same people that told me this offered to do it themselves selves. Which made me think if it’s actually a good step to take. Some people say a soft credit pull won’t affect my score some told me it will . Just looking for some clarity here to see if a soft pre approval should be on my to do list even though I don’t plan on buying within the next 6 months .

How far out are you looking to buy a home?

Do you know what your credit score is?

If you have an idea of your credit score I would not do a soft pull - what I would do is use the guidelines for debt to income on a home and overall expenses to calculate what you could afford.

If you have no idea what your credit score is, yes a soft pull is not a bad idea. I do not know who you have been talking to but we use myfico.com and signed up to monitor and check our scores.

Currently looking at this time next year. I had hoped this year but some of the money I have and planned to use is in the stock market which is currently tanking . And yes I know my credit is good . Perhaps not the longest history but my score is really good

0 Votes

Los Angeles County, California

Quote from @JD Martin:

Quote from @Joshua Piche:

Well, if you are using financing you should have some idea how much loan you can get approved for because it's not going to be limitless especially just starting out with no track record. You can kind of think of it as you would if you wanted to look for a house of your own; the bank would give you a pre-approval of $X amount, which you would then know is your likely ceiling.

Thanks, appreciate it .

0 Votes

Los Angeles County, California

0 Votes

Los Angeles County, California

Quote from @Julia Lyrberg:

Hi Joshua! $100k is a great start, but in LA, it won't go very far, especially if you're looking to buy a duplex. Even with an FHA loan, the mortgage on a property there would be pretty high, and it might not be the best investment right now. You might want to look into investing out of state where your $100k will stretch a lot further. That way, you can get your foot in the door, start building equity, and stay at home a bit longer to save more money.

You could also consider the BRRRR method where you buy a fixer-upper, rehab it to add value, rent it out, and then refinance to pull your cash back out. It's a great way to make your money go further, build wealth, and learn the ins and outs of real estate investing along the way. Good Luck!

Yes , I was hoping I would have enough to start my real estate journey in LA but Im starting to see it might not be as accessible as I thought

0 Votes

Los Angeles County, California

@Drew Sygit thank you. I really appreciate that

0 Votes

Los Angeles County, California

Quote from @Nathan Gesner:

Quote from @Joshua Piche:

Your market is tough, but it's not impossible. It depends on where you want to live, income, personality, and other factors.

You could buy a large home and rent out the individual rooms to cover expenses, but this comes with problems. How well can you manage multiple roommates? Where will everyone park? Can you afford a vacancy or two?

I would consider staying with your parents and investing in another market that stretches your dollar and covers the cost of a professional property manager. Consider house hacking when rates and prices are a little more balanced with reality.

I would prefer a duplex/triplex but I know getting into a single family home and renting out the rooms is more accessible . At least from what I’ve seen . I’ve never managed roommates or lived with roommates but I know it will benefit me so if the triplex doesn’t work out I wouldn’t mind having roommates. As for the vacancy I can afford maybe a few months but one of the reasons I haven’t got into real estate is the fear of vacancies and then not having the money to cover expenses. I don’t know how common vacancies are but I would say I could cover about 4-6 month in case of an emergency

1 Vote

Los Angeles County, California

Quote from @Jonathan Greene:

Welcome. Yeah, you don't want to try to house hack in LA based on the price points out there vs. what you can get most likely. Are you planning on staying in that area? Would your parents be interested in partnering on a duplex where you live in one side with a roommate and manage the other side rental? That would be a great avenue to explore since you are in an expensive market.

Yes I do plan on staying in the area . I wouldn’t mind moving to another city that’s relatively close ( 30-40min) . My job is flexible which I think would be important when trying to manage my first property so thats why . About partnering with my parents I’ve never asked them and would prefer not to. But since LA is expensive if it’s the only option I would be open to it . Just wanted to avoid mixing family and business

0 Votes

Los Angeles County, California

Im looking to move out this year and house hack my first property

I’m 24 debt free still living with my parents . With the money from my savings and stocks I have about 100k .

I know LA is expensive so I’m not really sure what/ where I could even afford. I’ve been wanting to speak with someone about that but I’m not sure who would be the right person to ask ( real estate agent , broker etc) .

Lastly this is my first post here so apologies in advance if I posted this wrong or in the wrong place

0 Votes

Los Angeles County, California

All Forum Posts by: Joshua Piche

Joshua Piche has started 2 posts and replied 8 times.

Post: Is getting a soft approval actually a good first step ?

Post: Is getting a soft approval actually a good first step ?

Post: Is getting a soft approval actually a good first step ?

Post: Im looking to move out this year and house hack my first property

Post: Im looking to move out this year and house hack my first property

Post: Im looking to move out this year and house hack my first property

Post: Im looking to move out this year and house hack my first property

Post: Im looking to move out this year and house hack my first property