Hi, I want to invest in or around los angeles, CA area on a 3/2 SFR with a price <250k as a flip (do small repairs and sell) or to buy and rent. I live with my wife in a condo that is under her brother and her name. I pay $1200 month on rent to the father (don't ask why but I do and I'm ok with it). My wife pays the propery taxes for the property we live in.
I make about 90k/year gross salary I work on the medical field
I have 6k saved on the bank,
3k in stocks,
401k (retirement) with 35k
another 401k with 2k
4k on company stock that I cannot sell until after 4 years
I am able to save about $500 per month with my current expenses
Credit score of about 750
Credit cards I have 3 with (credit limit of 10k each) so 30k credit limit on credit cards
I have a real estate sales person license that I got recently, I have not contacted a broker to work with since I have a full time job, I only got it so that I can learn more about real estate
My only debt is my car lease I pay about $380/month
If I try to save 20% for the down payment it would take me about 4 - 5 years to save for it. Is there any other option instead of waiting that long? Thanks.
