All Forum Posts by: Michael C.

Originally posted by @Fay Chen:

Here's my rough estimate of owning a townhouse ~$520K. Looks like it's about the same as renting. Then I guess it comes down to a personal choice between having somewhat of a fixed rent every year vs. the freedom of not being tied down to a house in an earthquake zone.

Thanks @fay chen The places I'm looking at are between 380 and 450 but how is closer to 350 a month. What did you use to calculate those numbers and where can I get it

@monicamcdowell @carriek I love the idea of a duplex or the like but finding one where I want to live seems impossible. It sucks because I pay $1000 for rent now but I have to move and soon. I know I'll be paying 2k a month rent minimum. My monthly income is pretty good though so it's not terrible but that's another 12-18k a year I'm not able to invest. What do you guys think about taking on a 2200 a month rent vs a 2500 a month mortgage with 5% down(around 19k). In this case I feel like the mortgage makes more sense but I don't know. :(

@Michael Albaum

"I was approved for the low 500's but I would like to stay below that to maintain cashflow.( townhouse or small SFR)"

Sorry by this I meant maintaining the cashflow from my job. I want to keep my monthly payment and out-of-pocket down as much as possible.

" One should make wildly more sense than the other, and I think you and I both know which one that is, especially in LA."

I'm actually not sure which makes more sense. I need that finance advice.  The homes for purchase(mostly town homes) I've been looking at, would have a mortgage around $2500, rents of the same size are actually pretty similar besides the down payment.  I'd love to hear your take on this.

Overall I just don't want to waste money on rent but I don't want to enter the LA housing market at the wrong time which will also hurt my buying power elsewhere. 

I'm trying to decide my plan of action and want to get some input from you guys. I'll break down my situation and my questions so I can get clear answers.

Situation:

I live (rent) in Los Angeles and am looking to purchase a home to live in. I was approved for the low 500's but I would like to stay below that to maintain cashflow.( townhouse or small SFR) I really need a home becuse I've been in my same tiny 1 bed apt for 7 years but now I need a house for my fam.

I own two SFRs in Atlanta.  Purchased in 2017 for about 65k each. They are now valued between 130-150k each.  The mortgage is now about 440 on each plus $100 p.m. but it will go up because property tax went from $800 a year to about $2200. They rent for 950 and 1000

Questions:

I want to buy a home in LA but still have enough cashflow to keep investing.

Should I refi or heloc the atlanta houses to buy more?

Should I refi or heloc the atlanta houses to buy a house in La ?

Should I rent in LA and just focus on investing?

How can I have my cake and eat it too

What would you do in this situation.  I'm sure you guys have some much better ideas than me. 

Thanks friends

 I'm actually just looking for a place to live.  House hacking a MF would just make it a little more affordable for me.  Or a relatively good deal on a townhome or small single family would work too. I don't expect to cash flow. Just don't want to spend 4k a month.  So if someone out there was looking to get rid of a townhome or something that matches my criteria it would be a win-win.

Looking for something(multifamily) to house hack or even a single family or townhouse with a garage in the North Hollywood area.  Prefer something below market, fine if it needs work.  I know one of you fine folks have something you want to get rid of out there.  I have property in Georgia but still renting here.  Hopefully that ends soon.I plan on house hacking with my son but I want to find something off the mls. Lets make a deal . 

Looking for someone to do some roof work in East Point, GA ASAP(I'm only in town for a short time).

I am also looking for a rehabber as I am in town(Atlanta)  looking at some new deals.  Anybody know anybody?

Also I noticed a couple typos in my post but can't figure out how to edit them😜

I have two properties in Atlanta that I purchased in 2017. I'm coming to town soon to look at some small multi familys.

I'm wondering if there is a better way to finance these deals than the coventional loan I am considering. I do have some decent equity in my houses in Atlanta but I don't want to sacrifice cash flow to refi or become over leveraged on a single property. As of know I'm just considering putting 25% down the old fashioned way.

My question is, is there a smarter way for me to acquire the new property either with some kind of down payment altrenative or another kind of lending option. 

My ultimate goal is to keep rolling and acquiring more and more properties but I'm trying to think how my strategies now will affect me getting more properties down the line. 

All input is appreciated.

Just in case it matter:

My two houses in ATL do cash flow and have about 50% equity if that means anything

Thanks

I close on two houses in East Point in Sept. They need moderate work and I'm looking for some verified subs or a gc.  Any good referrals or ideas where to find people.  I want to start work immediately after closing.  I will be in town doing some of the work myself. The roof, sagging floor, and electrical improvements i cannot do.

Thanks guys