Hello,
I am looking to get my hands dirty and purchase my first piece of property to jump start my side hustle of real estate investing. My original plan was to wait until I had around 20% down payment for a duplex/triplex, live in one of the units, and lease the other(s) so I could have my tenants cover the mortgage. There is a lot more detail that would go into that plan, of course, but recently I found this NeighborhoodLIFT program that gives a 25K grant for a home purchase in LA County, that is, if you meet the bank's requirements. The problem is, I qualified for a loan amount that is significantly less than what I had hoped for and am scrounging to find property that would meet my requirements (shorter commute, free-way access, # of beds and bath, etc.). The good news is that if I lived in the property for at least 5 years, I would not need to payback the 25K at all! My question is should I jump at the opportunity, with proper due-diligence, and make my first home purchase to finally get some experience, or be patient and stick to my original plan? Your comments are much appreciated.
