All Forum Posts by: Roosevelt Townsend

@Sophie Laramie I'm looking in the Hawthorne, Lawndale, South Bay area

Hi Sophie,

I am in the same exact situation. Trying to crunch numbers that are viable for house hacking is rather daunting in LA. I was quoted for a 3/3, 3/1.5 duplex of 715k on an FHA loan. The down-payment plus closing costs would be 37520.69 with a monthly note of 4402. The 3/3 on the low end can rent for 3200 while the 3/1.5 can rent for 2600 also on the low end. So say I live in the front unit while renting the rear at 2600. 4402-2600= 1802 or I can live in the back unit and rent the front for 3200 making my rental cost 1202 a difference of 600 dollars. Personally I'm terrified of carrying large debts and would probably focus on paying that unit down to gain some equity. Also thinking creatively, my wife and I are considering cohabitating with another married couple to drive those cost lower. I'm not too sure.

Hello Bigger Pockets,

My name is Roosevelt Townsend, I am coming with 0 knowledge and have only made it to episode 17 of the podcast (RIP episode 16). I work as an electrician apprentice in Los Angeles where houses are too expensive. I plan on saving 40k by the end of 2021 to begin in earnest. I'm pretty nervous about big debt so I will use the year of intentional saving for learning both discipline with finances as well as learning about real estate. Can't wait to leech all the knowledge you all have here on this platform. I feel really lucky that a resource like this has been created. It's motivating me to fight for success. 

Much love, Roosevelt