All Forum Posts by: Saemi Jung

Hi,

I recently found a place in East LA (very close to USC medical center). The price was a bit high but the rent they're collecting is pretty good. The only problem is that it is located in East LA, which is not the best neighborhood. 

Do you guys recommend this area? Or should I look for more in city? 

Also, the dilemma has been since I started looking is that if I find something that's within the city or at least close proximity, the rent is low b/c of long term tenants but the price is high. So the trade off is low rent for good location vs decent rent and low price but not so good neighborhood. How would you go out choosing? 

FYI, we are doing no to minimum down payment using VA loan.

I'd appreciate any input. 

Hi,

I am a first time buyer looking to buy a multiplex using the VA loan.

If I want to rent out all the units, do I have to refinance since the VA loan requires that it be your primary residence? Is there some other way? There's a property we want to purchase but only if we can move out in less than a year and completely rent out the units (I'd rather not commute long distance to work).

I believe I heard something about VA IRRRL loan. Is this something that we should consider? If so, is it easy to qualify? How much are the fees?

What are some other options? We are doing minimal down payment so I can't go with conventional. My husband is a disabled veteran if that helps in anyway. 

Your help/advise is appreciated. 

How do I go about looking for the right real estate agent? What should I look for to know that they know the market in the area I am interested in? If I am interested in OC and LA county, do I talk to two different real estate agent? Im guessing they usually have connections with loan brokers as well, correct? Advise is appreciated :) 

@Joe VilleneuveMy initial post might not have been all that clear but VA loans I guess I need to stay for at least a year. After that I am going to make it all rental anyway and one year of mortgage won't give me much equity so that's why I'm not expecting a big cash flow even after I move out. I heard of a gentrifying neighborhood in LA (friend told me lot of investors are heading into that area) so I was looking there for better equity build (perhaps I'll add value later on). I am not looking to pay it off, just sell it when enough equity builds and put that into another property, hopefully a bigger one. Is this flawed? If so, do you disagree with some of the things said by other members?

I want to try and avoid all the possible mistakes before I purchase so hearing from different investors and their experiences would be a great help. 

@Jean Groenewald So you thought the price listed was only for one but turns out to be 4 units? If so, wow! 

I do want to move out eventually and make it a full rental property. @Henry Lazerow@Grant Merrill@Steve K.@Shiva Bhaskar@Steve Vaughan Thank you everyone for your advise! I'll be sure to remember things said when the time comes in a month =)

@Tyler Williams Thank you for your input. Will it be best to wait until I have 20% saved? I am looking around LA and it seems like I need 20% down for decent CF or need repairs  if I go for lower price which is expected. Will it be possible to find deals like that in today’s market? Kind of losing hope :(

@Account Closed thank you for your input. I have some cash reserves on the side just to cover any unexpected expenses if it cannot cover itself (hopefully these kind of events don't occur often). I have many yrs before I plan on quitting my day job so just want to start building capital for early retirement :) 

@Joe Villeneuve then is it better to not buy the property at all and rent? Since like I mentioned, I do not have the 20% down and want to take advantage of the low rates. Any thoughts on CA market specifically? I am looking into LA. I see some advise saying that buying the property which can pay itself off is better than renting and can look for total return at the end. Yes, I am currently renting. 
Thanks 

@Dan H. wow! thank you for such detailed response. Yes I was hoping to hear from those familiar with So Cal market specifically LA county. I know I have to dig in but thought it’d be good to hear directly from experienced investors as well. I am hoping my realtor can help although I have not contacted anyone just yet.