All Forum Posts by: Shawn Blake

Hey!

So i've been on BP forum for some time now trying to figure out how to get in the game. A lot has changed and recently i left my corporate job where i was making over 6 figures to open my own production company thats been in operation less than a year. God willing in my first year of operation i'll touch 6 figures, but i have faith i'll at least come close to that. 

My initial goal was to buy a house using my employment income but now that that has changed i am looking for tips and strategies to purchase a house through my LLC or by paying myself a wage (which wont be that close to what i was making before). My new goal is to buy a townhouse in Atlanta or Houston that's under $200k. i'd be able to house hack or Airbnb.

Some questions:

1. What is the best strategy for getting a loan as a business or self-employed person?

2. Am i able to take advantage of first time home buyer programs this way?

3. What are you seeing in the market as far as getting a loan this way?

4. Atlanta or Houston?

Thanks!

@Alex S. thanks a lot for your comment and info! 

@Don Konipol your comment was not helpful at all and you’re not telling me anything new. the question was what areas are more lax. just bc the California market isn’t advantageous does not by any means indicate that Airbnb is not a profitable endeavor. nice try on the scare tactic though. 

Hi Everyone  

I am looking to start an Airbnb business in CA to fund future ownership of a house. However, i know that there are many cities within California that prohibit or heavily tax Airbnb's. Which cities are currently Airbnb friendly and what do you foresee as far as the future of STR's in California?

Thanks!

I am a new investor aggressively looking to get into the market and am considering house hacking outside of the LA area. I currently am interested in the Riverside, San Bernadino, and West Covina areas. Looking to buy a 3-4 room SFH. Any agents familiar with these areas and looking to connect? What are rents like in these areas? I welcome any and all advice/considerations.

Thanks!

Hey!

Recently came across some whispers of Biden possibly bailing out the housing market by allowing forbearers to extend their mortgages for an additional 40 years (basically anyone can claim they were impacted by COVID and extend their mortgage). Not very sure of the specifics on the bill, but curious if anyone has any info on this and how it might possibly change the game for newbies like myself looking to get into an already competitive market for the first time. Most importantly, how might someone new strategize to get into a high-priced market if this legislation passes?

I'm specifically looking to invest outside of the LA area so any California specific detail would be great.

Thanks!

Shawn

@Shawn Blake Greatly appreciate all the information being shared. Sounds like CA is attractive for appreciation, but a good house hack opportunity likely harder to find. Also sounds like I might find better deals outside the immediate LA area. Rent control seems to be another huge issue as I imagine a lot of du/tr-plexes on the market might be grandfathered in with this rent benefit.

This might be a shot in the dark, but is anyone familiar with NACA? I'm considering obtaining a mortgage through them due to their "no money down" benefit. I'd have less equity in the beginning but can benefit from paying little to nothing in rent (in CA!) / keeping my reserves high. Currently weighing benefits of this option vs FHA/203b loans. Still need a trustworthy agent who's investment savvy.

Thank you all

Shawn

@Shawn Blake right deal *

@Hengky Lim appreciate your candor Hengky! Finding the right is key. Any areas maybe outside the LA area you recommend? San Diego?

I'm looking to make my first real estate investment using an FHA loan, and wondering whether Los Angeles or New Jersey (Central) would be a better investment. I will be eventually locating to Los Angeles but have concerns about investing there first given high taxes, high insurance (wildfires), and housing legislation. Does it make sense to start in NJ first (where i currently am) or in LA where the rental market is strong?

Also - Looking to connect with agents in both locations. 

Thanks!