All Forum Posts by: Spencer Wardwell

Hi BiggerPockets,

I recently bought a home in LA -- it was $600K and I put 3.5% down with an FHA loan.

I live here and am breaking even, since I rent out the spare bedrooms to friends of mine.

I recently came into some money and have $100K to invest with.
I'd like to invest in an "up-and-coming" city like Detroit, Baltimore, Richmond, etc.
My goal would be to buy a fixer-upper and put 100% cash down, rehab it, then use it as a buy-and-hold investment for rental income, as well as long-term appreciation.

Any recommendations as to what cities I should look into?


Thanks!

Hi all,

I'm currently in the process of rehabbing a California Craftsman Bungalow built in 1908 in the Los Angeles area.

It's in a Historic Preservation area, and I need to create an entrance to the backyard (the current entrance to the backyard is going to be walled off).

I need some help in choosing a style of door. I would love to put a sliding glass door in, as it lets in more natural light, which would greatly improve the space.
Someone suggested French Doors, however, I'm not sure how well that would mesh with the Crafstman style.

The city won't let me do anything that contradicts with the style anyway, so I guess I can't shoot myself in the foot too badly. However, I obviously only want to go to the city once, and I want to choose a door that's perfect for the style.

Please let me know any suggestions you have! Photos and links to some information and recourses would be greatly appreciated.


Cheers!

Hey all,

Trying to help my dad get an FHA 203K loan in the LA area.
We're looking for a cosmetically distressed single or multifamily property hence the 203K. Looking for an FHA because we've only got 3.5 - 5% to put down.

Relevant information -- he has a great credit score, is a first time home buyer, and a veteran.


Thanks,
Spencer

Hey everyone, thank you for the welcomes and advice!

Looks like I'm upping my search to properties worth as much as $700K, which is obviously more than I was hoping for, but I think I'll be able to find two tenants relatively easily, considering I already have many friends out there, which should cover most of if not all of my mortgage.

@Bram Spiero, yes I'm moving there after the summer.

Hi everyone!

New to the bigger pockets community by way of the podcast.

Right now I'm looking for a buy-and-hold investment property in the West, Central, or the Northeast Los Angeles area and was wondering if anybody had any advice?

My ideal would be a moderately distressed home 3+br 2+bath for <$500K. Is this possible, even with it being distressed and having a motivated seller?

Also, I have about $10K put aside as for retirement (so not included in cash for down payment + renovations needed for aforementioned LA property).

I was wondering the best way to invest this $10K? Right now, it's in a stock portfolio, and I'm lucky to see 3% returns. I'd like to use this money to find a wholesale investment, or possibly a turnkey buy-and-hold investment.


Anyway, I just wanted to introduce myself, and ask for advice re: finding an LA home, and learning what my best options are to invest $10K in REI.

Thanks!

Hi all, I'm a first time poster and also a first time home buyer, so please bare with me.
I'm moving to LA from New York in August, and instead of throwing an astronomical amount of money away on rent each month, I thought it'd be a good idea to buy, since I plan on living their for awhile.

I currently make around $110,000 a year with no debts and have a credit score of 800. My salary will likely change when I move, and I anticipate I'll be making around $60,000 my first year out there (which is just above the median income of LA at $56,000).
I've got enough for a $100,000 down payment, I've got at least one friend who wants to move in with me and will pay $1,500 per month (whose parents are well off and will be a guarantor), and could likely find another tenant paying the same thing. I would ideally be paying no more than $1,500 per month either, but lower would of course be fantastic.

My hope is to buy and hold for a long time, and live in the house, while renting out the remaining bedrooms. Then, once I'm ready to move out one day (likely years later), depending on the market, I expect to hold for cashflow, but may sell if it feels like a good time to do so.

I've yet to get pre-approved for a loan or find a real estate agent, but am working on those two things.

I'm just looking for any kind of advice you might have. Please!

Should I avoiding renting to a friend?
What can I afford?
What neighborhoods should I look in?
Can you recommend an agent?
Should I avoid buying in LA right now?

Literally anything helps.
Thank you!