All Forum Posts by: Tommy Mckeown

So I met up with a real estate agent yesterday and I was talking about using an FHA loan but he was telling me how bad the FHA loan is. That I should go for a 5% conventional loan. Does anybody have any tips on what is the difference because I'm kind of confused because both of them you have to pay mortgage insurance until 20% of what I know. It was hard to get information out of him. I got the memo from him that $60,000 in California kind of by the beach I would not be able to Ford a house with a 3.5% or 5% loan down even though I want to house hack and have other people live in the rooms! I wasn't trying to buy it from him I was just having a conversation about the future for me and seems like he was trying to tell me it was impossible for me to start one day without having huge amount of money I'm 20 years old and I'm trying to get started in about five years getting my first place. With about $60-$100,000 hopefully all in let me know your guys thoughts thanks.

This is a very funny question u may think it’s stupid but why is appreciation so good on rental properties?? I know it’s safe if you have to sell your property your not under water. And u can pull Equity out of the property. But if you really want to sell it to make money off of it it gets taxed so hard it’s almost not worth it. I’m not saying I would not like appreciation on my home of course I would want it for safety and if I do want half the money if I sell it. But I just don’t get it when people say they have 10 houses and it’s over $1 million of net worth and they said they are a millionaire. Can you please correct me thanks!

I’m soon going to be investing out of state I live in California and I’m just wondering do I get taxed twice on income. When I get tax from wherever I’m investing and then get tax in California.

@Joseph P Finkelstein ok thank you for the information that gives me a way better idea of how to do things i appreciate it have a great night !!!!

Wow thank you guys for being kind and responding to me means a lot!  @Joseph P Finkelstein when you talk about $50,000 to start and house hacking do u recommend using a traditional loan with a 20 precent down payment and i live in one room and rent the other out or use a FHA loan with 3.5 or 5 precent down and do the same thing and rent the rooms out ?

My name is tommy mckeown im 19 years old and i live in southern California i want to start investing in a couple years but don't know if California is the right place to invest in. If anyone has any tips on rental property let me know if its to hard to find here or if i should just long distance investing and if its easier to brrrr or traditional rentals. Bear with me im new and been reading books the last couple months