Home Buying in Los Angeles>Question Details

coffeeshop99, Other/Just Looking in Los Angeles, CA

Investing in real estate property in Los Angeles. I have $55k and I'm interested in a 4 plex or duplex. This will be owner occupied and

Asked by coffeeshop99, Los Angeles, CA Mon Jan 14, 2013

investment. I have good credit and I'm interested in getting started but I wanted to know the min down payments and closing cost. $500k and I would need $50k 10% for FHA?

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17
I would suggest getting pre-qualified first! Call Bridgette at 818-335-0283 (bridgette4re@yahoo.com) for a Free Pre-Qualification and Pre-Approval Letter. Then you will know what amount you are comfortable purchasing which will make the buying process easier. Any questions, please do not hesitate to contact me. Thanks!

Sincerely,
Caroline Harabedian
Realtor
RE-Search Concept
8700 Reseda Blvd., Suite 213-B
Northridge, California 91324
(818) 967-9626 mobile
(818) 979-0226 fax
http://www.HomesByCaroline.net
0 votes Thank Flag Link Tue Jan 22, 2013
Owner occupied you can have an fha loan eith. 3, 5% down. Investment 20% down.

Call me for more info 818 481 9211

http://Www.stoppayingrentinla.com
0 votes Thank Flag Link Tue Jan 22, 2013
You can put 3.5% down for an FHA loan on 2-4 units. You can ask for closing costs to be credited by the seller or you can pay a slightly higher interest rate and receive a lender credit to cover closing costs. Total closing costs will be roughly 2.5 - 3% of the sales price.

A duplex would be more realistic in the 500K price range for the areas mentioned below. If you're willing to go to a higher price range, you should be able to use some rental income to qualify for the loan.
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0 votes Thank Flag Link Mon Jan 21, 2013
We've got a modern Los Angeles homes for sale database where you can search for the perfect home, get in touch with and find a realtor, or simply get your questions answered by a team of real estate experts.

Check us out at : http://www.realtypin.com/homes/los-angeles_california
0 votes Thank Flag Link Thu Jan 17, 2013
Hi CALL ME AT 310 301 .1897
iT IS A GOOD DEAL FOR THE FIRST TIME BUYER.
0 votes Thank Flag Link Mon Jan 14, 2013
Coffeeshop,

There is one unit available withing your price range, in ZIP 90019.

Check my website at http://www.douglaslagos.com, you'll see that I specialize in this part of town, and have been an investor for the past 12 years.

Please call, text or email me for more information.

Douglas Lagos
Realtor®, Certified HAFA Specialist (CHS)
DRE# 01921046
Coldwell Banker Residential
Tel. (310) 463-8088 http://www.douglaslagos.com
0 votes Thank Flag Link Mon Jan 14, 2013
Thank you for all the follow up. My income is $70k a year and I have 866 credit score. I have no debt, no credits issues, no student loans, etc. I'm looking in the following areas Mid Wilshire, Melrose, Westside, Palms, Culver city specifically these zip codes: 90019, 90048, 90211, 90212, 90035, 90036, 90046, 90034. I'm interested in Foreclosures, Bankruptcies, REO, etc, anything with positive cash flow if possible and very minimal improvement issues. Is this possible and do you have any listings I can check out.
0 votes Thank Flag Link Mon Jan 14, 2013
Give me a call. I'll be glad to help and explain you the process.
Your first step is pre-qualication for a home loan. This involves your income, assets, and credit history.
On an fha loan for 1 - 4 units, you would need at least 3.5% down payment of your purchase price that you qualify plus closing cost.

(323) 285-8864
0 votes Thank Flag Link Mon Jan 14, 2013
tell me more about yourself and your ownerships
0 votes Thank Flag Link Mon Jan 14, 2013
Our company flipped over 200 REO properties over the last 3 years. Now we are primarally concentrating on Buy & Hold rentals. We have worked with some of the largest hedge funds and individual investors as well. Please review our web site for more information and some great articles on this topic. http://www.SREinvesting.com
Flag Mon Jan 14, 2013
Our company exclusively works with buyer/investor clients. The 2 to 4 unit residential REO market is on fire. Our clients are seeing gross rental returns of 9 to 14%. As owner user you may be able to qualify with as little as 3.5% down. Give us a call.
Web Reference: http://www.SREInvesting.com
0 votes Thank Flag Link Mon Jan 14, 2013
I strongly suggest you work with an Agent that understands the area and your goals. Fishing for leads on a site like this is not the best way to proceed.
I have worked with Shannon Chang at 626-358-2360 and she really knows her stuff.
0 votes Thank Flag Link Mon Jan 14, 2013
There are many duplex and quadplex available in your price range. With $55K, you should be able to buy and get financing, on approved credit.
I'm an investor with 12+ years experience, and a Realtor. I'm very familiar with what you'll encounter and what you'll need to close the deal.

You only need to let me know where in Los Angeles, are you interested in buying.

Call, text, or email me.

Douglas Lagos
Realtor®, CHS
DRE# 01921046
Coldwell Banker Residential
Tel. (310) 463-8088
http://www.douglaslagos.com
0 votes Thank Flag Link Mon Jan 14, 2013
Meant four plex on last answer
0 votes Thank Flag Link Mon Jan 14, 2013
You can do FHA, and frankly if you're not doing 20% to avoid mortgage insurance I would just put down 3.5%. You have to do owner occupied four pled and the property needs to bring in 70% of the mortgage. It's totally doable. I've done it for clients and it can work.

Good luck!
0 votes Thank Flag Link Mon Jan 14, 2013
It is possible to finance your purchase with 10% downpayment assuming you have good credit and qualifying income.

Please contact me if you need help.



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0 votes Thank Flag Link Mon Jan 14, 2013
I have a very good deal that will require $75k?
You can for free in one of the unit.
0 votes Thank Flag Link Mon Jan 14, 2013
How is your credit? Tax returns and Fica score
0 votes Thank Flag Link Mon Jan 14, 2013
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