You would need to qualify to purchase the home by yourself, then you can get a roommate to become your tenant and help you pay for rent.
I specialize in the Hollywood area and would be happy to help you look for properties that fit your needs. If you are interested, I can email you a list of properties currently on the market.
Please feel free to contact me anytime with any questions or concerns.
You would need to qualify for the loan on your own.
After you buy the house, you can rent the 2nd bedroom to your roommate. A lease would be required to protect yourself and your roommate.
You can get a California lease from a realtor, or online.
Your current FICO score would qualify you for an FHA loan.
Once you're ready to buy, interview several Realtors, to get their thoughts and find one that you feel comfortable working with.
RealtorÂ®, Certified HAFA Specialist (CHS)
Coldwell Banker Residential
Tel. (310) 463-8088 http://www.douglaslagos.com
Risa Liebster, RealtorÂ®
Here's what I think is good way to start and approach your goal:
1. Talk to a lender - find out if you qualify for a loan and for how much, what your payment will be? ( if you don't qualify - find out what to do to qualify).
If you wish - call me I'll put you in touch with a great lender.
2. See if there are properties in your price range in your area and if these properties are houses or duplex.
3. See how much your roommate will be able to contribute/pay for rent and if this is affordable to you.
4. If everything else seems right - move forward ! Call me so I can show you all properties and help you buy the property you desire at a right price.
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Should you choose to keep a room mate after you have purchased a home, then you move into a landlord/tenant relationship and all that those laws entail. The rent you that you get from that, can help you with bills or savings, etc.
Having a roomate is a slightly different status from a tenant but read the CA landord tenant handbook because you will go through a number of the same steps like checking credit,....
After you qualify with a loan officer you should look for a good realtor to advise you. This is a big investment so utilize the professionals.
Legally, having a roommate, you are a landlord and you will have to abide by the laws governing Tenants and Landlords.
I think the house buying idea is good. I would recommend you purchase in an area where demand for rentals is high and I have some ideas about good locations with strong demand and reasonable home prices for you as well.
I would strongly advise that you take a look online at the legal ramifications of being a landlord. This can be found at http://www.dca.ca.gov.
You can double-check with with attorney.
As far as property, purchase one that you would be happy with after you don't need a roommate.