Calico04, Home Buyer in 90041

Hi- i make 36k self employed, & my fam. will help me with the downpayment- i want to buy a 2-4 unit in 90042 & surrounding. is this possible?

Asked by Calico04, 90041 Mon Jun 6, 2011

also, I will be living in one of the units, and am a first time buyer. thanks!

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, ,
Tue Nov 5, 2013
The problem you will be having on that is that you need reserves to buy units, so if you getting a gift I am assuming that you do not have reserves.

I had a friend just by a house with a mother in law unit, he is living in the mother in law and renting out the house.

That is one way around that.
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Raphael Guer…, Agent, Beverly Hills, CA
Thu Aug 2, 2012
The key is to find the right complex with a vacancy in one unit and the others rented at a good rate to make it happen.
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Aznweiling, Home Seller, Los Angeles, CA
Wed Jun 20, 2012
hi i have a house to sell. I am not a real estate agent. It is located at west olympic blvd, los angeles. If you are interested please kindly email me at
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Vanessa Yan, Agent, Glendale, AZ
Sat Jun 9, 2012
It's totally possible! Assuming you're moving into one of the units, the FHA loan programs will take rental income into account to qualify for you for the loan. For 2-4 units you can put as little as 3.5% down.

Important things to note: While you get a small down payment, FHA requires that you pay PMI (private mortgage insurance) on top of your mortgage payment, taxes and insurance. For example, if the loan is $417k, you multiply that by 1.25%, divide by 12 months. The total PMI is $434/mo. that you'd have to add on top of your regular mortgage payment.

I was lucky enough to buy my first house in 2003 in Highland Park when you could still buy a house in the 200ks. But, if I had to do it all over again, in this market, I’d definitely buy a duplex-4plex because it just makes more financial sense for first-time buyers to have renters offset a big part of your mortgage.
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Donne Knudsen, , Simi Valley, CA
Mon Jun 6, 2011

First and foremost, is that 36k your gross income or your adjusted gross income (AGI)? For qualifying purposes, lenders use your AGI to determine what you are eligible for. Based on your income, you may qualify for some local down payment assistance (dpa) programs, Furthermore, lenders as well as dpa agencies will look at your debt-to-income (dti) ratios too, which have become just as important qualifying factors as credit score and income.

For more info on dpa programs and/or whether of not you are eligible, please feel free to contact me. I have been working with dpa programs here in Los Angeles & Ventura counties for most of my 8.5yr mortgage career and am dedicated to assisting low-medium income buyers with finding affordable home loan programs.
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Ted Canto, Mortgage Broker Or Lender, Scottsdale, AZ
Mon Jun 6, 2011
Hi Calico,

Yes this is a very possible. You and the property will need to meet some requirements but an FHA loan would serve you perfectly in light of what you are wanting to purchase. However, being you are self employed, a lender will need to see your tax returns for the last 2 years to make sure that your income allows you to purchase and how much you can buy. If you'd like, please contact me directly.
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Ryan Sarkiss…, Agent, Pasadena, CA
Mon Jun 6, 2011
Absolutely. Highland Park is one of the areas I focus on and it is one of the most affordable areas. There are several multi-units on the market right now. MY first suggestion is that you talk to a direct lender and based on your debt to income ratio find out how much you can qualify for.
If you are buying an income property, you'll be able to use the rent collected to increase your buying power.
Give me a call and we can discuss this further. I'll need some more info to see what's on your wish list and we'll take it from there.
Ryan 818.263.7484
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