The answer to your question really depends on what is important to you about owning property. If you really want a home, then I suggest you focus there first. With current FHA lending rules, you can purchase your home for as little as 3.5% down, up to a purchase price of $729,000. That means, for about $32,000 out of pocket (which includes closing costs), you can buy a $729,000 home, assuming you have the income to support the payments.
That would leave you with $218,000 to invest in income property. If you are willing to buy a condo or townhome in the areas you specified, you could pay cash for your income property. If you are willing to explore other areas in LA county, you might even be able to buy a single family home.
Like I said, it really depends first on what is important to you about owning real estate and then what your income will support. If you would like to explore this further, please feel free to contact me. I have a short list of questions that will help you get to the root of what would be best for you. Then you can proceed with confidence that you are making an informed decision. Dare to Dream.
Shel-lee Davis, QSCÂ®
Certified Distressed Property Expert â€“ CDPEÂ®
Short Sale & Foreclosure Resource â€“ SFRÂ®
Certified HAFA Specialist â€“ CHSÂ®
Your Real Estate Consultant for Life
RE/MAX Palos Verdes Realty