Getting Started In CA
I would sincerely appreciate hearing from experienced investors in Southern California, particularly Ventura/Los Angeles Counties, and how they started investing in real estate. I live in Ventura County, where the market is still pretty insane. Just to give you my background, I'm 30, have a secure job, good credit, and have read about two dozen books on real estate. Any insight would be great.
What are your questions?
My specific questions are as follows:
- I am located in a hot area that is just beginning to cool off. Fix and flips, wholesaling and subject to's are what I am interested in. I have very little cash with which to start, only a secure job (gov't) and good credit. Additionally, I would like to purchase a house of my own (still renting). What would be the best course of action for me to get started?
- Are there 100% loan programs for investors? It is my understanding that HML's will only lend 65-70% ARV, which wouldn't work in Ventura County. Example: Average 3br/2ba goes for about 500K. An owner would have to be clinically insane to accept an offer for 325-350K (even for a crack house).
I'm open to any and all advice and ideas!