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Old 06-21-2019, 04:51 PM
 
1,203 posts, read 667,336 times
Reputation: 1596
Quote:
Originally Posted by dtryan View Post
I haven't really kept up to date with this forum. What is the current market like in LA?
Expensive.
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Old 06-22-2019, 07:26 AM
 
Location: Riverside Ca
22,146 posts, read 33,519,030 times
Reputation: 35437
Quote:
Originally Posted by dtryan View Post
But don't I need a job to come up with the remaining payments? Or should rent cover it all? So should I go and start looking for houses?
You don’t need a job. You need to have verifiable income. So if you filed taxes for the last two years that’s your provable income. You can be a professional gambler. Your winnings are your income.

Layer n once you show a record of income from rental properties the you can use a percentage of that money also as your income along with gambling income


Quote:
Originally Posted by bad debt View Post
Seems legitimate. Also seems like a wise idea to get investment advice from complete random strangers on a forum used to complain about current issues in LA.
There isn’t anything wrong with bouncing ideas off people. Just because he is getting advice from strangers doesn’t mean it’s bad advice. Besides he isn’t forced to do it.

Quote:
Originally Posted by thelopez2 View Post
Is it a good plan to spend $1.00 just to get back 25 cents?

It’s not a good idea to spend every penny you have buying a house either. Unless he’s still got that 100k a year daytrader income. And that could go away too. Either profession is a risky income.

Quote:
Originally Posted by dtryan View Post
I haven't really kept up to date with this forum. What is the current market like in LA?
It’s not cheap. But you can find stuff cheaper than 900k. I just wouldn’t buy a house for 900k if that’s all the money you have

Last edited by Electrician4you; 06-22-2019 at 07:38 AM..
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Old 06-22-2019, 10:53 AM
 
Location: Illinois
3,208 posts, read 3,547,333 times
Reputation: 4256
Quote:
Originally Posted by dtryan View Post
Just a random doctor I spoke with that made most of her money buying houses
Doctors probably are more likely to have passive income than any other profession. It's imperative for many of them in order to make their practice finances work. The same applies to other independent health practitioners like licensed therapists.
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Old 06-22-2019, 04:58 PM
 
40 posts, read 32,676 times
Reputation: 12
Can housing prices go down or is it unlikely in LA's hot market?
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Old 06-23-2019, 10:59 AM
 
56 posts, read 42,071 times
Reputation: 204
Quote:
Originally Posted by dtryan View Post
Can housing prices go down or is it unlikely in LA's hot market?
Housing prices never go down. You have to buy NOW or you will be priced out forever.
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Old 06-23-2019, 12:25 PM
 
545 posts, read 513,517 times
Reputation: 817
Quote:
Originally Posted by dtryan View Post
I was advised to buy a house because I have been paying around 40k in taxes and if I buy a house, I could use the housing loans and money used to pay off the mortgage and deduct them off my taxes. Is it true that my taxes could be $0 with the deductions? Houses in my area go for 900k or so, so I have to find a way to come up with the remaining 400k which I thought of renting it out for the money. Is this a good plan?
You need a steady income to get a loan
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Old 06-23-2019, 12:32 PM
 
40 posts, read 32,676 times
Reputation: 12
Quote:
Originally Posted by Antab View Post
Housing prices never go down. You have to buy NOW or you will be priced out forever.

Is this true or sarcasm?
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Old 06-23-2019, 10:48 PM
 
Location: San Diego
1,537 posts, read 1,483,006 times
Reputation: 1586
Quote:
Originally Posted by dtryan View Post
Can housing prices go down or is it unlikely in LA's hot market?

Of course they can go down. Nobody knows if, when, or how much.

The hot markets are where decreases are the most likely.
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Old 06-24-2019, 09:31 AM
 
Location: Los Angeles (Native)
25,303 posts, read 21,449,955 times
Reputation: 12318
Quote:
Originally Posted by dtryan View Post
Can housing prices go down or is it unlikely in LA's hot market?
In the L.A area last housing crash the prime areas , like the westside , areas closer to the beach didn’t really crash . A lot of the valley went down a lot from the highs . Houses that sold for $600k at the highs going down to $300k or so for example .

Nobody knows when the next downturn will be , all or pretty much all those bad/risky loans have been worked out of the system so something that severe is unlikely to happen .

If you are planning to only buy a home and live here for a few years , that is a lot different than planning to own for decades or forever .

Prices are back to or more than what they were at least in the L.A area
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Old 06-25-2019, 10:51 PM
 
Location: Memphis, Tn ~ U.S.A.
2,353 posts, read 5,374,455 times
Reputation: 2187
Quote:
Originally Posted by dtryan View Post
Can housing prices go down or is it unlikely in LA's hot market?
They will go down when Trump leaves office. I wouldn't buy anything before the next election
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