Hello everyone.

I'm going to be moving to Southern California, and I'm tired of paying someone else's equity/rent. Not exactly the cheapest market to be a first time home owner, but looking for tips.

Anyone have a good guide they used?
When to start the loan process?
Any recommendations on lenders (either VA loan or physician loan or conventional)?
Picking a realtor (is word of mouth good enough)?
Any tips for buying from out of state (completely across the country in Virginia)?
Anything else to know?

This won't be a forever home. Probably will live there a few years and then either sell or turn into an investment property.

Thanks

can't go wrong with this family

I wrote this book for first time homebuyers in Texas but honestly I think it applies to most of the questions you are seeking answers to. It's short and to the point.

https://www.amazon.com/Buying-Your-First-Home-Texas-ebook/dp/B0CRJ2NHYV/ref=mp_s_a_1_1

Thanks. I'll check it out.

A question for you. I've asked a couple people for recommendation on realtors, and they've given me contacts for their realtor who they all state was great. Any tips on choosing one? Like would you just email multiple? Or is it in your book?

Martin Q. Blank said:

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I'm going to be moving to Southern California

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Any tips for buying from out of state

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This won't be a forever home. Probably will live there a few years

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Rent. Do not buy.

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What makes you say that? I know the market is constantly changing, but I figure even if home prices go down, I can turn it into a rental. There's such a shortage of good housing in that area.

There is a section dedicated to selecting a realtor. Definitely get recommendations, but do your due diligence on them before hiring. Lots of bad agents get recommended from well meaning friends and relatives.

bigtruckguy3500 said:

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Martin Q. Blank said:

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I'm going to be moving to Southern California

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Quote:

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Any tips for buying from out of state

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Quote:

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This won't be a forever home. Probably will live there a few years

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Rent. Do not buy.

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What makes you say that? I know the market is constantly changing, but I figure even if home prices go down, I can turn it into a rental. There's such a shortage of good housing in that area.

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1. Buying a house is kind of fun. Selling one is not. If you only plan to be there a few years, don't go through the hassle of trying to buy/sell at the same time.
2. You'll most likely lose money. Since your sole reason for buying is you're "tired of paying someone else's equity/rent", your goal will not be accomplished.
3. Even if this was going to be a forever home, you're out of state. Go rent in the area you think you like to try it out.

OP, any chance you'll put some sweat equity into it? I'm not advocating a 100% reno job. However, if you get a house that is dated, you can update it yourself and increase your equity.

In other words, are you handy?

If you consider this option, you'll find that you'll need to double your budget and double the amount of time you think it will take you to do various projects. This is the voice of experience. Something as simple as measuring, ordering, removing old, and hanging new blinds always takes longer than I think it will/should.

Today is my 2nd day as a reformed, retired mortgage guy so take this for what it's worth.

I assume you're both a veteran and physician since you mentioned those loans.

Find a reputable mortgage person to get a better understanding what you might qualify for. Just a starting place and you aren't married to or obligated to that guy.

No point looking at properties outside your capabilities.

I'm not opposed to putting in a little work on basic upgrades and fixes. Usually my limitation is my tools, not my skills. But for some jobs it's all about the tools.

That being said, not particularly looking for a big fixer upper. But that's a good consideration.

I messaged a guy in the area I'm looking to purchase off the referral from someone that just got a VA loan through them. He seems big on VA loans and says he can beat the big guys (USAA/ NavyFed). I'll continue to shop around though.

I'm assuming they'll all ask for W2s, and retirement account statements and such? At least the first guy did.