I purchased my first house in 2011 (270K), I am realizing now that it was the to buy, the only downside is that it is not in a good area, bad school district, and I had a few break ins. I am considering buying another house (350K) in a better area and rent this property. My first challenge would be getting a loan, renting my current property and finally trying to buy another house right now in a better are seems challenging. I am reaching out to this community to get advice and better ideas? I currently live in the Inglewood/CA, but I work in Santa Monica/CA.
The first step would be to contact a lender and find out how much of a loan you would qualify for. You may be stuck selling that house in order to get a house in a better neighborhood.
I'm in Southern CA and I can help you with your situation. You need to either qualify for a loan for a "second home" with a convention lender, or qualify to purchase the second house as an investment property. It's all about the lowest cost loan. Do you have equity in your current home. Contact me and I will go through the details of your specific situation.
God Bless You!
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