Updated over 1 year ago on . Most recent reply
New To Investing
Hi Everyone,
Trying to figure out the best way to go about getting my first rental property. Ideally was thinking a duplex, triplex, or quadplex to get started and use an FHA loan but I also have a private lender that can possibly help with up to $200k worth of a down payment. I want to find something local (Los Angeles area), move in, do small renovations to possibly build up more equity, do a 1031 exchange, and find something better.
Thoughts? Suggestions?
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#5 Starting Out Contributor
- Real Estate Consultant
- Mendham, NJ
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#5 Starting Out Contributor
- Real Estate Consultant
- Mendham, NJ
LA is a tough market for that. Now, with the ADU rules, developers are buying anything close with some extra space so there may only be scraps left that wouldn't pass FHA or would price you out. I would not want a private lender on the downpayment because you would be starting your first investment with two loans. Look up Barbara Isabel on social. She knows all the nooks and crannies of LA multifamily.
- Jonathan Greene
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