Real Estate Rookie

[Uli Reynaga]

Hello,

I became aware of this community approximately a year and a half ago and it has been a great resource! I listen to the podcasts and read the forums on a regular basis. BP helped me find information as I made a big leap and purchased a triplex in Boyle Heights (Los Angeles) a year ago. I also have a vacation home in Big Bear that I purchased before thinking about investing in multifamily units.

I can relate to others, where I immediately started to think about how to obtain a second investment property after buying the first one. However, I have hit a roadblock; properties in LA are expensive and a 25% down payment is no joke. I wanted to leverage the equity of this property in order to help me come up with another down payment. However, the comps in the area will not give me a high enough loan to value in order to secure that.

Needless to say, I do feel stuck and think that perhaps I just need to wait a bit, save more money, and wait for two years for a bank to consider the rents as income. I'm reading about alternative ways to borrow, but I am wary of higher interests/risks. Any thoughts on how to move forward?

Thank you in advance,

Uli