Updated about 7 years ago on . Most recent reply
Hello, looking to get my first rental property
Hello! My name is Heather I live and work in Los Angeles. I work in the animation industry and though I really love my job, the work is always contract work so once the season is over I have to find a new job. With this instability I was always trying to think of a plan B and I feel like real estate investing is the way to go. I own a condo that I live in and I am currently trying to buy my first investment property. Its tough out here in LA with how expensive it is. Any advice is appreciated. Thanks!
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Manolo D.
#3 Contractors Contributor
#3 Contractors Contributor
- Contractor
- Los Angeles, CA
@Heather Collins First you have to find a lender that will lend to contract work, the best will be to find a lender who lends to 1099, work instability is the most frowned upon loop in lending. However if you have wquity on condo, it is best you leverage that to the buy. I like better rewards on shorter timeline, that said, i believe your best bet is outskirts in LA, a 2-3 hr drive to buy something and rent them off.