Looking to buy my second property and renting out my first.

[Geoff Regan]

I have a single family home In Los Angeles.  Currently getting into rental shape.  I have just started working on getting my un permitted guest house permitted as well.  I work in the entertainment industry and the W2 income has diminished because of the strikes going on.  Any suggestions on the best way to get a property now?  When I get this place rented, it will go for well over what my mortgage, tax and insurance payments are.  I also have a heloc available to use. 

[Josue Rosa]

Hi Geoff. You have a lot of different options, especially with a HELOC at your disposal. How much equity would you access with a HELOC, and would you be seeking traditional financing or creative? Are you only looking at publicly listed properties or off market opportunities as well?

What type of property are you interested in and where? Considering a multifamily property may allow you to qualify for a higher purchase price as you can factor in rental income.

Are you factoring in the various costs and responsibilities associated with renting and managing a home, let alone knowing tenant law and the time commitment? Focus on updates that will limit your liability and actually increase your rental income.

We do residential and multifamily sales in Los Angeles County as well as property management, and these are some of the question we ask out investor clients before they pull the trigger on a purchase or renting out their property. Find having a good