the state of California did introduce a program California First Time Buyers program also referred to as CHDAP. http://www.calhfa.ca.gov/homebuyer/programs/chdap.htm
It is a good program you can utilize for down payment or closing costs if you do not have sufficient funds.
Would love to talk to you about it. If you are looking in East LA I have a house that would fit this program.... more
Rents are under pressure in the Los Angeles South Bay. Classic supply/demand. If you are looking strictly for cash flow there are opportunities in near-by South Bay cities where the GRM is around 10.0
For a combination of location, appreciation and cash flow, I like the Redondo Beach market at this time.... more
I see from your zip code that you are in Los Angeles. Most loans in California are non-recourse - which means the only security the lender has on the their loan dollars is the property itself. If your investment property is in California and has a non-recourse loan then your principal residence may be ok. I highly suggest you speak to your lender and an attorney to see what the real situation is. Before losing your investment property - request from the lender a restructuring of the loan. Many lenders are now being cooperative with this workout. Best of luck.... more