I have never bought property in California, or any where else for that matter. I have a decent credit rating, not the best in the world; eventhough I would like to stop renting and buy a property in the near future. I am looking into buying a rental building to be able to live in one of the apartments meanwhile I also rent out the other apartments. I would manage the building, it would be my full time job. Is it possible to get a loan with a down payment, the proper research and pro forma and projected cash flow? I am still in diapers when it comes to all of this, but I am trying to learn all I can before I go to a lender.

It is safe to say that a rental building in california may be around one million +
Rent in Los Angeles, CA varies at 600 - 1200 for a one bedroom apartment depending on location and how near the building is to the beach. If you are looking into a building that has 2 bedroom apartments, rent goes up from 1000 - 2500, once again, depending on location.

I am looking into an area that is in East Los Angeles, where rent can vary from 600 - 1200 for a one bedroom or 2 bedroom.

Thanks!
Heavensgypsy

I am trying to figure this one out...what number of units will this building be? That will determin if this is a commercial or residential loan. Once we find this out, I can help you figure out what type of loan we need for you.