Quote from @Glen Wiley: No appraisal needed.

Quote from @Glen Wiley: I haven't seen this lately but be careful and read the terms - there are often terms in the mortgage that preclude using the second home as an income property or limit the number of days you can be paid rent on it.

Thanks @Glen Wiley!

@Glen Wiley Not necessarily true.

Quote from @Glen Wiley: One of the most powerful ways to start building a rental portfolio is by moving and using your previous primary residence as a rental, this is because you will have a lower interest rate on the mortgage than investor loans written at the same time on the same property.I regret the many times we sold our primary instead of renting it out over the past 30 years.Thank you!

Quote from @Glen Wiley: Quote from @Melissa Umeda: Thanks,really appreciate all of your perspectives.

Since you're in LA, you might want to look into nearby areas like Riverside or San Bernardino for more affordable options.

Quote from @Glen Wiley: Quote from @Daniel Rabinov: But I am setting the minimum because I'm not interested in areas that homes sell for $200K In the interest of helping you think through this...why?

Welcome Glen, Thank you for your service!

@Glen Wiley actually in your case I am going down $100.My current rent is $2400 and they asking for $2200