Quote from @Kyle Jenson: Hello guys, I found this page through the podcast and the book, Rental Property Investing.

They are all going to be "DSCR" loans as the lenders consider the income the asset produces in their underwriting, not the guarantor's income. 

This may need to be renamed to Mike's deal of the quarter!

@Christina Henderson welcome to the forums!

Last year I opened a Roth IRA with Fidelity and contributed the $7,000 max, forgetting I also have a Roth with Acorns which $1,400 was contributed to through weekly direct deposit.

The person in the response above who got crushed by a $5000 repair never did have $100-200/mo. cashflow.

The thing to keep in mind, if you expect to cover the costs of doing the upgrades, that typically is "chasing rainbows" unless you bought below value to begin with.Moral of story, if you are planning on living in a property for a long time, renovate to your taste, if you are planning on selling in the next 5 years, be judicious in upgrades.Selling costs money, real estate agents, escrow, title, and concessions and so on.

He’s helped out quite a few of my clients in the area and will be able to do the same for you. 

If you plan on staying in LA and aren't moving elsewhere, I'd follow the advice others are giving and continue saving money for the next 12 months.

But here goes, I would not wait, I just bought 3 brand new houses and got 4.75% fixed for 30 years and 4.25% fixed for 10 years then variable for thenext 20 years.