Buy Income property in Silver Lake or Echo Park and get help paying your mortgage

Buy Income property in Silver Lake or Echo Park and get help paying your mortgage. Owning in a home is still the American Dream, but it's tough to be able to afford your dream home right off the bat.  If you are currently renting a 1 or 2 bedroom apartment in Silver Lake or Echo Park, do you really need a view mansion in the Hollywood Hills to live comfortably?  Why not start off with an income property instead of a single family home and stop throwing money away on rent?  As long as you buy 4 units or less, you can still qualify for conventional financing. Beautiful, but does this have to be your FIRST home? Not to be one to give advice I wouldn't take myself, this is exactly what my husband and I did when we bought our first property.  We wanted to live in Silver Lake and realized that rentals near the Silver Lake Reservoir were commanding great rents.  Why not buy ourselves a place to live that would also help our bottom line? We lived in our duplex for 5 years before buying a house and that Silver Lake duplex is even a better investment for us now than it was when we bought it. I've heard the "I don't want to deal with tenants" line a million times.  Well, if you are currently renting, you are a tenant. Would you not be willing to rent to someone like yourself?  When you buy a house, you don't get to choose your neighbor but if you buy a duplex you actually DO!  How many rowdy or unmanageable renters would be interested in living downstairs from our next door to their landlord? Personally, we never had issues with any of the tenants who ended up being our closest neighbors. Silver Lake and Echo Park are great places to own income property. The neighborhoods command great rents and nice rentals are in high demand.Talk to your tax advisor about the benefits of owning income property. You already know the tax benefit of writing off mortage interest.  Did you know that income property can be depreciated as well?  That's right. When you buy income property and only ower-occupy a portion of it, there's the added tax benefit of of being able to depreciate the part of the property you are renting out. That can offset the taxable income from the rent you receive.  Your tax advisor can fill you in on all of the details. We were able to depreciate half of our Silver Lake duplex while we lived there, and now that we rent out the other half as well, we can depreciate the entire buidling.  It's a huge tax advantage that many would-be buyers are simply not aware of. If what I'm telling you gets you at all excited about the possibilities, then read on!  Here are but a few Silver Lake area properties worth checking out.  They'll get you out from under paying rent, help you build equity and provide tax benefits you may not even have been aware of before.  Silver Lake is under Los Angeles Rent Control so the following properties are especially good choices since at least one unit will be delivered vacant and ready for you to move in without having to pay relocation costs to existing tentants. If you'd like to see any of these, give me a call on my cell and I'll make arrangements! I can also supply you with information on the most current rent control laws in Silver Lake, Los Feliz, Echo Park, Eagle Rock and other parts of Los Angeles as well as help you determine cities in Los Angeles County that do not currently have rent control. This Spanish duplex is listed in the mid $7's.  Each unit is more than 1800 sf of living space. There are no Silver Lake houses for this price offering that much room and you get income for the second unit on top of that! Just a block away from Sunset Blvd and close to both Silver Lake and Echo Park restaurants and shops. This triplex is within walking distance to Sunset Junction and one of my favorite haunts, The Cheese Store of Silver Lake. You can live the 3 bedroom, 2 bath house and get rent from the duplex in back. The house can be delivered vacant.  It's a great buy at $699K. Talk about a real bargain - this Echo Park duplex is a steal at $495,000. Both units will be delivered vacant so you can choose your tenant and set your own rent.  At 2 bedrooms each, maybe you could buy this one with a friend and both of you can stop paying someone else's mortgage. These are just a few of the currently available Silver Lake area income properties you might consider. For a complete list of available properties and more information on owning income property in Silver Lake and surrounding neighborhoods, give me a call. It would be my pleasure to start you on your way to owning investment property. For more information on Silver Lake, Echo Park, Los Feliz, and surrounding areas, contact me directly at 213-215-4758 or check out LApropertySolutions.com Jenny Durling Broker Associate L.A. Property Solutions 213-215-4758 info@LApropertySolutions.com LApropertySolutions.com