It's too bad the lending standards aren't as lax as they were in 2007.

[Chuck5000]

Something tells me the OP does not have the social skills to successfully manage a property, since a crucial skill is selecting and communicating with tenants.

[Perma Bear]

Originally Posted by Ultrarunner

I found it impossible to get a loan starting out... had income and savings... problem was the income was from several part time jobs.

Got to the point where I found a home I could buy with cash... it was the cheapest home list on the MLS at the time and I got it for 1/3 of list price... it was that bad and had a condemnation hearing coming up...

Making the payments have never been a problem... don't need a lot of income when you still drive the $800 car you bought in High School and never buy anything new or have any non mortgage debt.

The lending standards are not designed for people like me... one lender simply didn't believe I could save as much as I did... even when I showed that I had been paying into Social Security since age 12...

Growing up as far back as I can remember I was told to save money so I could buy a house later... I'm talking like $50 I got from my Grandmother on my 5th Birthday...

If lenders did what they are supposed to do in California there would be little risk in that a purchase money fist loan is non recourse... the only security is taking back the home... as it should be.

Past performance is no guarantee of future results... someone could have the best job ever and lose it the next day...

What Sonarrat said has been my experience... rental income is deeply discounted if considered at all... at least this is my experience in the 1-4 unit properties.

In the Bay Area you could replace the tenant who lost his job with 3 migrant workers desperate to pay or do anything for rent.

[Ultrarunner]

We still do have restrictions and I have run into this before... as to the number of unrelated parties in one dwelling...

My only encounter was renting a home to students... when the inspector came out all was OK because two of the students were cousins.

When you run a legit above board operation a lot of problems are eliminated.

Those that skirt the codes and laws tend to have more problems and rightly so.

One of the biggest traps is accepting money under the table when renting through a subsidized program... the tenant then owns you.

The other one is renting an illegal or not permitted space...

There is a lot to being a Housing Provider and much more than just a few years ago... Landlords are held to a higher standard because they are running a business.