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Expensive coastal real estate
3 posts by 2 users
Tony S.
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Looking at Properties on the California coast where prices for single-family homes rarely head below 350K and even condos start above 250K...it seems unwise to begin a career in real estate investing here. Occasionally though, I will see a 1-bedroom condo in Los Angeles or San Fran in the low-100K range or so...or maybe a 2 or 3 bedroom condo for 150K. It seems like a good deal for coastal standards... Obviously a number of these foreclosures may have their share of " catches" (location, distressed, etc..) and would need due investigation, but all things considered, would you conosider it a reasonable approach to begin a real estate investing career on properties like these if I live on the west coast? (I would prefer to start local before trying to purchase RE remotely) Thanks! |
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P N.OR
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There are some areas of Los Angeles that really are not very nice. Also, LA has very unreasonable rent control. It's hard to imagine anything in San Francisco proper for $100,000. Not even in the very worst area. San Francisco also has rent control. Condos have a couple of problems as rentals. You will be held responsible and fined for your tenant's behavior. Some condo assocoiations do not permit rentals. HAs can and do change the rules after you have already purchased. If the HA has been badly managed and a major repair is needed, there might possibly be a very large assessment againt each unit. |
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Tony S.
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Thank you much for the information. It seems tough to make a career out of REI out here. I need to either invest remotely or move to a more lucrative area. I want a large portfolio of rental properties at the end of the day... and California is making it real tough to achieve that goal. I just really love Cali.. |
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Posted: 03/24/2008 at 11:15PM
