I have only been on BP for a few weeks. We are based in Australia but looking to move to California next year with my wife (US citizen) and our 3 kids. Well I flew into LAX on Friday for a 3 day research trip to look at some areas to live. Well I ended up buying a house !!
Temecula CA in the wine region. 3 bed 2 bath renovated property 2500 sqft on 2.5 acres.
Bank valuation - $540,000
Purchase price - $485,000
Finance terms (Owner Finance)
$100,000 down and 5.15% P&I rate
This is my first deal in US and will be our family home when we arrive next year. We are hoping to secure a tenant for $2,000 roughly per month. We also have an additional $100,000 in cash to renovate we are planning to add 4 bedrooms, 2 bathrooms, 1 lounge room and a pool :)
Let me know what you think please
PS. A massive thank you to Wendy Timmons who has helping me put this deal together. She found the property and initiated negotiation with the owner. Was awesome to catch up and get the party started !!!!
A big congrats to you down under. What a lovely location. Is this strictly going to be a rental investment for you?
It has been my pleasure!! This is the start of an awesome journey for you and your family!
CHEERS TO the start of building your US portfolio!
Very cool welcome to temecula! I know were all the good spots are ask if tou need to know any haha. New member here as well!
Tons of shopping tons of resturants lots wine lotsxof things to do.
We will rent the property out until we arrive. We plan to live in this house for a long time :)
Thanks Robin !!!
Great post, proof that when you put your mind to it and work with good people you can be successful. I'm in the Riverside area and know that craigslist works well for good renters.
Congratulations on your purchase!!! This is a GREAT DEAL for the wine country. I live out by Temecula (20 minutes away) Temecula will only increase in value over time.
They currently have around 43 wineries with more on the way. It is a tourist destination with people coming in regularly from San Diego, Orange County, and Los Angeles . The Mayor has big plans for this city. As far as it being a rental property, if it is way out there, it might not appeal to the typical family as it is a ways out from the freeways and Temecula is a commuter town. HOWEVER, it could appeal to the renter who works from home and loves wine! ; )
Also, the wineries close at 5pm (except for the ones that have restaurants and music) so Rancho California can get busy during that time and you may find yourself having to time when to leave or come home. Besides, that, you and your family will have a great time!!
Welcome to the neighborhood, great weather around here !
Distance wise I would say it's only 4 miles into wine country it's really not far at all which is a bonus
Congratulations on your purchase!
Read up on tenant screening before you put someone in there. Here's How to Screen Tenants and How to Rent Your House. It is far better to have it empty for a short period waiting for the right tenant, than to rush to put anyone in there, and then have to deal with eviction and repairs.
Good luck and welcome to the US! Wine Country, CA is a great place to live!
I think buying a home is fantastic. It really depends on your goals. If your goals are to have a really nice primary then absolutely dump 100k into it for a bedroom and a pool. However I believe you said this is a rental? Why would you spend that kind of money for a pool? On a rental? You could utilize that money in far better investments. If you plan on living there for ever then do it. If you plan on renting it then do not. Those upgrades will not see the returns you could get by buying more rental property or even another primary. Best of luck
It will only be a rental until my green card is approved. Then it will be home sweet home
Congratulations! We have friends in Temecula, they bought their house over 20 years ago, and overlook a winery. We've been there many times, it's gorgeous. You'll love it.
@Wendy Timmons hope all is well bringing back a old thread see if they still own that home in Temecula. I am looking at houses and properties in Temecula as we speak. I found 20 acres for sale for 150k!
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