First purchase in Temecula CA !!!

16 Replies

Hi everyone

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

Boyd

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 !!!!

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.

Jim

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!!

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

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. 

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