QOTW: What is your “dream property”?

Fort Worth, TX · Member since 2020 · 1k+ posts · 2k+ votes

Welcome to our "Question of the Week"! We have all likely looked at, or even bought a fair amount of real estate in your career. Despite all that, we all have that property type that would be our dream. Do you own it? Are you planning to purchase your dream property? How long into your search did it take to find it? What did you learn from buying it or what do you think you can learn from buying one?

Let's hear about reaching those dreams!

[email protected]Podcast Guest on Show #204

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Rob PattisonPro Member

Specialist · Hermosa Beach, CA · Member since 2016 · 94 posts · 55 votes

My dream property is a property I own in Costa Rica, which is a 2 bed/1 bath on 13,000 square feet of land within 60 seconds walk to a surfing beach, in a small beach town of 500 people, located 25 minutes drive from a larger beach down.

I plan on building a surf shed to house surf boards, a large swimming pool, a bbq area, fruit trees throughout the property, install a streem with a small waterfall and fish, then tear down the existing house a couple years down the road and put in a 5 bed/6 bath house, use it for myself every 90 days, going there with family and friends, the rest of the time rent it out short term rental. My property manager is a super-host with Airbnb.

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Daniel Dukeman
Member since 2022 · 5 posts · 7 votes
4y
I currently only have 1 REI property but I am looking to expand my portfolio. That being said my dream property(s) would be a MFU. I've always liked the idea of having one property bringing in multiple incomes. If one renter moves out your still bringing in income from the others.
6 Reply
Rocki SanchezBusiness Member
Real Estate Agent · Orlando, FL · Member since 2021 · 4 posts · 10 votes
4y
Great question! My dream property is definitely a building with 10 units or more!

The plan is to have one of those in our portfolio by end of year!

What's your dream property @Alicia Marks?
[email protected]407-738-7989
3 Reply
Austin Johnson
Investor · Jefferson City, MO · Member since 2020 · 190 posts · 178 votes
4y
I like this idea. my dream property is an apartment complex. 100+ units all in one location.
the first time I ever moved "away from home" I moved into one of those and that's where i discovered REI. ever since it's been a dream to own one!
5 Reply
Everest HarkeyPro Member
Rental Property Investor · Colorado Springs · Member since 2020 · 29 posts · 19 votes
4y
Woah, great question! I have quite a few dream properties that have yet to be mine, one of which being an STR out in the CO Rockies.
3 Reply
John Teachout
Rental Property Investor · Concord, GA · Member since 2015 · 3k+ posts · 3k+ votes
4y
Our "dream property" is a 3/2 built after about 1980 as that is past most issues with lead paint, asbestos, etc. We have a few that fit our criteria but most don't.
3 Reply
Austin F.
Investor · MI · Member since 2015 · 227 posts · 478 votes
4y
Great returns, and minimal management besides that I don't care what it is.
5 Reply
Eric James
Investor · Malakoff, TX · Member since 2017 · 2k+ posts · 2k+ votes
4y
Don't get emotional about real estate.
6 Reply
Rob PattisonPro Member
Specialist · Hermosa Beach, CA · Member since 2016 · 94 posts · 55 votes
4y
My dream property is a property I own in Costa Rica, which is a 2 bed/1 bath on 13,000 square feet of land within 60 seconds walk to a surfing beach, in a small beach town of 500 people, located 25 minutes drive from a larger beach down.
I plan on building a surf shed to house surf boards, a large swimming pool, a bbq area, fruit trees throughout the property, install a streem with a small waterfall and fish, then tear down the existing house a couple years down the road and put in a 5 bed/6 bath house, use it for myself every 90 days, going there with family and friends, the rest of the time rent it out short term rental. My property manager is a super-host with Airbnb.
9 Reply
John Teachout
Rental Property Investor · Concord, GA · Member since 2015 · 3k+ posts · 3k+ votes
4y
Originally posted by @Rob Pattison:
My dream property is a property I own in Costa Rica, which is a 2 bed/1 bath on 13,000 square feet of land within 60 seconds walk to a surfing beach, in a small beach town of 500 people, located 25 minutes drive from a larger beach down.
I plan on building a surf shed to house surf boards, a large swimming pool, a bbq area, fruit trees throughout the property, install a streem with a small waterfall and fish, then tear down the existing house a couple years down the road and put in a 5 bed/6 bath house, use it for myself every 90 days, going there with family and friends, the rest of the time rent it out short term rental. My property manager is a super-host with Airbnb.

How you going to fit all that on a little over 1/4 acre?

1 Reply
Bradley Rieger
Rental Property Investor · Medford, NJ · Member since 2018 · 41 posts · 18 votes
4y
Great question! Well my dream property would have to be a beach house down at the jersey shore in Harvey Cedars. I could either rent it out all summer have it pay for itself and I get to enjoy it during the offseason or just use the house for myself!
3 Reply
Account Closed
Real Estate Agent · Portland, OR · Member since 2021 · 3 posts · 5 votes
4y
Awesome question! My dream property would have to be a vacation home in Coronado, CA. Sunny skies and beautiful beaches, with a ton of great history to go with that area.
Investment-wise, I want to eventually own an apartment complex (10+ units) in the next few years.
5 Reply
Jake Wiley
Investor · Charleston, SC · Member since 2022 · 233 posts · 198 votes
4y
To me, this is a moving target. I remember when I was much younger having a newly built 3/2 in Charlotte, NC that my brand new wife and I could call our own was all I ever wanted. We were crystal clear on what we wanted and made it happen! Then we got into looking for our first investment property, and again we got crystal clear on what we wanted and made it happen.
Fast forward nearly 20 years and we've been able to do it over and over again. The moral of the story for me is that when you can see it clearly and have your eyes and ears open you will find a way to make it happen. There is definitely a big difference between a daydream-type property, where you tell yourself it's not real, and the type of dream that lights a fire and brings you toward it.
4 Reply
Jared HottleBusiness Member
Real Estate Agent · Cedar falls IA Waterloo, IA · Member since 2020 · 902 posts · 549 votes
4y
Duplex, vacation house hack (is that even a thing lol) STR in the Rocky Mountains. One side is constantly rented short term. Other side is for my friends, family and me to enjoy. Probably a huge opportunity cost lost but hey if the other side pays for it, who cares!
[email protected]319-288-5382
Jared Hottle Real Estate59 Reviews
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2 Reply
Tim Giddings
Member since 2021 · 4 posts · 6 votes
4y
Big property (10-15 acres)
Southwest (Arizona, Nevada, New Mexico, Utah)
10-12 custom built small (300-600sqft) short term rentals of varying unique architectural styles where the homes themselves would be an attraction for renters.
A corner acre to myself for my own home where I could live and work on designing more unique tiny houses.
6 Reply
Franklin Romine
Visalia-Fresno, CA · Member since 2009 · 1k+ posts · 863 votes
4y
Dream property is anything I've purchased and currently own and any future property I purchase that has an infinite return. I want more error messages on the calculate when we figure how much the return amount is on having no personal capital in the deal. To clarify a Dream Property... I might have personal capital in a project at purchase, but at some point down the road I will have refinance the assets to pay myself back.
1 Reply
Alicia MarksPro Member
OP
Fort Worth, TX · Member since 2020 · 1k+ posts · 2k+ votes
4y
Quote from @Rocki Sanchez:

Great question! My dream property is definitely a building with 10 units or more!

The plan is to have one of those in our portfolio by end of year!

What's your dream property @Alicia Marks?

Mine is an oceanfront house or lake house. I grew up around water and it brings me a lot of peace. Even better if I can have a few and rotate through them for myself! I'd also love to own a historical property, as I love old houses, but don't have any that are what I'm looking for near me.
[email protected]Podcast Guest on Show #204
1 Reply
Alicia MarksPro Member
OP
Fort Worth, TX · Member since 2020 · 1k+ posts · 2k+ votes
4y
Quote from @Eric James:

Don't get emotional about real estate.

Does that apply for your personal residence as well? I'm much more objective about my investments, but a personal home has to "feel" like home.
[email protected]Podcast Guest on Show #204
0 Reply
Alicia MarksPro Member
OP
Fort Worth, TX · Member since 2020 · 1k+ posts · 2k+ votes
4y
Quote from @Rob Pattison:

My dream property is a property I own in Costa Rica, which is a 2 bed/1 bath on 13,000 square feet of land within 60 seconds walk to a surfing beach, in a small beach town of 500 people, located 25 minutes drive from a larger beach down.
I plan on building a surf shed to house surf boards, a large swimming pool, a bbq area, fruit trees throughout the property, install a streem with a small waterfall and fish, then tear down the existing house a couple years down the road and put in a 5 bed/6 bath house, use it for myself every 90 days, going there with family and friends, the rest of the time rent it out short term rental. My property manager is a super-host with Airbnb.

Sign me up! I've wanted to stay somewhere longer term to improve my Spanish.
[email protected]Podcast Guest on Show #204
0 Reply
Jim K.
Handyman · Pittsburgh, PA · Member since 2018 · 5k+ posts · 13k+ votes
4y
I wanna own a casino. Barring that, the White House. Really, any place that has a lot of idiots throwing around money.
7 Reply
Alicia MarksPro Member
OP
Fort Worth, TX · Member since 2020 · 1k+ posts · 2k+ votes
4y
Quote from @Jake Wiley:

To me, this is a moving target. I remember when I was much younger having a newly built 3/2 in Charlotte, NC that my brand new wife and I could call our own was all I ever wanted. We were crystal clear on what we wanted and made it happen! Then we got into looking for our first investment property, and again we got crystal clear on what we wanted and made it happen.
Fast forward nearly 20 years and we've been able to do it over and over again. The moral of the story for me is that when you can see it clearly and have your eyes and ears open you will find a way to make it happen. There is definitely a big difference between a daydream-type property, where you tell yourself it's not real, and the type of dream that lights a fire and brings you toward it.

That's a great point! As I move through different stages in life, I have different styles and things that I'd appreciate. When my kids were younger I wanted the big house with room for memories, now that my kids are in high school, my design style has changed. I would love a smaller more modern house or condo that is in a walkable community with restaurants and activities where I don't have to rely on a car. Probably enough room for my kids to visit, but not roomy enough for them to want to come back. ;)
[email protected]Podcast Guest on Show #204
2 Reply
Alicia MarksPro Member
OP
Fort Worth, TX · Member since 2020 · 1k+ posts · 2k+ votes
4y
Quote from @Jared Hottle:

Duplex, vacation house hack (is that even a thing lol) STR in the Rocky Mountains. One side is constantly rented short term. Other side is for my friends, family and me to enjoy. Probably a huge opportunity cost lost but hey if the other side pays for it, who cares!

I've seen a few lake properties with a pool house or small apartment. It's definitely doable!
[email protected]Podcast Guest on Show #204
0 Reply
Alicia MarksPro Member
OP
Fort Worth, TX · Member since 2020 · 1k+ posts · 2k+ votes
4y
Quote from @Tim Giddings:

Big property (10-15 acres)
Southwest (Arizona, Nevada, New Mexico, Utah)
10-12 custom built small (300-600sqft) short term rentals of varying unique architectural styles where the homes themselves would be an attraction for renters.
A corner acre to myself for my own home where I could live and work on designing more unique tiny houses.
Do you currently do tiny houses? I stayed in a micro suite hotel and it was so efficient at using space that it didn't feel small at all. I considered trying to build one on my property just to try out some design concepts.
[email protected]Podcast Guest on Show #204
0 Reply
Alicia MarksPro Member
OP
Fort Worth, TX · Member since 2020 · 1k+ posts · 2k+ votes
4y
Quote from @Franklin Romine:

Dream property is anything I've purchased and currently own and any future property I purchase that has an infinite return. I want more error messages on the calculate when we figure how much the return amount is on having no personal capital in the deal. To clarify a Dream Property... I might have personal capital in a project at purchase, but at some point down the road I will have refinance the assets to pay myself back.

I've been very careful about selecting properties I purchase. I've been doing BRRRs and I'm finally at the point of starting to refi out of them. I'm getting infinite returns and even able to pull extra cash out of my deals by passing on a ton and jumping on potential!
[email protected]Podcast Guest on Show #204
1 Reply
Ryan Copeland
Rental Property Investor · Columbia, SC · Member since 2020 · 244 posts · 275 votes
4y
Originally posted by @John Teachout:
Our "dream property" is a 3/2 built after about 1980 as that is past most issues with lead paint, asbestos, etc. We have a few that fit our criteria but most don't.

Why is that your dream property?
0 Reply
Ed Hoffmann
Member since 2022 · 25 posts · 19 votes
4y
2 Reply

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