I live in a very expensive town , Ojai in a very expensive part of the country,California. I have been looking to buy a house with a converted garage to live in while I rent out the house.
The place I work and have friends has 2 and 1 places that need 50 to 100 thousand repairs in order to move in and the asking price is around 450. There is no trouble getting renters.
The houses in another neighborhood 40 mintues away in Ventura on the Ave you can get so mush more house for less- however its a mixed area-theres beautiful houses ad there are gangs.
I feel discouraged buying in Ojai there are not many houses in my price bracket and 30 or so buyers looking then the bidding starts.
I've been in Ventura County since 2001 and have seen that Ojai attracts a certain buyer. Although not everyone would want to live in Ojai, it seems like those who do are anxiously waiting for anything to come on the market and then are willing to pay what they have to in order to live there.
As for the Avenue, it all depends on your comfort level. As someone who has lived in different neighborhoods throughout Southern California, I would not be opposed to living off of the Avenue if I only had myself to consider. But seeing that I travel frequently for work, I'm not sure I would be comfortable leaving my wife there alone to fend for herself for several weeks at a time.
Not sure how far you are willing to commute, but you can also check out parts of Oxnard, Santa Paula, and Fillmore.
Hello Coline. Unfortunately our area is low supply/high demand right now and I understand it can be discouraging. My advice would be:
(1) Do your homework on rental rates in the areas you are considering (Ojai, the Avenue, etc)
(2) Visit all the neighborhoods you are interested in to see if (a) you can picture yourself living there and (b) look at it from your future prospective tenant's viewpoint (close to schools? etc).
If you have $X to spend on a house, you might get a bigger one on the Avenue versus a small cottage in Ojai, but do the math to see how much of the mortgage your future renters would cover, and take the "value" of where you want to live into consideration.
One of the biggest pitfalls we've seen investors make during our real estate research at algoreit.com is limiting themselves to a specific market (city).
By looking for opportunities in a limited area, investors may suffer losses of 15% or more during investment lifetime.
I encourage you to boarden you search - you might be surprised with what you'll find.
We are now starting to publish our research findings on: blog.algoreit.com
Best of luck!
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