New to the site. I just closed on my first rental property. We currently own our primary residence and decided it was time to buy a rental. A bit scary in San Diego because of the price of property.
I found this site last night and already want to buy my next rental. Price range in the area that I like for rentals in San Diego is $300-400k.
What would be you'll advice on buying one a year with 25% down since I like buying detached 2 units to mitigate my risks?
I was thinking refi, but after reading some of these post it may be better not to use that technique? Thoughts?
Location, Location Location. It depends but if you are getting duplex without HOAs and the numbers work you should do fine. Nothing like America's finest city
Thanks @Pam Schuster. The area that I have found has been great! No HOAs and decent prices all cash flow positive with renters off the bat. I spend an average 100 hours per unit looking up stats and figures to make sure they will work long term for my strategy. After looking at over 100 duplexes I finally found two detached cottages that made sense..
@Ryan F. Welcome and congrats. Multi Family all the way. I suggest listing to the podcasts and reading about the BRRR method on the blog/forum for your particular wants. Good luck.
Thanks @Jeb Brilliant ! I agree I am a big fan of mitigating my risk with multiple units!