Investment in So.Cal area (75-100k)
Hey everyone. Just purchased my first investment property out in La Quinta area for STR. Due to covid we havent been able to rent anything out.
— I’m currently renting in LA and was considering my 100k saved towards my own home purchase here (800k limit for my prop) or putting the 100k towards an investment and using that cash flow to pay my mortgage/rent for now. Realestate here in LA is pricey and not too sure how much cash flow it would produce. Anyone in/was in a similar situation that can give me some insight.
I think if I buy my own property with 100k down and collect rent from my stepbrother who’d live there (approx 1700 a month) I’d be paying the same I do in rent which is (2k) + his rent and I’d have my mortgage covered and have equity but would be a lower tier home for 800k here in LA and would eventually wanna move..
If I purchase another investment property, I’d have equity paying the mortgage off (with little out of pocket monthly if rented) and possibly even cash flow. Could sell in a few years and get my 100k + what property is worth for an actual home I’d like to live in.
if anyone is looking to do a duplex or some sort of Realestate investment in LA area I’m super open to it.