Hey everyone! My names Braden, I'm a former Marine and I'm looking to get things started within the next year here in sunny southern Cali. I currently own a 3 bedroom, 2 bath, 3 stall garage condo in Anaheim.
Here's my plan to get started:
As stated above, I am currently living in my 3 bed, 2 bath condo and I plan to convert it into my first rental. I purchased the condo with a VA loan so I can not keep the condo as a rental under the current arrangements. I've ran some of the numbers on one of the bigger pocket's calculators to see what I need to hit to be cash positive with my future rental. To achieve this I plan on paying my mortgage down by 50k, once that is complete I will save an additional 50k to hit my 20% requirement that will allow me to refi into a traditional loan. With the 100k taken off I will be able to rent my condo at a much more competitive rate while still remaining cash positive. Once I find a renter for my condo I plan to use my VA loan for another property.
I have some serious reservations about owning a rental in California. I have heard multiple horror stories because of the laws and I know I could use my money more effectively buying out of state properties. The only reason I have for pursuing my current plan is because I want to make sure this is the life path I want to take and I feel more confident being within arms reach of my property.
I don't have experience with owning property and I don't have family that has experience so I am trying to be very conservative in my decision making. Please shoot holes in my plan! I thrive off that kind of input and it will only help me grow.
Welcome to BP community @Braden Getting ! It is a great place to meet new friends and learn about various aspects of real estate and more. Here are a few recommendations for you:
Find and connect with other BP members that are in your area http://www.biggerpockets.com/meet
Set up keyword alerts to be notified of the topics that interest you http://www.biggerpockets.com/alerts
Read Beginner’s Guide http://www.biggerpockets.com/real-estate-investing and check out BP Podcast.
If you wish to tag someone in the conversation on the forum, type @ followed by their name and then select that person below. He or she will be notified of being tagged so that the conversation will continue.
Wishing you the best!
@Braden Getting Welcome my friend!
Feel free to reach out to me if you ever have any questions!
Free eBook from BiggerPockets!
Join BiggerPockets and get The Ultimate Beginner's Guide to Real Estate Investing for FREE - read by more than 100,000 people - AND get exclusive real estate investing tips, tricks and techniques delivered straight to your inbox twice weekly!
- Actionable advice for getting started,
- Discover the 10 Most Lucrative Real Estate Niches,
- Learn how to get started with or without money,
- Explore Real-Life Strategies for Building Wealth,
- And a LOT more.
Sign up below to download the eBook for FREE today!
We hate spam just as much as you
Create Lasting Wealth Through Real Estate
Join the millions of people achieving financial freedom through the power of real estate investing