Santa Barbara County, Ventura County

[Daniel Jodrey]

Hello all, I have been in Santa Barbara for roughly 4 months and learning about the market here and nearby. I have no properties at this time but have been taking the proper steps to buy my first. My wife and i have roughly 50k saved and have been researching and learning as much as we can. My overall goal is to buy a duplex or triplex that i am able to owner occupy. I know that there are some benefits for a First time homebuyer as well as owner occupany for loan purposes and other benefits. I just cant see any properties that would make sense with this strategy and i feel like in the end would still have a high mortgage and losing money. Please if anyone in this area can give me some insight. We have looked in Northern Santa Barbara Countu such as Lompoc and Santa Maria as well as southern near Ventura and Oxnard. Prices are much better but the numbers still dont seem to work. We have considered single family house and do a live in flip. Recently i have been researching HUD homes as well as Auction homes and feel like this could be a good Avenue to find something that needs work that we are absolutely ready to do, and have a lower price point. I would love to know anyone in this area that has dabbled in this. I know owner occupant has a big advantage for most HUD homes. Please any local investors give me your stories and feedback. I am ready to jump in this and am very passionate, just want to do it right. Thanks! Daniel

[Cornelius Charles]

@Daniel Jodrey  . I know everyone will have a different opinion on this, but I think that you need to look at the numbers for a primary residence and an investment property a little bit differently. It will probably be very difficult to find anything in Ventura or SB county where the numbers work as a strictly investment property. My wife and I bought a primary a couple of years ago with a studio in the back. Although the studio does not cover our mortgage, the money that we are coming out of pocket every month is less than what we were paying in rent when she first moved to this area. To us, this makes sense, even though we do not have "positive cash flow."