New to Real Estate · Laguna Niguel · Member since 2021 · 10 posts · 4 votes
Hi, I am new at BiggerPockets & realistate investing in US.
I have been researching several SoCal cities for our second and third realistate investment property (first investment property in US - long story). However struggle to make something look attractive from a numbers perspective (decent positive cash flow, not too focused on value increase or decrease). What cities or areas should I be looking at? Preferably not more than 3 hours drive from OC (Laguna Niguel).
Can put about 100k-250k cash into it one or several properties dependent on area. Will not have a problem to get approved for mortgage(s). This is a retirement investment (have 20 years to go) and do not need any additional monthly cashflows short or mid term, so all will go to into more and more investments. Please note, I am not in a rush and will be ok to wait until Covid and/or the market correct itself, should I not find something. Spending a lot of time reading books, following YouTube, listening to podcasts as well (what sources do you recommend for a beginner to the US market).
What’s my best strategy? What areas should I be looking at? Should I look at other states? Any other general recommendation appreciated!
@Peter Pettersson you've said you've been looking and nothing meets your requirements, but you never said specifically what your requirements are, so it is hard to recommend cities, and you also mention potentially going OOS you need to begin to focus on what you really want and narrow it down a bit.
I suggest the desert if you are thinking of Southern California. Many LA creatives moving to Palm Desert etc who can work remote. You will not cash flow on a coastal CA property. Not just the PITI but also HOA fees of $400+ with rents too low. Several mentioned ADU which most counties/cities will allow but there is large start up cost to build or move one on site. I would not recommend your first deal to be out of state, as you say your day job is demanding, you will blindly depend on the goodness of others. Find a $25000 single family - that's out of touch for Corona and Temecula where starting price point is $600,000 and rents $2200