All Forum Posts by: Ashley Obasi

I recently bought my first condo as my primary residence using low money down. After putting some money aside for reserves I have about $30k to invest into my second deal. Not sure on what my next step should be and I would love to hear what other people are doing that live in an expensive market, Orange County/ LA specifically. 

I have been debating waiting a year to qualify for another primary residence loan in California where I could buy with 3.5% down or if I should invest out of state in a new market. 

My OC people, where are you investing? 

@Bob Okenwa That's awesome! I will check out the metro areas as well as I think Peoria is not going to work out for me. Thank you for your feedback. I appreciate it. 

@Bob Okenwa Have you notice if demand for rent in the metro areas has been decent? 

Haven't looked into wholesale deals or other areas yet. Just beginning my search. I will definitely look into Glendale and Sun City areas. 

@Bob Okenwa I figured that was the case as no numbers I have run make sense. What kind of deals are you doing now in the area? 

I'm curious is anyone buying rentals in Peoria, AZ that are cashing flowing? 

I have a family friend living in Peoria that is looking for a bigger place to rent. She would be a great tenant because she can't qualify to buy and is looking for a place where she can stay long term (10yrs+). I'm looking for a 4 bedroom single family house under $300K and would only be putting 10% down. Places I have looked at the numbers don't seem to work well or are tight. Curious to hear if others are buying rentals in that particular area? To me the market seems a bit high right now. 

Any feedback would be appreciated. Thanks! 

Hi Andrew,

Definitely a good idea to weigh your options. I wouldn't suggest renting as you wouldn't even break even. Unfortunately it is hard to find a good rental in Orange County that cash flows. People who buy negative cash flow properties buy it to wait for appreciation, but seems like you already have seen good appreciation so selling might be a good option. 

If your thinking of selling keep in mind the market has shifted a bit. Homes are not selling as quickly as they did in the beginning of 2017 and homes are slightly cheaper then they were in beginning of 2017. The orange county market is shifting to a more even market instead of the seller's market which is has been for years. That doesn't mean its a bad time to sell because it definitely is. 

There isn't going to be an outright decline as we saw when the market crashed before. Employment hasn't gone down and there isn't any major issues that would cause the market to crash. If you are thinking of selling it would be good to think about prepping to sell now before the spring hits as that is a hot time to buy. Buyers are going to be looking earlier this year as the interest rate is going up so they will want to buy before the interest rate increases more. If you want to know more about the Orange County market feel free to ask me. 

Airbnb is a good option as you can make some serious money. You would need to calculate what places go for in your area and how many days do you need to rent it to break even. Orange County is a very good destination so you won't have any problem renting it out if you have a good system in place. BUT keep in mind running an Airbnb is a job. You would have to have a flexible schedule and know that having an Airbnb isn't exactly passive income. 

@Dustin P.

Hey Dustin, what kind of investments do you have in Arizona? I'm looking to purchase a rental close to Phoenix, specifically Glendale/Peoria, but I feel like I have missed the boat a bit as prices seem higher now.

I'm in California so curious to hear what someone in the market is investing in.