All Forum Posts by: Cort Green

Thank you both for your input.

@Joshua Massari - I currently live out in the Palm Springs area and have looked at the 29 Palms area as well. Let me know if you want to discuss.

I think you both make good points about being patient and methodical about this decision. Renting for a year while saving and deciding exactly where we want to end up makes a lot of sense.

@David Faulkner - What leads you to believe Orange County real estate will slow down over the next year or two?

Thanks again.

Cort

I maybe moving my family to Orange County. If we want to buy, we'll need to spend about $1,000,000 to be in the area and in a house we want. I currently own two homes with about $250,000 in equity combined. I'd sell them both to assist with a down payment, and then have a mortgage of around $4,500. Or I can keep the houses as rentals, or sell them and invest that equity into rentals, and rent a home in OC for about the same as the mortgage payment. It's hard to stomach writing a $4,500 rental check each month, but its also hard to stomach sinking all my equity into a house that won't be providing any cash-flow or passive income. Any thoughts or advice?

Thanks.

I live in Indio. Where is the land? I've met with the City a couple times about vacant land in Indio and potential development of that land. They could probably put you in touch with a good appraiser. I'll get you the guy's name I met with Monday if you like.

I really enjoyed Bruce's presentation at the Coachella Valley Real Estate club in January. I agree his arguments and decisions were completely data driven. I would also recommend attending one of his seminars whenever possible. I work full time and have had a difficult time finding the time to really dig for deals. Deals that I do think I find get snagged pretty quickly.

There does seem to be quite a frenzy these days. I've tried putting offers in on a couple properties and have found myself either in a bidding war, or too late. A few investors I know are preparing to sell their portfolio, which suggests something to me.  However, I attended a lecture by Bruce Norris, a veteran investor in Riverside, and he presented all sorts of data suggesting we haven't reached a peak yet. You guys are right though - its all guessing at this point. My feeling is you gotta work harder to find deals these days, but they're probably still out there, and I wouldn't force anything.

Daniel Siapin , From some of the articles I've read, it sounds like plenty of Anaheim residents aren't too thrilled about all the STR's either. Sure investors are cleaning up the houses, but all of a sudden the house next door to you is a revolving door of different families, kids, and renters. I can understand their concern. City has to be collecting some nice revenue though on the TOT which could be hard to kiss goodbye.

Jose Salas , I know about the moratorium in Anaheim. From what I understand, real estate prices have dropped about 20% since that was put in place. Will be interesting to see how that plays out. I'm interested in how STR work in Garden Grove. I've talked to the City and Title 9 in their city code prohibits STR's. However, plenty of people are doing it because GG doesn't enforce it, nor do they collect any TOT tax. But there is some risk there if they do start to enforce it at some point based on the noise being made in Anaheim. Not sure what the rules are in Fullerton.

I live out in the Palm Springs area but my wife and I both grew up in Orange County. We're wanting to purchase a 2nd home out there near Disneyland. We'd like to rent it out as a short term vacation rental when we're not using it. 

I need some input from Real Estate agents and investors in that area of Orange County as to what areas to look at, restrictions on short term rentals, etc. I also need a good deal, whether its a foreclosure, short sale, pre-forclosure, etc. I'm probably looking for something in the $500,000 range. 

Any input would be appreciated. Thank you. 

I've been looking at small 3/2 SFR for short term vacation rentals in Anaheim - specifically for Disneyland. However, I understand they just put a moratorium on issuing short term rental permits in Anaheim. Does anyone know about this? Is this anticipated to be a long term moratorium? Is the city planning on taking it a step further and stopping all short term rentals, even for current owners? Any idea what prompted this?

Also, a solution I've thought of would be to purchase in Garden Grove, just on the border of Anaheim. Does anyone have any valuable insight on Garden Grove real estate, and short term vacation rentals? Are they permitted in the City of Garden Grove?

Thanks for any feedback.

Daniella, Just came across your post. I live in the Coachella Valley and have a home in Rancho Mirage that I rent out. I work full time, so it's difficult for me to actively invest in real estate, especially flips. However, I have some cash I'd like to invest. Perhaps we can do lunch and talk about potentially working together on future projects. Sounds like you've had some good success. Look forward to hearing from you. Regards, Cort Green