All Forum Posts by: Narbie R.

Whats the latest on the STR market in Desert Hot Springs? Close to Ps without all the restrictions makes it appealing….

I feel like there are so many mixed reviews on STR's in Big Bear. Maybe some people expect to get rich off one property?

Some quick background info;

bought a condo jan 11 and have been renting it out since. Purchase price was 212k and i owe about 180k as of today.

Based on zillow (which i know you take with a grain of salt) Property is worth around 308k. I've spoken with my agent and loan officer and the 300k range seems to be where the comparable properties are selling for.

So my question is: Come Jan-Feb (you have to wait 1 year before you can refi) can/should i pull some equity(if banks allow) and use that to purchase another property?

I dont know if this matters but the rent i am receiving is covering itself and leaving a bit for me

thats for all the replies, yeah ive decided to hold off as my monthly mortgage would be around 5k, which is unheard of.

good points.... its a 2 unit property... 2 single family homes.... in a nice are of southern california.... glendale ca to be exact.....

both units are duplex... front unit is 4bd 1 bath rear is 2 bedroom, they are totally seperate units.... land is about 7500 sq foot.... the homes do need some work, they can be rented out as is but id like to clean them up a tad....

price is 750k

Im new to real estate investing and i have my eye on a property.....

My question is....this property will not have positive cash flow, i might have to put about 1k +/- out of pocket.... im looking at it as a long term investment as the selling price is low compared to the surrounding market......

Ive been told you never want to get into investment property if it is not a positive cash flow...

what do you guys think?

thanks