Dilemma to buy…need your opinions

[waterboy]

Congrats on retiring from military after 24yrs of service and best wishes with the new job

1. Don’t rush into buying a home just because your looking for a tax write-off. It’s nice to be able to write it off but I don’t think it is a huge benefit.

2. I’ve made some offers on REO lately and the listing agents usually say don’t come in at more than 20% off, but do whatever you want as most of the time they are not looking at mult. offers and you can counter back and forth. BTW I haven’t got a bank to accept 20% or more off but properties are still listed and I’ll see if they lower asking prices over the next few months.

3. If you have no experience remodeling then you”ll soon find out some companies will quote $40-$50k for a new kitchen….an avg master bath quote can run $20k. All depends on materials and size.

I personally wouldn’t buy right now (even in a nice are of RB) unless you can get something 20-25% below current comps. We still have a big mess ahead and it isn’t worth the stress of losing $100k + of equity over the next few years. You should also figure out what rents are in the area for a place that size.

[Ren]

…and have a fantastic job secured in Los Angeles that will allow me to telecommute 2-3 days per week.

For me personally, even only two days per week is too much for a 2 – 2.5 hour drive. You might want to seriously consider Carlsbad instead, as that will knock a half hour off the drive (or even OC). Also RB is partly a retirement community, and other areas offer more in terms of entertainment and recreation (not to mention better weather). I’ve lived there and it’s very nice, but there are several other places I’d choose over it.

If you have the means, private school should be an option, so you’re not limiting yourself to a few areas.

[Ren]

…and have a fantastic job secured in Los Angeles that will allow me to telecommute 2-3 days per week.

For me personally, even only two days per week is too much for a 2 – 2.5 hour drive. You might want to seriously consider Carlsbad instead, as that will knock a half hour off the drive (or even OC). Also RB is partly a retirement community, and other areas offer more in terms of entertainment and recreation (not to mention better weather). I’ve lived there and it’s very nice, but there are several other places I’d choose over it.

If you have the means, private school should be an option, so you’re not limiting yourself to a few areas.

[Ren]

…and have a fantastic job secured in Los Angeles that will allow me to telecommute 2-3 days per week.

For me personally, even only two days per week is too much for a 2 – 2.5 hour drive. You might want to seriously consider Carlsbad instead, as that will knock a half hour off the drive (or even OC). Also RB is partly a retirement community, and other areas offer more in terms of entertainment and recreation (not to mention better weather). I’ve lived there and it’s very nice, but there are several other places I’d choose over it.

If you have the means, private school should be an option, so you’re not limiting yourself to a few areas.

[Ren]

…and have a fantastic job secured in Los Angeles that will allow me to telecommute 2-3 days per week.

For me personally, even only two days per week is too much for a 2 – 2.5 hour drive. You might want to seriously consider Carlsbad instead, as that will knock a half hour off the drive (or even OC). Also RB is partly a retirement community, and other areas offer more in terms of entertainment and recreation (not to mention better weather). I’ve lived there and it’s very nice, but there are several other places I’d choose over it.

If you have the means, private school should be an option, so you’re not limiting yourself to a few areas.

[Ren]

…and have a fantastic job secured in Los Angeles that will allow me to telecommute 2-3 days per week.

For me personally, even only two days per week is too much for a 2 – 2.5 hour drive. You might want to seriously consider Carlsbad instead, as that will knock a half hour off the drive (or even OC). Also RB is partly a retirement community, and other areas offer more in terms of entertainment and recreation (not to mention better weather). I’ve lived there and it’s very nice, but there are several other places I’d choose over it.

If you have the means, private school should be an option, so you’re not limiting yourself to a few areas.

[surveyor]

Commute

I would have a real problem with the commute and the staying away from the family for two nights a week.

If you are looking to lower your taxes, I would just recommend buying a good, cash flowing, four unit property that is out-of-state and is out of a bubble area. The potential for lowering your income taxes down to virtually zero is there (through the real estate professional tax deduction) and you get a little extra income as well.

Yes, there is the “extra work” and time involved in researching and hassle in such an endeavor. However, I would rather do that than be away from my family. At least when I do my research and hassle, I’m at home. And also, you will be able to not worry about how badly the market will depreciate from your purchase.

Here is an example real estate purchase that I recently made and how the math works out.

http://piggington.com/re_sale_in_huntsville_al

Anyways, my two cents. I know that real estate investing is not for everyone.

[surveyor]

Commute

I would have a real problem with the commute and the staying away from the family for two nights a week.

If you are looking to lower your taxes, I would just recommend buying a good, cash flowing, four unit property that is out-of-state and is out of a bubble area. The potential for lowering your income taxes down to virtually zero is there (through the real estate professional tax deduction) and you get a little extra income as well.

Yes, there is the “extra work” and time involved in researching and hassle in such an endeavor. However, I would rather do that than be away from my family. At least when I do my research and hassle, I’m at home. And also, you will be able to not worry about how badly the market will depreciate from your purchase.

Here is an example real estate purchase that I recently made and how the math works out.

http://piggington.com/re_sale_in_huntsville_al

Anyways, my two cents. I know that real estate investing is not for everyone.

[surveyor]

Commute

I would have a real problem with the commute and the staying away from the family for two nights a week.

If you are looking to lower your taxes, I would just recommend buying a good, cash flowing, four unit property that is out-of-state and is out of a bubble area. The potential for lowering your income taxes down to virtually zero is there (through the real estate professional tax deduction) and you get a little extra income as well.

Yes, there is the “extra work” and time involved in researching and hassle in such an endeavor. However, I would rather do that than be away from my family. At least when I do my research and hassle, I’m at home. And also, you will be able to not worry about how badly the market will depreciate from your purchase.

Here is an example real estate purchase that I recently made and how the math works out.

http://piggington.com/re_sale_in_huntsville_al

Anyways, my two cents. I know that real estate investing is not for everyone.

[surveyor]

Commute

I would have a real problem with the commute and the staying away from the family for two nights a week.

If you are looking to lower your taxes, I would just recommend buying a good, cash flowing, four unit property that is out-of-state and is out of a bubble area. The potential for lowering your income taxes down to virtually zero is there (through the real estate professional tax deduction) and you get a little extra income as well.

Yes, there is the “extra work” and time involved in researching and hassle in such an endeavor. However, I would rather do that than be away from my family. At least when I do my research and hassle, I’m at home. And also, you will be able to not worry about how badly the market will depreciate from your purchase.

Here is an example real estate purchase that I recently made and how the math works out.

http://piggington.com/re_sale_in_huntsville_al

Anyways, my two cents. I know that real estate investing is not for everyone.

[surveyor]

Commute

I would have a real problem with the commute and the staying away from the family for two nights a week.

If you are looking to lower your taxes, I would just recommend buying a good, cash flowing, four unit property that is out-of-state and is out of a bubble area. The potential for lowering your income taxes down to virtually zero is there (through the real estate professional tax deduction) and you get a little extra income as well.

Yes, there is the “extra work” and time involved in researching and hassle in such an endeavor. However, I would rather do that than be away from my family. At least when I do my research and hassle, I’m at home. And also, you will be able to not worry about how badly the market will depreciate from your purchase.

Here is an example real estate purchase that I recently made and how the math works out.

http://piggington.com/re_sale_in_huntsville_al

Anyways, my two cents. I know that real estate investing is not for everyone.

[(former)FormerSanDiegan]

I think you are combining too many issues.

First, rent a place in the area you think makes sense with respect to your part-time commute and in an area you can afford to buy. After 6 months or so you’ll know whether this will work out for you. If it does work out, then start considering where to buy. You’ll likely be buying in 9 moths to a year from now.

A years’ worth of extra taxes is a small price to pay. There is no hurry to buy, the trend is your friend in this market.

[(former)FormerSanDiegan]

I think you are combining too many issues.

First, rent a place in the area you think makes sense with respect to your part-time commute and in an area you can afford to buy. After 6 months or so you’ll know whether this will work out for you. If it does work out, then start considering where to buy. You’ll likely be buying in 9 moths to a year from now.

A years’ worth of extra taxes is a small price to pay. There is no hurry to buy, the trend is your friend in this market.

[(former)FormerSanDiegan]

I think you are combining too many issues.

First, rent a place in the area you think makes sense with respect to your part-time commute and in an area you can afford to buy. After 6 months or so you’ll know whether this will work out for you. If it does work out, then start considering where to buy. You’ll likely be buying in 9 moths to a year from now.

A years’ worth of extra taxes is a small price to pay. There is no hurry to buy, the trend is your friend in this market.

[(former)FormerSanDiegan]

I think you are combining too many issues.

First, rent a place in the area you think makes sense with respect to your part-time commute and in an area you can afford to buy. After 6 months or so you’ll know whether this will work out for you. If it does work out, then start considering where to buy. You’ll likely be buying in 9 moths to a year from now.

A years’ worth of extra taxes is a small price to pay. There is no hurry to buy, the trend is your friend in this market.

[Author]

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