Getting started with rental property

[sdduuuude]

Make sure you include some risk assessment calculations that include “what if rents drop?”

[SD Realtor]

My story is very similar to FSD. My first purchase was a condo in Crown Point and I lived there many years before buying a larger home and simply keeping the condo as a rental. Then I ended up moving out of the larger home and kept that as a rental as well. Along the way I bought a condo in Mission Valley strictly as a rental and that worked out okay for a few years and let it go in 07. I don’t do great on the rentals but do not get squashed either. I keep them more for in laws to live in many years down the road or maybe even kids. Who knows. My wife is pretty bearish and wants to sell them because she thinks a bigger crash ala arrayas posts may happen. We will see.

As for trying to do it for cash flow or appreciation like you are thinking I would agree that out of Cali you will have better opportunities but DO YOUR HOMEWORK. Lots of pitfalls and the guys who make money on this do a heck of alot of demographic studies for where they will buy.

[SD Realtor]

My story is very similar to FSD. My first purchase was a condo in Crown Point and I lived there many years before buying a larger home and simply keeping the condo as a rental. Then I ended up moving out of the larger home and kept that as a rental as well. Along the way I bought a condo in Mission Valley strictly as a rental and that worked out okay for a few years and let it go in 07. I don’t do great on the rentals but do not get squashed either. I keep them more for in laws to live in many years down the road or maybe even kids. Who knows. My wife is pretty bearish and wants to sell them because she thinks a bigger crash ala arrayas posts may happen. We will see.

As for trying to do it for cash flow or appreciation like you are thinking I would agree that out of Cali you will have better opportunities but DO YOUR HOMEWORK. Lots of pitfalls and the guys who make money on this do a heck of alot of demographic studies for where they will buy.

[SD Realtor]

My story is very similar to FSD. My first purchase was a condo in Crown Point and I lived there many years before buying a larger home and simply keeping the condo as a rental. Then I ended up moving out of the larger home and kept that as a rental as well. Along the way I bought a condo in Mission Valley strictly as a rental and that worked out okay for a few years and let it go in 07. I don’t do great on the rentals but do not get squashed either. I keep them more for in laws to live in many years down the road or maybe even kids. Who knows. My wife is pretty bearish and wants to sell them because she thinks a bigger crash ala arrayas posts may happen. We will see.

As for trying to do it for cash flow or appreciation like you are thinking I would agree that out of Cali you will have better opportunities but DO YOUR HOMEWORK. Lots of pitfalls and the guys who make money on this do a heck of alot of demographic studies for where they will buy.

[SD Realtor]

My story is very similar to FSD. My first purchase was a condo in Crown Point and I lived there many years before buying a larger home and simply keeping the condo as a rental. Then I ended up moving out of the larger home and kept that as a rental as well. Along the way I bought a condo in Mission Valley strictly as a rental and that worked out okay for a few years and let it go in 07. I don’t do great on the rentals but do not get squashed either. I keep them more for in laws to live in many years down the road or maybe even kids. Who knows. My wife is pretty bearish and wants to sell them because she thinks a bigger crash ala arrayas posts may happen. We will see.

As for trying to do it for cash flow or appreciation like you are thinking I would agree that out of Cali you will have better opportunities but DO YOUR HOMEWORK. Lots of pitfalls and the guys who make money on this do a heck of alot of demographic studies for where they will buy.

[SD Realtor]

My story is very similar to FSD. My first purchase was a condo in Crown Point and I lived there many years before buying a larger home and simply keeping the condo as a rental. Then I ended up moving out of the larger home and kept that as a rental as well. Along the way I bought a condo in Mission Valley strictly as a rental and that worked out okay for a few years and let it go in 07. I don’t do great on the rentals but do not get squashed either. I keep them more for in laws to live in many years down the road or maybe even kids. Who knows. My wife is pretty bearish and wants to sell them because she thinks a bigger crash ala arrayas posts may happen. We will see.

As for trying to do it for cash flow or appreciation like you are thinking I would agree that out of Cali you will have better opportunities but DO YOUR HOMEWORK. Lots of pitfalls and the guys who make money on this do a heck of alot of demographic studies for where they will buy.

[briansd1]

If you are going to buy out of town, do it in an area you will visit frequently anyway because of work, family and friends.

Otherwise the travel, time and expenses involved could become a burden.

[briansd1]

If you are going to buy out of town, do it in an area you will visit frequently anyway because of work, family and friends.

Otherwise the travel, time and expenses involved could become a burden.

[briansd1]

If you are going to buy out of town, do it in an area you will visit frequently anyway because of work, family and friends.

Otherwise the travel, time and expenses involved could become a burden.

[briansd1]

If you are going to buy out of town, do it in an area you will visit frequently anyway because of work, family and friends.

Otherwise the travel, time and expenses involved could become a burden.

[briansd1]

If you are going to buy out of town, do it in an area you will visit frequently anyway because of work, family and friends.

Otherwise the travel, time and expenses involved could become a burden.

[(former)FormerSanDiegan]

[quote=FormerSanDiegan]I have no experience with out-of-town rentals.

[/quote]

Sorry, meant to write out-of-STATE rentals. We currently live in LA county and have a rental prop in San Diego (use a Property manager that we used when we lived in SD county, though).

I agree with briansd1. Even though we have PM, it is good to drive by a few times a year and be able to visit easily if/when something major comes up.

[(former)FormerSanDiegan]

[quote=FormerSanDiegan]I have no experience with out-of-town rentals.

[/quote]

Sorry, meant to write out-of-STATE rentals. We currently live in LA county and have a rental prop in San Diego (use a Property manager that we used when we lived in SD county, though).

I agree with briansd1. Even though we have PM, it is good to drive by a few times a year and be able to visit easily if/when something major comes up.

[(former)FormerSanDiegan]

[quote=FormerSanDiegan]I have no experience with out-of-town rentals.

[/quote]

Sorry, meant to write out-of-STATE rentals. We currently live in LA county and have a rental prop in San Diego (use a Property manager that we used when we lived in SD county, though).

I agree with briansd1. Even though we have PM, it is good to drive by a few times a year and be able to visit easily if/when something major comes up.

[(former)FormerSanDiegan]

[quote=FormerSanDiegan]I have no experience with out-of-town rentals.

[/quote]

Sorry, meant to write out-of-STATE rentals. We currently live in LA county and have a rental prop in San Diego (use a Property manager that we used when we lived in SD county, though).

I agree with briansd1. Even though we have PM, it is good to drive by a few times a year and be able to visit easily if/when something major comes up.

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