Newbie Advice
Hey guys I just got started into real-estate investing, but first i am buying a home for me as a primary residence, perhaps as a future investment property.... i have a written offer in Aliso Viejo for 575,000 on a 3 bedroom 2 story house in las flores, approx 1500 sq. feet... can you guys let me know if this is a good buy, or any recommendations? Comments would be greatly appreciated :-D
Well, prices are crazy right now, and there is a lot on the market. (However still at crazy prices)
You are planning to live there, so I imagine the monthly payments are something you are comfortable with, and you obviously like the house, so why the question on if this is a good deal? If it matches the compsin the area, and it does, I know the area, then go for it.
As far as making it an investment though, maybe 15 years down the road, but not anytime soon. With the mortages, taxes, assocation payments, mello roos, reserves, repairs, vanacies, etc. you'd probably have to rent this thing for 4,000 a month just to break even. Rental prices in that area are half of that price right now. If you are buying it without a mortgage then you'll make money, sure...but if you had half a million dollars to invest then this isn't the best place for the money at this time.
Congrats on the new house though, I'm sure you'll enjoy it.
thanks man i appreciate the advice.... so if i were to pursue the purchase of this home, what should i do maybe 5,10,15 years down the line?