Buying foreclosure homes (Irvine: sale, real estate, to rent)

[krajapak]

Hey everyone! I currently live in the OC ( Irvine). I wanted to buy a home in the oc to rent out, to create some cashflow. Do you have any advice as to what city would be the best choice: considering house sale price, property tax, hiring real estate agents? Also is it smarter to got with foreclosure homes ( assuming your allowed to check it out)

[impala666]

Originally Posted by krajapak

Hey everyone! I currently live in the OC ( Irvine). I wanted to buy a home in the oc to rent out, to create some cashflow. Do you have any advice as to what city would be the best choice: considering house sale price, property tax, hiring real estate agents? Also is it smarter to got with foreclosure homes ( assuming your allowed to check it out)

What cash flow are you talking about?,the rent you get will just about pay the mortgage.
If property prices drop you loose.
If you have maintenance issues and you will,you loose.
If your tenants don't pay you loose..big time!
If you are lucky enough to own extra property then keep it you will make money in probably 10 years or so.
If you are lucky enough to have cash then there are much better investments in the 15 to 25 year horizon.
For example I could show you how to turn $10,000 into $10,000,000 in 10 to 20 years. And it does not involve investment in the Californian property market.

[EscapeCalifornia]

If you have to ask people on city-data, you shouldn't do it.

[killer2021]

Originally Posted by impala666

What cash flow are you talking about?,the rent you get will just about pay the mortgage.
If property prices drop you loose.
If you have maintenance issues and you will,you loose.
If your tenants don't pay you loose..big time!
If you are lucky enough to own extra property then keep it you will make money in probably 10 years or so.
If you are lucky enough to have cash then there are much better investments in the 15 to 25 year horizon.
For example I could show you how to turn $10,000 into $10,000,000 in 10 to 20 years. And it does not involve investment in the Californian property market.

No kidding. If you want to cash flow property go to texas. California is still recovering from speculative fever which means if you are even possible to cash flow positively you will be lucky. Texas never really saw a housing boom so all real estate over there is very cheap. Renting is more expensive than to buy so that means very high ROI if you have good tenants.

I would also agree with escapecalifornia. What do you know about real estate? Probably nothing. I would stick to the stock market and if you want to invest in real estate then just buy REITs.

[Unkllars]

If you are looking though, I have about 25 that are or will be on the market in the next 2-3 weeks. Range from $138,000- 1.5mill.

But, as others have said, do your homework and make yourself knowledgeable about real estate investing. Find places (texas being one, Utah, Arizona, Colorado, Georgia, Virginia, South Carolina, parts of California) that are known to have a higher rent rate than home price. Also, learn what is required to be a landlord. The best consumer is an educated one!!

[k374]

Originally Posted by krajapak

Hey everyone! I currently live in the OC ( Irvine). I wanted to buy a home in the oc to rent out, to create some cashflow. Do you have any advice as to what city would be the best choice: considering house sale price, property tax, hiring real estate agents? Also is it smarter to got with foreclosure homes ( assuming your allowed to check it out)

You will have cash flow alright... the cash will be flowing from your bank account to the lender.

[flo2900]

Originally Posted by k374

You will have cash flow alright... the cash will be flowing from your bank account to the lender.

funny but true!

[thomasfromdenmark]

Many of you guys seam to have better ideas on investments than buying a CA home.

I you had 100k$ what would you guys invest them in right now? Texas properties stocks what kind of ideas do you guys have?

[flo2900]

Originally Posted by thomasfromdenmark

Many of you guys seam to have better ideas on investments than buying a CA home.

I you had 100k$ what would you guys invest them in right now? Texas properties stocks what kind of ideas do you guys have?

i take you`re from dennmark...if you personally want to invest in US real estate (Texas properties) you need a Green Card (permanent residency)
Texas real estate sees little to no appreciation but great and affordable for retirement. Property taxes are high in Texas(2.5%-4.5% annualy)
Most banks won`t offer more than 3% interest right now and that`s not even breaking even with the inflation (5%).
Real estate it`s all screwed up in the whole country right now so you cannot make money there, banks hardly pay anything for your money...the only option is the stock market and thats a double edged sword!

[thomasfromdenmark]

Flo2900 thanks for your advice.

But I understand that i do not need a green card to buy properties in CA? is'nt that correct?

thanks :L)