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I just found a house in Laguna Beach that I am very seriously interested in: 2 bedrooms, 1100 sf in a pretty but modest neighborhood, 1.1 miles from a beautiful beach. List price is 1.045m but I will probably offer 995k. Ok none of that sounds so impressive but it has been super renovated, ie valcuccine kitchen and waterworks bath- think Met Home.
My dilema here is two-fold:
A) My financial advisor think that I won't be able to find a renter for 9 months of the year to cover my expenses, and that $900+ psf on .06 ac in OC is ridiculous, and that just because it's a nice home for not a lot of money does not make it a good long term investment (but I disagree).
and
B) I've visited LB many times over the past four years and I love it, BUT it's always been 4-day weekend trips.... I've always traveled there with friends from NY or LA but I've never actually lived in Laguna. I have never had to sit in traffic or interact with the plastics. I am concerned about having to be around the OC's conservative republican bush supporters (please dont go ballistic on me) and I am mostly concerned that as a 25 year-old gay guy, there will not be many fun venues where I will feel welcomed or that there won't be many young quality people my age to meet in normal everday environments. Will I have to import my **** and hags?? (thatsa joke people)
What do you guys think? Does this sounds like an impulsive decision? Should I spend more time there and risk losing this house? Should I spend less money on a cheaper place in laguna and fix it up myself? Is Laguna not as gay-friendly as it used to be, which is what I've heard...?
OK thanks for hearing me out..I know you may not be experts on these topics but I would love to hear what anyone has to say on the matter, or what they would do if they were me. Thanks for the insight!
I recommend you ask your agent to provide you with more data about vacation rentals so that you can get specifics regarding rentability vs. relying on someones opinion.
However, in my opinion Laguna Beach is a great city and vacation spot almost all year round. I doubt you would have much trouble finding a renter at any time of the year.
If you are up for a project, there is another home a little closer to the beach than the one you are considering...not in such great condition, but larger home on larger lot and definitely has more potential as an investment. Remember a good rule of thumb in REI is to buy the worst home in the best neighborhood and fix it up.
You're planning to rent the place for nine months a year? And do that the next year with different renters? Very few people with means (able to afford rent on a Laguna property) would stay less than a year. Why not just rent the three months you're in Laguna?
You're planning to rent the place for nine months a year? And do that the next year with different renters? Very few people with means (able to afford rent on a Laguna property) would stay less than a year. Why not just rent the three months you're in Laguna?
Couldn't agree more. Your FA is right on this one I am affraid.
I just found a house in Laguna Beach that I am very seriously interested in: 2 bedrooms, 1100 sf in a pretty but modest neighborhood, 1.1 miles from a beautiful beach. List price is 1.045m but I will probably offer 995k. Ok none of that sounds so impressive but it has been super renovated, ie valcuccine kitchen and waterworks bath- think Met Home.
This post is a troll. Come on seriously! The flags are everywhere. Why would you tell us the list and offer price? (besides bragging) What is likiehood that a gay 25 y/o makes $180,000 or more pre year? This is it. You want a response and you'll figure that you'll get it easier if you up some incredible lie.
"I am concerned about having to be around the OC's conservative republican bush supporters"
oh, and another example of a lib being so-called "open-minded!"
This post is a troll. Come on seriously! The flags are everywhere. Why would you tell us the list and offer price? (besides bragging) What is likiehood that a gay 25 y/o makes $180,000 or more pre year? This is it. You want a response and you'll figure that you'll get it easier if you up some incredible lie.
"I am concerned about having to be around the OC's conservative republican bush supporters"
oh, and another example of a lib being so-called "open-minded!"
VIA THE REPUBLICAN PARTY!
"VIA THE REPUBLICAN PARTY!"? ...
Outside of my personal feelings for your political standing, learn how to spell before being discourteous to the original poster. It's "VIVA". "VIA" has a completely different (and unrelated) meaning than the word "VIVA". In regard to your post: sure there may be a chance that he's lying; but then again there's a chance EVERYONE is lying on here. It is the internet after all. He has legitimate concerns (yes, the Republican party has a VERY strong presence in the OC; and generally a large majority of republicans don't like Gay people...I have no idea what your feelings are on this matter, but if you deny these statements, you're oblivious to what's really going on in that party and the country), so at least give him a legitimate answer before jumping to conclusions. That is all.
Laguna Beach is fine for gay guys. You will be fine on that count.
I would also agree with your financial adviser. Real estate in California is going into the tank in slow motion for a couple of reasons, one being a lot of young professionals leaving the state because of the high housing costs. Wait a little while longer and see if a more agreeable price point comes along on a nice property you would be interested in.
995k is not gonna be much different than paying for 1.045mil. Offer 895k and see what they say...
Quote:
Originally Posted by tlondon29
I just found a house in Laguna Beach that I am very seriously interested in: 2 bedrooms, 1100 sf in a pretty but modest neighborhood, 1.1 miles from a beautiful beach. List price is 1.045m but I will probably offer 995k. Ok none of that sounds so impressive but it has been super renovated, ie valcuccine kitchen and waterworks bath- think Met Home.
My dilema here is two-fold:
A) My financial advisor think that I won't be able to find a renter for 9 months of the year to cover my expenses, and that $900+ psf on .06 ac in OC is ridiculous, and that just because it's a nice home for not a lot of money does not make it a good long term investment (but I disagree).
and
B) I've visited LB many times over the past four years and I love it, BUT it's always been 4-day weekend trips.... I've always traveled there with friends from NY or LA but I've never actually lived in Laguna. I have never had to sit in traffic or interact with the plastics. I am concerned about having to be around the OC's conservative republican bush supporters (please dont go ballistic on me) and I am mostly concerned that as a 25 year-old gay guy, there will not be many fun venues where I will feel welcomed or that there won't be many young quality people my age to meet in normal everday environments. Will I have to import my **** and hags?? (thatsa joke people)
What do you guys think? Does this sounds like an impulsive decision? Should I spend more time there and risk losing this house? Should I spend less money on a cheaper place in laguna and fix it up myself? Is Laguna not as gay-friendly as it used to be, which is what I've heard...?
OK thanks for hearing me out..I know you may not be experts on these topics but I would love to hear what anyone has to say on the matter, or what they would do if they were me. Thanks for the insight!
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Laguna Beach
Laguna Beach is a great city and vacation spot almost all year round. I doubt you would have much trouble finding a renter at any time of the year.
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