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Updated about 9 years ago on . Most recent reply
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Palmdale for a first timer from Los Angeles
First time poster, lurker for a couple of months.
I'm from Los Angeles (San Gabriel Valley) not making crazy amounts of money. I'm in my mid 20s making a little under 50k a year. At my current rate it'd be impossible for me to save enough money to get anything around here. I mulled over the idea of getting something out in the Midwest but the idea of managing it thousands of miles away is pretty daunting especially for a first timer.
So I've started looking for something more "local". Two hours drive away is Palmdale. I wouldn't mind driving out there if I have to. The housing is more affordable and it looks like they're cash flow positive. With the new aerospace jobs that are imminent and the transportation projects happening there in a few years, it looks like Palmdale will be growing for a couple of years. As a first timer who wants to own their first rental property any tips from seasoned investors that deal around Palmdale? ☺️ trying to reduce as many first timer mistakes. Much appreciated!
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jon,
it will be a lot of driving, but worth it and maybe necessary for you to get into your first property. i bought my first two properties there (commercial.) palmdale is better than lancaster. northrop grummond was just awarded a $60B stealth bomber contract, so i would look at SFR's that would appeal to middle income tenants that will be coming to the area. 6000+ new jobs will be a nice boost to the area, especially to SFR rentals. plus, who knows, someday they may actually build the train.
phil