Orange County Real Estate

[Dairek Lewis]

Hi, new to real estate with around 50k to invest. This would be my first home purchasing with an FHA. My life is in OC I would like to stay here but finding a decent home for a reasonable price seems almost nonexistent. I understand oc is expensive place to live. My strategy is to renovate the home myself, refinance, then decide to hold or sell because of the high mortgage. I don't see many homes that need renovating here. I'm not finding a lot of fixer uppers for sale in my criteria. Does anyone have suggestions in a market like this or can share some knowledge of a similar experience.

[Dan H.]

It may not be easy to find, but I suggest combining a BRRRR with the house hack @Twana Rasoul suggested.   With our mostly hands off BRRRR, we fail to extract our full investment without getting an assist by market appreciation.  However, if you purchase the right property and do the renovation yourself, I think you may be able to extract your full investment.  

It would be sweet to own an OC duplex with no money into it and have 20% equity (assuming 80% LTV refi). Even if it is cash neutral, you have 6 figures equity for your efforts. The cash flow situation will improve quickly. You likely are aware how rents have risen over the last 7 years.

Good luck