First purchase in Temecula CA !!!

[Boyd Hunter]

Hi everyone I have only been on BP for a few weeks. We are based in Australia but looking to move to California next year with my wife (US citizen) and our 3 kids. Well I flew into LAX on Friday for a 3 day research trip to look at some areas to live. Well I ended up buying a house !! Temecula CA in the wine region. 3 bed 2 bath renovated property 2500 sqft on 2.5 acres. Bank valuation - $540,000 Purchase price - $485,000 Finance terms (Owner Finance) $100,000 down and 5.15% P&I rate This is my first deal in US and will be our family home when we arrive next year. We are hoping to secure a tenant for $2,000 roughly per month. We also have an additional $100,000 in cash to renovate we are planning to add 4 bedrooms, 2 bathrooms, 1 lounge room and a pool :) Let me know what you think please Boyd