All Forum Posts by: Alan Reza

I have listened to about 53 out of the 173 podcasts. I have come to the realization as a Southern Californian living in Orange County that it makes more sense to buy out of state.  Yes, I realize the appreciation in California makes more sense, but when 1 bedroom crappy condos in bad parts of Anaheim and Santa Ana are going for $235,000 there is no way the 2% rule would work today unless you put some huge down payment.  

When I hear success stories on the podcasts of investors like Dawn Anastasi buying properties for $35,000 and renting them out for $700 a month or Ryland buying properties in Tacoma for $65,000 it definitely has enticed me to look outside California.  I know Brandon Turner also invests in Washington so if either Brandon or Ryland have any thoughts on Clarkston Washington or cities close to this area I would love some advice.

I wanted to know if there are any real estate investors who have bought buy and hold properties in Clarkston,Washington or close to that area.  My mother and father in law are originally from Orange County, California but relocated to Clarkston, Washington about 10 years ago.  They live about 35 minutes from Washington State University.  I wanted to see if there are any real estate agents that know the area.  My wife and I are going to be visiting for a week in June and I was hoping to scout the area and see if I could find any deals to buy and hold.  I could have my mother in law be the boots on the ground. She has excellent social skills and would do a good job of PR to find tenants to occupy the property.

Ali and Brian, thank you for the advice.  I will look into both your ideas.

stewart,

I could rent it out for about $1,500 a month

Wendy,

Thank you, for your feed back. I did not know that BP had a rental property tool. I will use that to see what makes more sense financially with that tool. Thank you!

I am interested in getting into real estate investing and not exactly sure where to start. I bought a 1 bedroom loft in Orange, CA in 2008 for a great price. I put in a lot of top notch upgrades to make my loft Dwell Magazine ready. I refinanced about 6 months ago to a 10 year fixed conventional loan at 2.75%. So I only have 9 1/2 years left and the condo will be free and clear except the HOA monthly dues of $310.

I only owe $132,000 on the loan and a neighbor sold the same exact condo for $310,000 in April. The condos have been going around $268,000 and up. 

My real estate agent said whatever I do don't sell it because I would make way more money in the long run by renting it out. I want to know if it makes more sense in selling it and making a $150,000 profit and divide that $150,000 and put it on two 2 bedroom condos and live in one and rent out the other or keep my condo for the next 9 1/2 years and have it free and clear and occupied by tenants. If I do keep it and start having a tenant rent it out how do I get a down payment for another property to live in now that I have a growing family. 

All of the podcast interviews are with rental property owners in Iowa, Michigan, and North Carolina where it's normal to find properties for $50,000. Out in Orange County and LA County 1 bedroom condos in bad neighborhoods still go for $250,000. So I am lost on how to get started.