All Forum Posts by: Bart Esparza

Wife (28) and I (33) are 5 months pregnant with first and have been planning to move out of LA for past few years. Recently sold our home and living with Parents rent-free as we plan our big move.

I am currently pre approved for a 600K mortgage with 20% down to purchase a “second home”, current primary residence being my parents as I am on the title. Have 175K liquid with 750+ credit.

My dilemma is there are so many potential markets to relocate and purchase a home and and invest. We have traveled a bit and like many places but our favorite has been Nashville, TN for overall cost of living/weather/Culture.

Our plan is to purchase a house in the <450K range and relocate later in fall after our Baby is at least 3 months. Would it be a dumb idea to buy sooner and rent house for a 6 month lease while we plan our move? We are medical professionals so finding employment is not too difficult however still not sure if better to wait even with no current rent or mortgage. After moving I would like to explore purchasing a rental cabin/house in Gatlinburg region for a short term rental vs purchasing investment property in another state/cheaper market.

Any suggestions or advice is appreciated! A few months ago I read a few of the BiggerPocket books, listened to many podcasts, and even started to obsess about buying a mobile home park but now with the pregnancy I fell back into “safe zone” mentality of buying a primary residence and making smaller moves.

Thanks for reading long post!

-Ruben

@Tamara Deering

Thank you Tamara that is a nice pearl of experience. My parents are also risk adverse. Being a close knit Family, the plan is for each of us to find a nice out of state property in a region where you can find a furnished basement or even an ADU/Mother in law suite for them to live with one of us (or each of us 6 months) but also have some privacy as they are nearing retirement.

I just visited Nashville, TN and fell in love with some nice big properties 15 minutes outside of downtown with 4500+ sq feet and nice lots that would be perfect for this.

I do like your thought about not being able to free up their rental townhome in future, as I can imagine future reluctance to move and change their lives as they continue to mature.

Thanks again.

Newbie trying to learn and exploring some creative ideas to start investing.

My Sister and I inherited a family property (50/50) with only 30K Heloc/mortgage that we have invested 20K between us to renovate and are preparing to sell with a market value around 400K in Santa Clarita, CA.

Expected 325-350K profit to split between us two minus taxes/capital gains?

I am interested in investing out of state due to living in high cost area but am exploring idea of first purchasing a larger 4-5 bedroom house in 600-700K range here in Santa Clarita with my Sister that we can potentially get with FHA minimum down and keep capital for other future real estate investments. Idea being we all live together and even move our parents in so parents can rent out their local 3br/2bath townhome for $2500-$2700 market rent and help them build their retirement savings.

I desire to move out of CA eventually and work in medical field as a PA currently making 140K with ability to relocate jobs nearly anywhere in country. I have 50K in savings, 720+ credit, currently before the pending sale.

Does it make financial sense to get in debt 600K+ in debt (co-signing with sibling) in my current high cost/Los Angeles region? I realize that this would not be a cash flow property but my aim to provide immediate benefit to my entire Family, preserve capital, build equity and perhaps start looking to purchase a good opportunity out of state such as SFH or multi family property as investment with around 200K capital.

My Sister also desires to move out of state and we

are in agreement to rent home and move our parents when we are ready to each move on/purchase our own houses.

Welcome any thoughts. Thanks!

Bart