All Forum Posts by: Mimi Essie

@, @Joseph C., @Adam Ng, and @ thank you all for your input and suggestions. I have pre-approval for an investment property. It's true because I am thinking of retiring in the Pacific Northwest I would like to purchase in an area that I would also like to live in (hence my difficulty in identifying an affordable area.) HOWEVER, I know it's important to NOT ignore the numbers as @Joe Mercer so wisely points out and I keep trying to remind myself of that but every time I seem to really like a house, or an area, it tends to be in an expensive area that would not be a good investment. I guess I am looking for a "happy medium" if such a thing exists. I want to be smart about this which is why I am reaching out to knowledgeable people like yourselves.

Are there recommended areas in the Pacific Northwest that would be good investments for me, that are beautiful, and that I'd also like to live in someday?  That is what I am trying to figure out.  Thank you for your help!

Hello Everyone, 

This is my first post and I could really use some advice.  I want to purchase a duplex or triplex but keep running into issues when I try to identify WHERE I might want to make the purchase.  I would GREATLY appreciate your advice/recommendations.  

Here are some details/background information:

1) I have never owned a home. I have always rented in very beautiful, expensive areas that I loved living in but financially were out of my reach to purchase a home.  I currently live in Laguna Beach,CA but previously lived in Boston, Cambridge, London and Paris.  I cannot afford a home in Laguna Beach (teardowns are over $1 million here) so I am looking to invest elsewhere and most likely out of state.  While I want to purchase real estate as an investment I am finding it hard to figure out WHERE I could afford that I would also want to live someday.  I know the ideal is to purchase near where you live but the places near me that I could afford are not areas I would want to live in.

2) I would like to purchase a duplex or triplex so that when I "retire" in 10 years or so I could live in one unit and have income from the others.  I have enough money for a downpayment (and I have excellent FICO scores) but when I think about WHERE to buy I keep being drawn to areas that already are, or are becoming, very expensive.  For example, I am from the East Coast originally but have decided I want to purchase on the West Coast so have been looking at Oregon for a variety of reasons.  (I will most likely remain in California for my work and move to the area where I purchased real estate when I retire.)  I like Portland but knew it was increasingly expensive so I started to research other areas in Oregon.  I found a nice place in Lake Oswego and Manzanita (places I had never heard of) but when I researched those towns it turns out they are expensive too.

3)  Some things that are important to me:  Turn-key because I don't have the ability to be in Oregon overseeing a renovation.  No ugly looking houses.  I typically like renovated Victorians, Craftsman or quality-built modern, "green" homes.  Good schools (I don't have children in school but I want the people I rent to to have access to good schools for their children).  Low Crime. Low Vacancy rate.  Nice, walkable neighborhood with interesting shops. Oh, yeah, and a GAS stove.  What is it with all the electric stoves in Oregon???

4) What should I do?  I have been reading all I can on this wonderful site and I have been listening to the podcasts, too, which are great.  I think I am scared because this investment is something I need to help me have an easier retirement scenario so I need to be very smart about what I do.  Can you advise me on where might be good areas for me to look?  I haven't had time to research Washington yet but the same things that are important to me in Oregon would be important to me in Washington.  I will probably qualify for a mortgage of $500k but it makes me nervous to have so much debt so I would want to make sure the investment is truly a good one that covers the mortgage, expenses and cash flows.  I will be going to Oregon at the end of May to look around in different areas that might be good for investment and also attractive enough environments that I would want to live there.

I apologize in advance if I am sounding too unrealistic.  I appreciate any and all advice or recommendations. 

Thanks, for your time and consideration.

Michele