All Forum Posts by: Sarah Enero

Would love to hear some opinions/feedback on what course to choose as I try to tackle my first rental property. I am an agent in San Diego and work with some of the top flippers in the area (If you are looking to buy a fixer or have a fixer to sell - give me a call 410-507-9854). I have saved some cash and have another chunk in the stock market (enough to be comfortable with a $50k down payment). Currently I am renting at very discounted price for being a few blocks from the ocean. I know the first step is usually to buy your own house but I love where I live and only pay $750 a month - Don't tell my landlord they could charge $1,400 haha. So with all that being said, here are the options I am considering:

1. Try to house hack. I have seen a few properties in coastal areas that have house hacking potential. Like I said, I sell fixer properties to flippers so I definitely come across a few a year that I would love to take on. That being said, I would need to raise funds and cosign with someone (probably family) to take on the down payment and mortgage since the property is going to be in the $900k-$1.5m range. Also, even with renters helping to pay the mortgage, I would most likely be increasing my living expense substantially from what I am paying now. This is my favorite option because if I figure out how to afford it, I know I'll have an appreciating property that is partially being paid for by renters.

2. Buy in a cheaper market. I have researched a ton of other markets and like a few (Fort Myers Florida, Baltimore Maryland, Nashville Tenn, etc). I like this since I could afford to make a move today by myself, but I am not sure I want to take on the risk of investing out of state to maybe cash flow a few hundred every month.

3. Hunker down and save cash. If I put my head down and save over the next few years, I could (hopefully) get to a point where I could purchase a multi-family property to BRRRR in San Diego.

Would love to hear opinions, feedback and/or your experience buying your first rental when living in an expensive market. Thank you!

I'd like to take your place if you decide to move out! lol. I'm in the same boat. Following this!

1 Vote

San Diego, California

Hello everyone, I am still trying to learn a lot about RE investing. I've binged listened to a lot of BP podcasts, read the forums and 3 BP books, and still trying to learn the best strategy for me.

Currently a renter but have enough capital to buy a property. I have great credit, no debts and good income. I wanted to house hack but living in San Diego, I can only afford a 1/1 condo, most of them staying in the market for only couple of days, sometimes going for 15 to 20K asking price. I thought of long distance investing to help get started and get some cash flow, and I found I can afford to get a SFH about few hours away, do vacation home loan with 10% down, convert into STR when I'm not using it, cash flow $2k (conservatively) all while staying in my current apt. With either one, I would still have a year of reserves in the bank (and only ever use for emergencies)

I don't mind not getting my primary place for couple more years but now I am thinking I might get priced out of my area. My goal short term is to get some cash flow but my long term goal is to be financially independent in 15 years.

Is it better to put 3-5% down (and save some $) and get a primary residence in SD in a prime or up-and-coming neighborhood, live for a year or so, then get a HELOC and invest in another property?

Get the STR, force appreciate the place with minor updates, cash flow, and get capital back sooner then invest in another property then get a primary?

Thank you so much for sharing all your knowledge!

3 Votes

San Diego, California

Hi Josh!

I have the same question, although I am in southern CA. Did you find a lender? Any recommendations?

Thank you!

0 Votes

I'm looking to purchase my 1st investment in 29 Palms and checked on the STR permit application process, has anyone been denied because of a neighbor? It said that they will be notifying neighbors within 300 feet that there is a pending application for STR. I just wonder if a permit was denied because of a neighbor appealing. And if it did, what other things can be done to be issued a permit?

Follow up question: Do I need a local market lender? Any recommendations for vacation home loan 10% down are much appreciated!

Background: I'm a newbie who's been reading books and forum posts, watching online and listening to podcasts and narrowed down on 29 Palms as my 1st investment market because of the distance (3 hour drive) and within my budget range.

Thank you!

0 Votes

All Forum Posts by: Sarah Enero

Sarah Enero has started 4 posts and replied 14 times.

Post: First Rental in Expensive Market

Post: Primary or Investment property first?

Post: Vacation Home Lenders in CA.

Post: 29 Palms STR Permit has anyone been denied?