Hi, I've been following this wonderful forum for a while but it's my first time posting. Thanks for all of your great insights.
I've been owning a condo in NJ for about 2 years (owner-occupied) and I'm thinking of selling it and relocating to California (the greater Los Angeles area or Palm Springs for personal and professional reasons). I've been wanting to get into real estate investing for a quite some time and I thought this would be an opportunity to start. However, I've been struggling with:
1. Being an out-of-state buyer in CA while coordinating a move from the east coast, does it make sense to explore a vacation rental option in the area of Palm Springs with the intention of buying a 3-bedroom and renting out the rest 2? I found some turnkey properties that are in the Cathedral City area around $300k. Of course the numbers need to work, but am also curious if anyone has experience with getting positive cash flow in Palm Springs?
2. As a first-time investor, does it make sense to explore getting a fourplex in CA? I've been reading up on it - fully aware how challenging it can be to get financing, finding inventory and all the management involved but also intrigued by the cashflow if the deal is good.
Sorry if any related questions have already been answered! Thank you!
