First Time Investor: 4 “No-Brainers” No Book Will Ever Tell You
Now is a great time to purchase a Real Estate investment in San Diego, CA. Prices are fair, rates are reasonable and inventory is high. If this is your very first investment and you are still on the fence, I would like to share with you some sage advice.
Suppose you found a great house or condo, price was right and with a bit of work the numbers could work. What else should you consider?
There is nothing wrong with starting with a $150K condo or less. And you can still call yourself an investor. This way you “cut your teeth” on a small project and learn the ropes. You do not have to worry about the roof, landscaping or flooding–your HOA takes care of that.Your success will allow you to move forward to the next purchase. One BR units are easy to qualify for and there’s a lot to choose from.
Would You Live There?
If you don’t think the place is in a pleasant environment and up to your standards, don’t buy it. Being close to a park, good access to a major freeway and curb appeal are all things that add up. Chances are your tenants will feel the same way that you do. If you wouldn’t ever consider living there, don’t buy it.
Bread and Butter Units
When money gets tight, $2000/month condos are sitting empty. But reasonably priced houses, condos and duplexes are filled up all the time. Forego the “smoke and mirrors” and recession-proof your investment. Well located units commanding $800-$1300 month rents in San Diego, CA that cover costs are your best bet.
Near a Hospital, University or Major Freeway: Think Urban
Location couldn’t be more important in an investment property–you maximize your monthly rental income from tenants who want to live in a convenient location. Universities and hospitals notoriously require convenient well priced units, and you have a constant stream of tenants. Rural property can be a good investment but for the new investor, think urban.
If you need advice, I offer a FREE consultation!