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i live in los angeles, california. i have owned the home that i live in for about 5 years now.
now, i have some cash saved up and am looking at buying an investment property to rent out.
i am sooooo new to the idea as well as the process and am feeling overwhelmed.
questions that i have:1) how do you decide WHERE to buy the investment property ?2) what kind of property should i buy -- single family, duplex, condo, townhome ??????3) especially in an around los angeles and orange county, how do i decide where to buy. how do i know which areas are "hot" and which are not in terms for the rental market ?4) what kind of real estate agent should i hire ? names of any good one's (in LA) that anyone can recommend.
any other advice that anyone can give will be very greatly appreciated.
And then again, this is JUST the beginning -- how do i rent out the property ???
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Number one advice I would give to you, both as a 25-year veteran Realtor and as a 35-year experienced rental property owner, stay within a half hours drive of your own home. Going into a remote area that you cannot visit regularly can be a real pain, and there should be good rental areas within that distance.Second, if you are buying a single family home, you should be able to manage it yourself. If you cannot manage one unit, you probably should not be a landlord.
Welcome! This is the best real estate blog in cyberspace, so you are going to get good information from reliable sources. My #1, and by far the most important, suggestion is find a property mangement company that can supply you with lists of completed rentals.You now have houses that have actually been rented, and you know the rents and where they are located. Now have your real est estate a gent locate similar houses, and since you know the rent, you can subtract out the mortgage payment, taxes, insurance, HOA, and manager's fee. And if you can get Positive Cash Flow, you are ready for a decision. There are Positive Cash Flow Move-in condition houses in Las Vegas under $150,000 in upscale neighborhoods.[Self-promotional content and contact information removed by Zillow moderator. Please see About Zillow Advice and our Good Neighbor Policy for guidelines]
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