Finding The Right Owner Occupied Investment Property in Orange County

Purchasing an owner-occupied investment property in Orange County is an excellent way to start or add to your portfolio. But how do you find the property that will meet all of your needs? Let us help you learn how to find the right owner occupied investment property in Orange County in our latest post!.

First, Let’s Review Your Options

A Single Family Home

You could choose to purchase a spacious single-family home, renting out the extra bedrooms. This is a great option for singles or young couples who don’t mind sharing their space with roommates. Living in the home will help you ensure it is well-kept. Watch out for tensions arising between yourself and roommates. Remember, they are paying you to live there, so they should feel as if it is their home too.

A Multi-Family Building of Four Units Or Less

When choosing an owner-occupied rental property, many investors opt for a multi-unit property, containing four units or less. The reason for four units is the ability to qualify for an FHA loan. You can buy a four-unit property for very little money down.

An Apartment Building

An apartment building is anything with more than 4 units. It is considered a commercial property and will require different steps to obtain financing. It can be a very profitable investment but will also require a large commitment. By living onsite, you will be able to take care of everything. However, sometimes that is more than people want to take on. Make sure you are ready for everything involved with owning an apartment building before you buy!

Ask Yourself These Questions First

How much privacy do you need?

This will help you decide if you should purchase a single-family house or something with individual units. Keep in mind, it doesn’t have to be permanent, so if you think you could be comfortable for a year or two, it can be an excellent way to invest.

How much living space do you require?

This will help you determine the size and property type. If you have a lot of belongings, you might want to consider thinning things out before moving into a house with roommates or into a multi-family property.

How long are you going to be comfortable with this arrangement?

Most lenders will require you live in your house for the at least the first year in order to qualify for financing. Will you be comfortable with this arrangement during this time? Of course, you could have amazing roommates or neighbors, and consider keeping the arrangement long-term. You will be able to pay off your mortgage and live rent-free in many situations!

What will the numbers look like?

If you are collecting enough rent from the other tenants to cover the mortgage and other ownership expenses, your need for privacy might go by the wayside. Investors love having someone else pay their mortgage. When this also included their personal living expenses, it can be difficult to pass up!

Are you prepared to be accessible 24/7?

As a landlord, you should always tend to tenant¬†problems right away. However, if you find yourself dealing with a needy roommate, let’s say, someone who knocks on your bedroom door at three o’clock in the morning because the air is blowing too cold out of the vents, you might want to consider something with a bit more space.

A good tip…¬†

Have your tenants in mind before you buy. Maybe a friend or family member, so you can avoid getting stuck with a bad roommate (that you need in order to pay your mortgage.)

Are you ready to buy an owner-occuppied investment property in Orange County? We can help! Send us a message or give us a call today! 949-625-4533

Joe

Broker/Realtor/Investor/Mentor (41 years experience) Specialties: Buyer's Agent, Listing Agent, Foreclosure, Short-Sale, Property Management, Landlord I'm a Full Time Real Estate Professional, house flipper and mentor to many of my clients. I am here to help you get top dollar for your home or get you the best price for a home that you are going to live in. I have over 40 years of real estate experience for you to draw on and actively list and sell over 20 homes a year. I have sold over 600+ homes in the last ten years alone. I am a very skillful negotiator and will work diligently to help you realize the best possible price when buying or selling your home. With my Exclusive Home Acquisition & Sales System, I can find the Right Home for You! I have access to homes no other Realtor will show you. I can show you how to save an average of $10,000.00 on the purchase price. We will find a home that fits your needs, in a neighborhood that suits your style. If you are selling your home then I can bring all the professionals to you. I always include professional photos in ALL my listings. I have contractors standing by to assist with those upgrades if needed. I can also quickly get you ALL CASH offers for your home if you desire. My marketing surpasses all other agents. It begins with extensive internet advertising to hundreds of websites throughout the world. I do direct mail marketing for you home and also knock on doors in your neighborhood when I am holding an open house. I hold you home open to expose it to as many buyers as possible. My Exclusive program is designed to sell your home for Top Dollar in Any market. I am an experienced flipper here in Orange County and therefore can offer you my over 40 years of real estate experience. The information is available to you at no charge! If you like what you see, please call me and setup Your Free Consultation.

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