Hi all, I’m a first-time home buyer looking to purchase a property in SoCal, specifically in Orange County or possibly SGV. I want to buy and rent out the additional rooms I’m not using. I’m aiming for a property that will give me the best appreciation in the short term (1-3 years). I’m considering a budget of $1-1.5 million with $400k down. I’m fairly new to the area, but Irvine looks good. Any thoughts on single-family homes vs. townhouses/condos? What about other cities?
This is tricky. A single-family home will almost always appreciate best. But short-term holds are risky right now with prices leveling off and high interest rates. It really depends on what you can qualify for. What’s your salary?
~$380k.
There are some terrific homes in my neighborhood within your price range, both single-family homes and condos. I’m in Mission Viejo. Feel free to DM me for more info!
The maximum adult occupancy for tenants in a single-family home in Orange County, CA is two.
Didn’t that get overturned like a decade ago?
Not in Orange County AFAIK.
Pretty sure that idea died a few years after it was implemented. But if you can show the current regs, I’d be happy to stand corrected.
You need to understand capital gains taxes before making your plans.