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Best way to buy this property?


MrDoctor
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Me and my wife are looking into purchasing a property 2 hours away from our current residence.

 

We want to buy the property, maybe rent it out, and relocate to the area in 4-5 years, max.

 

Either that, or just buy it, sit on it, then move. However, I see lots of opportunity wasted in not using it as a source of income.

 

What is everyone's experience in doing this?

 

Should I set up an LLC to purchase the property under?

 

Pretty inexperienced in this. Bought all the CA real estate books, asking around, etc

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Also, what is the best way to study the RE market for an area?

 

A lot of RE agents are really marking up the home prices compared to what the area is actually worth. I want to have the facts and figures to negotiate a fair price.

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I wish I could help you but no idea how things work over there :(

 

Hopefully we have RE agents from that area on LP, do agents over there have access to a website/platform which lists all sales in a particular area? That's what I use here to do research.

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When I was in stockton(uop) it was different

 

 

I bet. Decent growth is happening out that way. Still, not the best area of CA. Your bike would get stolen in 5 minutes :D

 

You've really been everywhere on the west coast, it seems like.

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I wish I could help you but no idea how things work over there :(

 

Hopefully we have RE agents from that area on LP, do agents over there have access to a website/platform which lists all sales in a particular area? That's what I use here to do research.

 

Thanks.

 

I would assume so. I think I can get data on my own, as TopCarbon stated, looking at previous sales prices through MLS

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Thanks.

 

I would assume so. I think I can get data on my own, as TopCarbon stated, looking at previous sales prices through MLS

 

You can get a lot of info on recent sales prices on zillow too.

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You can get a lot of info on recent sales prices on zillow too.

Zillow is great

it shows past sales, new sales, what homes are worth even though they are not for sale, and homes for sale

 

Rental property to buy in Merced.....and then to live in it?

I don't knowI would go close to the last, not farther away.

 

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Zillow is great

it shows past sales, new sales, what homes are worth even though they are not for sale, and homes for sale

 

Rental property to buy in Merced.....and then to live in it?

I don't knowI would go close to the last, not farther away.

 

What do you mean close to the last?

 

I just see a lot of potential in Merced with the UC, future medical school, high speed rail, outwards growth from surrounding areas over pricing, etc.

 

Plus, I like it. I like the small town, agricultural places. I like being close to all the naitonal parks (yosemite, sequioa, death valley) and still being able to visit SF, OAK, Monterey if needed. When-ever, if-ever, the high speed rail is completed, you'll be able to shoot to So. Cal even. Even without the HSR, Merced has an Amtrak route and station that will take me all the way up to Richmond if I ever needed to reconnect with the Bay Area via Bart.

 

We both work in healthcare, jobs aren't an issue luckily. We would pay off the Merced house while working and living here in San Jose, rent out the Merced house meanwhile, then set up our house over here in San Jose as a rental.

 

This is MY solution. I'm talking my wife into it. She still wants to move to Florida. I don't like Florida!

 

I prefer hot over cold. Dry heat from Humid heat.

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Redfin has the option to export historical sales data based on your search parameters into excel.

 

Redfin..heard of it but never checked it out. Thank You!

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What do you mean close to the last?

 

I just see a lot of potential in Merced with the UC, future medical school, high speed rail, outwards growth from surrounding areas over pricing, etc.

 

Plus, I like it. I like the small town, agricultural places. I like being close to all the naitonal parks (yosemite, sequioa, death valley) and still being able to visit SF, OAK, Monterey if needed. When-ever, if-ever, the high speed rail is completed, you'll be able to shoot to So. Cal even. Even without the HSR, Merced has an Amtrak route and station that will take me all the way up to Richmond if I ever needed to reconnect with the Bay Area via Bart.

 

We both work in healthcare, jobs aren't an issue luckily. We would pay off the Merced house while working and living here in San Jose, rent out the Merced house meanwhile, then set up our house over here in San Jose as a rental.

 

This is MY solution. I'm talking my wife into it. She still wants to move to Florida. I don't like Florida!

 

I prefer hot over cold. Dry heat from Humid heat.

close to the coast

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Merced is a fcuking awful place. I wasn't even aware it existed until my wife's niece decided to go UCM last year and we got dragged into a campus visit. Nice, tiny campus. Run down strip mall town. You're right, it does have unbearable dry heat.

 

Who are you going to rent a house out too? College kids living 7up in 2 bedroom?

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Merced is a fcuking awful place. I wasn't even aware it existed until my wife's niece decided to go UCM last year and we got dragged into a campus visit. Nice, tiny campus. Run down strip mall town.

from bakersfield to lodi

 

shit hole

 

and harrahs ranch.......literally cow shit hole you can see for miles

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Merced is a fcuking awful place. I wasn't even aware it existed until my wife's niece decided to go UCM last year and we got dragged into a campus visit. Nice, tiny campus. Run down strip mall town. You're right, it does have unbearable dry heat.

 

Who are you going to rent a house out too? College kids living 7up in 2 bedroom?

 

Yup college kids. House would be close to the UC.

 

LOL I see potential in the shithole

 

Even business wise. Tons of opportunity cause ain't nothing out there.

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Yup college kids. House would be close to the UC.

 

LOL I see potential in the shithole

 

Even business wise. Tons of opportunity cause ain't nothing out there.

 

College kids are great tenants.

 

Merced doesn't have Donald Bren behind it.

 

High speed rail in CA in our lifetimes....LOL! 710 Freeway isn't finished.

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College kids are great tenants.

 

Merced doesn't have Donald Bren behind it.

 

High speed rail in CA in our lifetimes....LOL! 710 Freeway isn't finished.

 

The right ones can be.

 

Yup, Merced doesn't have anyone behind it, but does not mean it never will..

 

High speed rail, LOL. Hey, I hope it will be done one day, but I doubt it also.

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If you are going to rent it, you must put it in an LLC so only the corp holding title is liable God forbid something happens. You don't necessarily have to purchase it in the LLC. You could always Quit Claim Deed it after you close and decide to rent or not.

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