Author Topic: First Time Second Home Buyer - Advice  (Read 726 times)

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Offline anteaterscientist

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First Time Second Home Buyer - Advice
« on: April 05, 2021, 06:37:31 PM »
My plan to purchase a second home in Irvine with cash to house a relative and sublet the other rooms.

My previous agent was a relative who represented me but declined this time to work with me, because she's in LA area.

-Has anyone had experience with Redfin before?
-Has anyone had experiences (good or bad) with subleasing? I don't think subleasing is a thing in Irvine, but I do see a lot of single rooms available.
-Anything else to consider? My first home purchase was through the builder and I did use the in-house lender.

If these items are discussed in other threads, feel free to direct me there.

I can share my experiences here too going through the process, if people are interested.

Offline eyephone

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Re: First Time Second Home Buyer - Advice
« Reply #1 on: April 05, 2021, 06:45:07 PM »
My plan to purchase a second home in Irvine with cash to house a relative and sublet the other rooms.

My previous agent was a relative who represented me but declined this time to work with me, because she's in LA area.

-Has anyone had experience with Redfin before?
-Has anyone had experiences (good or bad) with subleasing? I don't think subleasing is a thing in Irvine, but I do see a lot of single rooms available.
-Anything else to consider? My first home purchase was through the builder and I did use the in-house lender.

If these items are discussed in other threads, feel free to direct me there.

I can share my experiences here too going through the process, if people are interested.

You might have better cash flow in the IE.

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Offline anteaterscientist

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Re: First Time Second Home Buyer - Advice
« Reply #2 on: April 05, 2021, 06:54:20 PM »
My plan to purchase a second home in Irvine with cash to house a relative and sublet the other rooms.

My previous agent was a relative who represented me but declined this time to work with me, because she's in LA area.

-Has anyone had experience with Redfin before?
-Has anyone had experiences (good or bad) with subleasing? I don't think subleasing is a thing in Irvine, but I do see a lot of single rooms available.
-Anything else to consider? My first home purchase was through the builder and I did use the in-house lender.

If these items are discussed in other threads, feel free to direct me there.

I can share my experiences here too going through the process, if people are interested.

You might have better cash flow in the IE.

Trying to keep relative closeby, that's the primary reason and some of that Irvine safeness.

When you say cash flow, you mean more properties are available there or more renters out there?

Offline Cares

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Re: First Time Second Home Buyer - Advice
« Reply #3 on: April 05, 2021, 08:19:25 PM »
He means rent received relative to purchase price or in other words cap rate is higher in IE compared to OC.

Offline woodburyowner

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Re: First Time Second Home Buyer - Advice
« Reply #4 on: April 05, 2021, 08:45:32 PM »
Careful on subleasing.  It is not allowed in most HOAs.  You might get unlucky with a nosy neighbor or over zealous board member who will shut you down.

Offline USCTrojanCPA

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Re: First Time Second Home Buyer - Advice
« Reply #5 on: April 05, 2021, 09:20:46 PM »
There are realtors on here that provide will not only provide you a rebate that's more than Redfin will provide but are better more experienced agents.  ;)
Martin Mania, CPA
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Often imitated....Never duplicated!

Offline ucla bruin

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Re: First Time Second Home Buyer - Advice
« Reply #6 on: April 07, 2021, 12:38:19 PM »
I've sublet before in Irvine but this was years ago.

Interview and select your tenants carefully. Even if it's take months. You're buying cash so you've got time. Picking the right tenants will save you a lot of headache. You shouldn't have problems given the demographic of Irvine. I opted for young professionals (ended up with girls). Ask them question to get a sense of how respectful they are, cleanliness, experience living with others, what are their pet-peeves, how they handle conflicts....etc. Have your relative present too so there are no surprises for anyone.

Always do background check, call their references and sign a contract.

Offline the.irvine

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Re: First Time Second Home Buyer - Advice
« Reply #7 on: April 07, 2021, 02:18:06 PM »
My plan to purchase a second home in Irvine with cash to house a relative and sublet the other rooms.

My previous agent was a relative who represented me but declined this time to work with me, because she's in LA area.

-Has anyone had experience with Redfin before?
-Has anyone had experiences (good or bad) with subleasing? I don't think subleasing is a thing in Irvine, but I do see a lot of single rooms available.
-Anything else to consider? My first home purchase was through the builder and I did use the in-house lender.

If these items are discussed in other threads, feel free to direct me there.

I can share my experiences here too going through the process, if people are interested.

Please share your experience, would love to learn. At what price point are you looking to buy?

Offline JadedOne

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Re: First Time Second Home Buyer - Advice
« Reply #8 on: April 07, 2021, 03:48:03 PM »
I've sublet before in Irvine but this was years ago.

Interview and select your tenants carefully. Even if it's take months. You're buying cash so you've got time. Picking the right tenants will save you a lot of headache. You shouldn't have problems given the demographic of Irvine. I opted for young professionals (ended up with girls). Ask them question to get a sense of how respectful they are, cleanliness, experience living with others, what are their pet-peeves, how they handle conflicts....etc. Have your relative present too so there are no surprises for anyone.

Always do background check, call their references and sign a contract.

Girls that are young, professional, respectful, clean, handle conflicts well, with no pet-peeve issues...interviewed by you and a relative?

Sounds like marriage material!  ;)

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Offline eyephone

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Re: First Time Second Home Buyer - Advice
« Reply #9 on: April 07, 2021, 03:58:52 PM »
I've sublet before in Irvine but this was years ago.

Interview and select your tenants carefully. Even if it's take months. You're buying cash so you've got time. Picking the right tenants will save you a lot of headache. You shouldn't have problems given the demographic of Irvine. I opted for young professionals (ended up with girls). Ask them question to get a sense of how respectful they are, cleanliness, experience living with others, what are their pet-peeves, how they handle conflicts....etc. Have your relative present too so there are no surprises for anyone.

Always do background check, call their references and sign a contract.

Sounds like a lot a lot of work. But I guess it is possible.

Offline sleepy5136

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Re: First Time Second Home Buyer - Advice
« Reply #10 on: April 07, 2021, 08:42:35 PM »
I've sublet before in Irvine but this was years ago.

Interview and select your tenants carefully. Even if it's take months. You're buying cash so you've got time. Picking the right tenants will save you a lot of headache. You shouldn't have problems given the demographic of Irvine. I opted for young professionals (ended up with girls). Ask them question to get a sense of how respectful they are, cleanliness, experience living with others, what are their pet-peeves, how they handle conflicts....etc. Have your relative present too so there are no surprises for anyone.

Always do background check, call their references and sign a contract.

Girls that are young, professional, respectful, clean, handle conflicts well, with no pet-peeve issues...interviewed by you and a relative?

Sounds like marriage material!  ;)
sounds more like discrimination based on gender lol.

Offline Dr. CA Real Estate

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Re: First Time Second Home Buyer - Advice
« Reply #11 on: April 07, 2021, 09:08:13 PM »
I've sublet before in Irvine but this was years ago.

Interview and select your tenants carefully. Even if it's take months. You're buying cash so you've got time. Picking the right tenants will save you a lot of headache. You shouldn't have problems given the demographic of Irvine. I opted for young professionals (ended up with girls). Ask them question to get a sense of how respectful they are, cleanliness, experience living with others, what are their pet-peeves, how they handle conflicts....etc. Have your relative present too so there are no surprises for anyone.

Always do background check, call their references and sign a contract.

Girls that are young, professional, respectful, clean, handle conflicts well, with no pet-peeve issues...interviewed by you and a relative?

Sounds like marriage material!  ;)
sounds more like discrimination based on gender lol.

sounds like a good way to end up on a list
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