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Investing in real estate

There are a number of options for California residents who wish to invest in real estate but are not particularly wealthy. One is to purchase a vacation home. This provides both a place for buyers to use with their family while on vacation as well an income stream that may help pay for the cost of the home. Placing a vacation home on an online rental site is simple, but financing a second home may be more difficult.

Some people get around this by purchasing a house with a cottage or garage apartment attached or by remodeling a portion of their property so that it can be a rental unit. This can create zoning issues and also involves living closely with a tenant, but it is easier to manage than a faraway vacation property.

Yet another option is purchasing a single-family home for rental. These tend to always be in demand by renters, but owners must also be prepared to cover costs for stretches when the home is vacant. Buying a multifamily building can be a solution for people who have more cash available. If one tenant moves, there is still income from the others. However, more tenants means more maintenance and more interpersonal conflicts.

A person who is considering real estate as an investment may want to consult an attorney. From contracts to tenant laws to lease disputes, an attorney may be able to steer a client away from mistakes and explain some of the legal ramifications of purchasing and managing property. Having a tenant on one's own property may raise zoning issues while there may be tax, estate planning and other issues around an out-of-state vacation or rental property. Working with an attorney from the start may help to anticipate and deal with issues efficiently.

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