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美国房产小讲堂 · 投资思路

拿到一笔买婚房的预算，他没有买一套“刚好买得起”的大房子，而是先算清楚：买完之后，自己的现金流还剩多少？

1第一笔投资：先算现金流

2017 年，家人给了一笔预算，希望他买一套约 130 万美元的两层婚房。他算了一笔账：如果按这个价位买，扣除税和月供后几乎没有现金流，生活质量会明显下降。

于是他把预算拆成两部分：先在橙县 Anaheim 全款买了一套约 56 万美元的投资房，再用剩下的钱买了一套院子很大的单层房自住。据他介绍，几年后那套投资房的价值和租金都有明显上涨。

2为什么重视土地

房地产整体会升值，但推动升值的主要是土地；建筑本身会随时间折旧（美国住宅出租物业的税务折旧期为 27.5 年）。可以理解为：市场在推着房价上涨，建筑折旧在后面拉后腿。

所以他买房时偏好占地较大的单层房。看房时也要留意室内面积和占地面积的比例：例如一套约 1,678 平方尺、占地约 7,552 平方尺的房子，地块宽裕、密度低，未来还有加建 ADU 的空间。

带动房地产升值的是地，建筑本身在折旧。

3低利率时期的正现金流

2020 年，他在 Fullerton 用约 20%–30% 的首付买了第二套投资房。当时贷款利率很低，买下的第一个月就实现了正现金流。Fullerton 也因区内有表现突出的公立高中而受到家庭租客欢迎。

需要注意的是，这得益于当时的低利率环境。利率较高时，同样的首付比例未必能实现正现金流，投资前要重新计算。

4第一次进入商业地产

2021 年，他希望进入门槛较高的商业地产。第一次尝试是一间办公物业，因为与卖家谈不拢而退出，损失了一些前期成本；事后看，办公物业在疫情后表现不佳，也算是躲过一劫。

几个月后，通过从事商业贷款的同学，他买下一处多功能厂房/仓储物业，租客经营香料生意，他的现金投入回报率相当高。但他自己也强调：这样的回报有很大的运气成分，可遇不可求，一般来说 4%–5% 的回报就算不错，7%–8% 已经很好。

5翻新房子怎么看

以团队当时代理的一套 1974 年建的 Chino Hills 房子为例：全屋深度翻新，包括新屋顶、把地板下的铜水管换成 PVC 管、双层隔音窗、全新厨房。看翻新房时，除了看得到的装修，更要问清楚看不到的部分，例如屋顶、管道、电路是否更新，并通过房屋检查确认。

常见问题

本文仅供一般信息参考，不构成法律、税务、贷款或投资建议。市场数据与政策以发布时为准，可能已有变化；具体情况请咨询持牌专业人士并自行核实。

Starting From One Home Budget: A Young Investor's Approach to Real Estate

Please note: This video was published on July 5, 2024. It is more than a year old. Market data, prices, rates, and policies reflect that date and may have changed. Contact us for the latest information.

US Real Estate 101 · Investing Approach

Given a budget for a family home, he did not buy the biggest house he could just afford. First he asked: after buying, how much cash flow would be left?

1First Investment: Start With Cash Flow

In 2017, his family offered a budget for a roughly $1.3 million two-story home. He ran the numbers: at that price, after taxes and the mortgage, he would have almost no cash flow left, and quality of life would drop sharply.

So he split the budget: first buying a roughly $560,000 rental in Anaheim in cash, then a single-story home with a big yard to live in. By his account, both the value and rent of that rental rose significantly over the following years.

2Why Land Matters

Real estate appreciates overall, but land drives most of it; the building depreciates over time (27.5 years for US residential rental property for tax purposes). Think of it as the market pushing prices up while depreciation drags the building behind.

That is why he prefers single-story homes on larger lots. When touring, note the ratio of living area to lot size: a roughly 1,678 sq ft home on a roughly 7,552 sq ft lot has a roomy, low-density lot with room for a future ADU.

Land drives appreciation; the building itself depreciates.

3Positive Cash Flow in a Low-Rate Era

In 2020 he bought a second rental in Fullerton with roughly 20%–30% down. With very low mortgage rates, it was cash-flow positive from the first month. Fullerton is also popular with family renters for its highly regarded public high school.

This benefited from the low-rate environment then. At higher rates, the same down payment may not produce positive cash flow, so recalculate before investing.

4First Step Into Commercial Real Estate

In 2021 he wanted to enter commercial real estate, which has higher barriers. His first attempt, an office property, fell through after disagreements with the seller, costing some upfront expenses; in hindsight, offices struggled after the pandemic, so it was a lucky miss.

A few months later, through a classmate in commercial lending, he bought a flex industrial/storage property leased to a spice business, earning a high cash-on-cash return. He stresses that such returns involve a lot of luck; generally, 4%–5% is decent and 7%–8% is very good.

5Evaluating a Renovated Home

Take a 1974 Chino Hills home the team was listing at the time: a deep renovation including a new roof, copper supply lines under the floor replaced with PVC, dual-pane windows, and a new kitchen. With renovated homes, look beyond visible finishes and ask about what you cannot see — roof, plumbing, electrical — and confirm through a home inspection.

FAQ

This article is for general information only and is not legal, tax, lending, or investment advice. Market data and policies reflect the time of publication and may have changed; please consult licensed professionals and verify independently.