General Area in Fairfield>Question Details

Alex Mpmr, Home Seller in 94401

Rental market condition?

Asked by Alex Mpmr, 94401 Sat Jun 9, 2012

What about rental market in Fairfield? I see there are few condos below $50K on the market (2 bds) that rent on CL for $1000-800 range. How easy is it to rent out a two bedroom in Fairfield? Here (in San Mateo) you'll rent out a property in a heart beat. We have a very "landlordy" market at the moment. How about Fairfield?

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When buying to rent out, you also need to think about the future.
If a condo is cheap now it could be because the complex is not approved for FHA financing.
When you go to sell, if that is still the case, this will limit your ability to sell. The best bet usually is to invest in a single family home. A lot of investors seem to agree that Fairfield and the rest of Solano County is a great place to invest, since the cash investors are tripping over each other and making it very difficult for first time buyers to find a home.
Also, is your Realtor hiding short sales from you ? If you have the patience to wait it out, you might get a better place than you thought you could. Make sure you are looking at REO's , short sales , "flip " houses and traditional sales. Good luck.
0 votes Thank Flag Link Sun Jun 10, 2012
It honestly depends on the community. There are some condo complexes here that are in low income areas with high crime rates. There are some others that are much newer and are quite lovely. The HOA fees can be quite high but I think they would probably still cash flow each month even up to the $90,000 price range.
0 votes Thank Flag Link Sun Jun 10, 2012
Why do you think Fairfield would be any different from San Mateo? If you follow financials you will find that the rental market is hot nationwide. We are in the midst of millions of people losing their homes. Where do you think they are going? They are going into rentals for 3 years. This has caused rental payments to be higher than mortgage payments. This has caused investors to be involved in bidding wars trying to move cash into real estate markets. It's really just common sense. Think about it.
0 votes Thank Flag Link Sat Jun 9, 2012
Dianne,
most of the low price rentals are sold through other than mls channels. Like craigslist and walk-ins. So it is really hard to estimate a level of activity there. Also, all markets are local and that is very true when it comes to rentals. Where I live anything goes very fast, in Sacramento, for example, different story. My friend landlord had to lower the asking price and keep his condo on the market for almost two more months. I am wondering how is it in Fairfield? More like on the Peninsula, or more like in Sacramento? Thanks
Flag Sun Jun 10, 2012
Fairfield isn't a good rental market for condos. The HOA fee eats your profits and the neighborhoods where most of the bargain condos are for sale are not desirable. You can pick up single family homes under $200k, those are a better investment.
0 votes Thank Flag Link Sat Jun 9, 2012
Fairfield isn't a good rental market for condos. The HOA fee eats your profits and the neighborhoods where most of the bargain condos are for sale are not desirable. You can pick up single family homes under $200k, those are a better investment.
0 votes Thank Flag Link Sat Jun 9, 2012
Alex, the best person to ask about rentals is a good friend of mine, Nick Munsee at Real Property Management Select.

http://www.propertymanagementselect.com/

They are the # 1 leader in N. California for rental properties and can give you some great information.

Thanks, and let me know if you need me to find you any condos in this price range after you speak to Nick.
0 votes Thank Flag Link Sat Jun 9, 2012
thanks for the lead Sameer
Flag Sat Jun 9, 2012
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