Home Buying in Merced>Question Details

Catherine Ma…, Home Buyer in San Francisco, CA

Any advice on buying a rental property in Merced, CA?

Asked by Catherine Massaro, San Francisco, CA Wed Jul 2, 2008

I am currently renting in San Francisco, and would like to invest my savings into some property. Unfortunately, I cannot afford to buy anything in SF. I was thinking of buying a rental property in Merced, and renting it out to cover the mortgage payment. Any advice? Location? Right time to buy? Should I buy something with the intention of renting to families or students? I am looking to buy something between 100-150k. Any words of wisdom would be greatly appreciated.

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Hi Catherine
Oh My..You should come and see Mariposa. It's a wonderful western town on Hwy 140 on the way into Yosemite National park. There are so many great and beautiful properties here for under 400k..WoW..Tall pines, fresh mountain air, super people and oh so safe.

Mia Gloor mia @mariposahomes.com

http://www.mariposahomes.com
0 votes Thank Flag Link Thu Aug 14, 2008
Hi Catherine, great prices, but a saturated rental market, make it tough on an investor who is looking for positive cash flow from the start. The majority of the investors in Merced are more long term, and not in need of the profit from renting, but are anticipating a profit in equity. Best of Luck! The Coach
Web Reference: http://askPCR.com
0 votes Thank Flag Link Thu Jul 3, 2008
I think it would be a good idea to talk to your loan consultant so he could give the financial aspect of the loan... If your intention was to have it rented the downpayment would be higher and so as the interest rate... You should also consider the rent in the area, would that cover your expenses (mortgage payment) and so as the maintenance of the home since you wanted to rent it out. Weigh in the Pros & Cons first.
0 votes Thank Flag Link Wed Jul 2, 2008
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