Home Buying in Riverside>Question Details

Kristian, Other/Just Looking in

I want to buy any single-family home in Riverside, CA to be my rental property. I only have a $50,000 and willing to pay in cash.

Asked by Kristian, Sat Mar 30, 2013

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In my opinion use the $50,000 cash as a down payment and then take advantage of the low interest rates. This will allow you to buy in strong neighborhoods that will appreciate faster then if you were to find low-end homes in less desirable areas.
0 votes Thank Flag Link Sun Mar 31, 2013
Hello Kristen,
For homes in that price range you need to either be open to a nice mobile home or go deeper into the valley such desert hot springs or further. Inventory is very low and the market is very competitive especially with these institutional investor buying up a lot of properties for rentals and besides paying all cash they are also willing on some properties to pay a littl above market. Also when buying rentals/income property...What is your target number..is the Cap, ROI and or GRM. You want to make sure you understand or work with someone who dose the different formulas when dealing with buying income..That is what you are doing when you are buying rentals. The formulas are based on your by and hold strategies which you can see there are a few. I hope this helps.
0 votes Thank Flag Link Sat Mar 30, 2013
I want to find a 50k home to buy all in cash even if it is only a 1+ bed 1+ ba single -family home.
0 votes Thank Flag Link Sat Mar 30, 2013

Are you wanting to find a $50,000 home and buy all cash?

Or are you suggesting you have $50,000 available for a down payment?

I would suggest you consider looking at Homepath properties and financing as an option, as well as traditional financing with 20-25% down payment.

Contact me if you have questions.
0 votes Thank Flag Link Sat Mar 30, 2013
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