Home Buying in 92553>Question Details

Mohamed, Home Buyer in Moreno Valley, CA

Is it a good Idea to buy a house or an apartment and rent it at this time?

Asked by Mohamed, Moreno Valley, CA Fri Aug 27, 2010

What I m looking for is a house or an apartment to buy and put it up for rent in Moreno Valley or Riverside area . No short sale please

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3
Its a great idea right now. Interest rates are low, prices are low and values have decreased alot in these areas so in the long run you are looking at a very good investment. I would get a house preferably with no HOA fees. Also look at low tax areas to keep you monthly costs at a minimum. This should make for a sound investment.
Let me know if you need any help! I can get you in touch with lenders that can give you an idea of what your payments will be.

Jesse Madison
Madison Realty
0 votes Thank Flag Link Fri Aug 27, 2010
The best deal is buy a house or condo, put it up for rent with section 8, for example i've seen some condos in my area that cost $50K and generate around $800 + in cash flow, giving you a 19% return.

At this point, you should be in the 14-20% ROI levels if you play your cards right. Get 3-4 of those and you will be set.

Now, there will be some pricing adjustments, but probably not on the lower end housing prices as investors and glad to scoop those up and enjoy double digit returns.

Good Luck,

Sameer
Web Reference: http://www.mygpsagent.com
0 votes Thank Flag Link Fri Aug 27, 2010
It is if you can get it to cash flow. So, look not only at your acquisition costs but also the rental income for the area.

Hope that helps.
0 votes Thank Flag Link Fri Aug 27, 2010
Don Tepper, Real Estate Pro in Fairfax, VA
MVP'08
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