Home Buying in Fair Oaks>Question Details

Ann Sibbet, Home Buyer in Kirkwood, CA

Thinking to buy a house as a rental. We are looking for stable long term income. Live in Placerville and own a business in Midtown Sacramento, Where?

Asked by Ann Sibbet, Kirkwood, CA Thu Jul 12, 2012

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5
I completely agree with Jim. That being said - if you are going to choose somewhere affordable, rentable, and along the 50 corridor, consider Anatolia, Mather, Orangevale, and Fair Oaks. If you'd like further help, please don't hesitate to give me a ring.

Happy house hunting!
Morgan Larson
916-241-8788
morgan@morganlarson.com
1 vote Thank Flag Link Fri Jul 13, 2012
Oak Park or Curtis Park near the UC Davis med school - students in med school or residency there are good renters and typically need 3 years to complete their schooling there.
0 votes Thank Flag Link Sat Jan 26, 2013
Your question leads to alot of interpretation, and I agree with Jim's perspective. Now, I will expand on some of my own beliefs.

If I want to buy a single family home as a rental, I prefer it to be somewhere close that I can check on. I prefer it to be under 2000 square feet (1600 or less) without a pool because of the liability inherent with having a pool and less control over the access to the property. I prefer limited maintenance. Carpet will need to be replaced every few years, other flooring less often, so i need to weigh the cost with durability. I want the construction to be solid and I want a neighborhood that appears stable and, while my home would be a rental, I'd prefer the others were all owner occupied to keep my values up. (a little self centered with that preference).

Then I need to see how much I can afford. Expect to put down at least 10%, maybe more. Midtown is much more expensive per square foot than Placerville. And there's lots of communities in between at different price ranges.

You can throw a rock and find a home that will cashflow, but there are more nuances to what type of investment that you want. With many homeowners losing their home in a short sale, you can find plenty of solid tenants in any priced market area.

There is no right or wrong answer to your question, only preferences. Any realtor with experience in investment properties should be able to help you narrow that down.
0 votes Thank Flag Link Fri Jul 13, 2012
One of the first questions you need to determine is what kind of landlord you want to be. Are you wanting to be hands on or just watch the checks being deposited in your bank account. Once that is determined what's the minimum positive cash flow amount that you are ok with on a monthly basis? After you ask your self those 2 questions and come up with an answer you have a good starting point to begin looking at areas, rental rates in those areas and what your overhead is going to be every month. From my experience, if this is your first rental, look for something newish, that does not need a ton of updating or remodeling. A home that once you do some cosmetic work you will be able to rent out rather quickly. Or there is the duplex, multiple unit route as well. Fair Oaks is a great area with is quaint downtown, bigger lots, good schools and lots of trees and parks.

I would be happy to speak with you about the area and surrounding areas to set you on a path to start with. I can also help you with the management once you find a property that you like.

Mark Farnsley
Tricounty Properties
P: 916-606-2148
F: 916-679-5994
m.farnsley@comcast.net
http://www.markfarnsley.com
Lic 01402801
0 votes Thank Flag Link Fri Jul 13, 2012
A few nights ago, I wrote that focusing on this area or that area is an owner occupant thinking, not investor thinking. You don't have to learn all the areas, neighborhoods, enclaves, villages, blocks, streets, courts, and shouldn't try. You aren't sending your kid to school there. You aren't commuting to work from there, you won't be sleeping there, or dealing with the neighbors on a daily basis. So - change your question.

Oh okay. If you are going to self manage, then close to home or close to business might be convenient. Or maybe somewhere along the commute route. If you hire a property manager, then where it is matters far less than: " do the numbers work for your financial plan?"
0 votes Thank Flag Link Thu Jul 12, 2012
Jim Walker, Real Estate Pro in Carmichael, CA
MVP'08
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