I read through all your replies. Thanks a lot. I feel we have a healthy disagreement, which is always a good thing.
Do you think we can do this:
If you are a listing agent for a property you think you can give me best return, please email to me: JYabc888@hotmail.com. I will contact you separately after I researched your listing through Zillow/Trulia and Google map for street view.
I do not have time to play tricks. This is a serious offer from me to you.
Thanks a lot
The low figures for lower priced homes has only to do with the number of closings below $80,000 is low and absolutely nothing to do with the foreclosure halt.
The median price point for Moreno Valley is actually $153,000.
I do statistics on every popular city in Southwest Riverside County from Corona to Temecula, and compare it to 2009, so I do know what I am talking about.
I am getting ready to post my current figures to my blog here on Trulia and Activerain, I am in the midst of calculating figures and statistics and I know exactly what prices are currently, for every City in Southwest Riverside County, currently, present day for November 2010.
I do this regularly for my buyers because I have several cash investors who are wanting this information regarding sales statistics. There is much confusing information on the National News that states home prices are going down. However, here in Southwest Riverside County, we saw our lowest period back in November of 2008. Prices are not currently going down here in Southwest Riverside County. Our median prices are going up but only slightly.
It's still a great time to buy here in Southwest Riverside County, and there are many bank owned homes on the market with little or no effect from the foreclosure freeze.
Please don't lead buyers to belive that there are hundreds of homes currently on the market that need no repair for $80,000. Your advice is incorrect if you simply look in the MLS and if you are talking about underpriced short sales that will never sell at the list price anyway then you are wrong again.
Look at SOLD COMPARABLES TO SEE WHAT IS ACTUALLY SELLING.
Your first answer told the perspective buyer he could purchase TWO homes for $160,000, this is just not true!
Those properties are great for the full time investor who has all of the contractors in place that do work at bulk prices but for the casual investor it would be very costly to make them habitable.
*Also, go to http://www.rentometer.com to find out what typical properties can rent for in your market area!
I am very familiar with Moreno Valley. I've lived here for over 20 years, and also own rentals on the South and North sides of the city. I know of several homes in your price range 3 to 4 bedrooms. Call me anytime to show.
Jane is right, two properties in Moreno Valley would be difficult to obtain. Your looking at a two bedroom, one bath with much repair for under 80K. Your rent wouldn't be more than 1,000 bucks after they are ready to rent. Your options are vast though. Most investors I have worked with go between 100K and 135K which will get you a three bed, 2 bath up to 1500 sq ft. This will rent from 1200-1500 depending on the area and condition of the property. (usually something built in the 80s and 90s). If you use your whole 160K, you would be at the starting point for some of the nicer areas such as Moreno valley Ranch or Sunnymead Ranch. Many people like properties north of the 60 as the homes are newer and the neighborhoods are a little better kept. If you find one near UCR you have a better chance to rent it out to some college kids.
As you can see you have many options with that kind of dough. Your short and long term goals will determine what the best route is for you to invest your hard earned money.
Realty World & Associates
Would you like to see a list of homes for sale with pictures in your price range so you can see what is out there?
If so let any of us know so we can help you.
Harold Sharpe - Broker
So Cal Homes Realty
California Department of Real Estate License # 01312992