Home Buying in Moreno Valley>Question Details

Jerry Yang, Home Buyer in Moreno Valley, CA

With about 160K cash, would like to purchase a property in Moreno Valley, what's the best I can get ? I am an investor and will rent only..

Asked by Jerry Yang, Moreno Valley, CA Sun Nov 28, 2010

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22
Hello I have a four bedroom 3 bath home which will be on the market next month.
0 votes Thank Flag Link Thu Aug 9, 2012
Jerry: No one has time for "tricks". Not sure what you mean by that but if you are planning on every single listing agent that may have a bank owned listing in Moreno Valley, in your price range, to respond to your request here on Trulia then you may be disapointed. It's best for your interests to have a buyers agent represent you and send you listings directly from the Realtors version of the MLS. That way you see all of the bank owned listings showing up in your e-mail in "Real Time".

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0 votes Thank Flag Link Wed Dec 1, 2010
Hi. All:

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
0 votes Thank Flag Link Mon Nov 29, 2010
@ Janet I'm new here also and realize the fighting is negative for our profession. To answer your question no I have not.
0 votes Thank Flag Link Mon Nov 29, 2010
I have a house at 13944 Flaming Arrow Dr. Moreno Valley,Ca going for $144,000 approved by lender. Call (714)390-1099 for showing.
0 votes Thank Flag Link Mon Nov 29, 2010
The number of closings in November were 187, for single family homes in Morento Valley.

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.
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0 votes Thank Flag Link Sun Nov 28, 2010
Did you check Mercado as well? You are right IRMLS has 5 sold in Nov. with 8 new transactions pending for Nov.. My opinion is the reason we have low #'s for November is due to the foreclosure halt. My point has been affirmed simply by the fact that homes are selling for less than 80k. Not all of the 5 were garbage either.
0 votes Thank Flag Link Sun Nov 28, 2010
Tony: You are the one that told the buyer he could purchase TWO homes with $160,000. I pulled RECENT SOLD COMPARABLES - FROM NOVEMBER AND GOT ONLY FIVE. ????? Do you have differnt sold comparalbes from November, show them!
0 votes Thank Flag Link Sun Nov 28, 2010
Why did you only pull 5 sold comps of the over 250 homes that sell in MoVal monthly. Mislead the buyer is the last thing I would do. Bring me 160k and I will get you two sturdy rentals that cash flow in Moreno Valley. Why even buy them out right when you can finance 4 or more and have them pay for themselves and still cash flow.
0 votes Thank Flag Link Sun Nov 28, 2010
@Tony: These are the closed listings, recent sold comparables. This is currently what one can buy in Moreny Valley for $80,000. http://www.mrmlsmatrix.com/DE.asp?ID=9868565364

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!
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0 votes Thank Flag Link Sun Nov 28, 2010
The point I tried to make earlier is that there are considerably less buyers in todays market therefore giving ANY qualified and motivated buyer more power at the negotiating table when it comes to price and the home listed at 100-135 will sell for less because there are less buyers now.
0 votes Thank Flag Link Sun Nov 28, 2010
@ Chris I respect your opinion but out of the over 850 homes listed on IRMLS I see turnkey homes with upgrades in this price range ready to rent daily.
0 votes Thank Flag Link Sun Nov 28, 2010
@Tony Thomas, that's not the issue! The issue is that they are in need of repair and rehab costing the new buyer up to $30,000. Believe me I've seen them and most are damaged beyond the point of normal wear and tear! Plus they have to be sold for cash and cannot be financed they have so many problems that FHA and VA and even Conventional appraisers will put contingencies that the seller is not willing to pay putting all of the expense again on the buyer.

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.
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0 votes Thank Flag Link Sun Nov 28, 2010
@ Chris Blasic, you would have to agree though that the homes listed at 100-135 are actually selling for less due to the fact that there has been a 30 pct. decrease in the number of home buyers out there since the end of the first time home buyer tax credit this past Spring.
0 votes Thank Flag Link Sun Nov 28, 2010
Jerry: Because you asked for the best you can get I suggested a newer home. Newer areas have the best schools and the best re-sale value and also older homes may require a lot of repair that will take away from your investment opportunity. I've seen plenty of older homes that need $20,000 or $30,000 worth of repairs just to make them livable for a tenant.


*Also, go to http://www.rentometer.com to find out what typical properties can rent for in your market area!
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0 votes Thank Flag Link Sun Nov 28, 2010
Jerry in todays buyers market you have many options. Just work the numbers and I'm sure you will find the right investment. There are additional costs involved with the newer homes. Do your due diligence and you should be happy in the end.
0 votes Thank Flag Link Sun Nov 28, 2010
Run the numbers before taking any of that advice, and make sure that the results will match your desired exit strategy.
0 votes Thank Flag Link Sun Nov 28, 2010
Hello Jerry,

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.

Jim Pena
Tarbell, Realtors
jimpena@tarbell.com
(951) 235-3029
0 votes Thank Flag Link Sun Nov 28, 2010
Hi Jerry,

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.

Good Luck
Chris Blasic
Realty World & Associates
0 votes Thank Flag Link Sun Nov 28, 2010
Hi Jerry,
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
(951) 821-8211
harold@socalhomesrealestate.com
http://www.socalhomesrealestate.com
California Department of Real Estate License # 01312992
0 votes Thank Flag Link Sun Nov 28, 2010
Hi Jerry with about 160K cash you can purchase 2 SFR's and rent them out for 1200 per month easy or you can buy some thing newer and nicer but only rent for 1700 tops and may have to pay mello roos tax which will take away from your cash flow. There are several other options available.
0 votes Thank Flag Link Sun Nov 28, 2010
Yes, there are many bank owned homes in this price range. I wold stick with something built 2005 and newer. The Camino Del Ray area has some options in a newer area! If you are not working with an agent let me know if I can help.
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0 votes Thank Flag Link Sun Nov 28, 2010
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