Home Buying in Orange County>Question Details

Jonathan Park, Home Buyer in Fullerton, CA

interested in buying multi-family houses for rent in the north orange county area. current listings?

Asked by Jonathan Park, Fullerton, CA Tue Jan 15, 2013

would also like to know what rental demand is like in north orange county.

Help the community by answering this question:

Answers

5
You'll need to clarify budget and or # of units desired. Financing gets trickier at 5 units and prices get higher but returns are better. If you desire 5 or more units, you're best bet will be to look through Loopnet.com and to get an idea of how they are priced and what you get for the money.

Multifamily investment properties are very specialized. Just getting a REALTOR that may normally deal in house, condos, and townhouses will not be enough. They will have to be knowledgeable about apartment buildings and should be able to explain:

-cap rates and gross rent multipliers
-projected financials on broker setup sheet vs actual financials
-letters of intent to purchase
-escrow periods
-due diligence involved in verifying rents, legal structures, binding long term services contracts, property management, and estoppel certificates

After searching a little on loopnet (5+ units) or through an Mls syndicate (less than 5 units) to familiarize yourself. I'd definitely recommend you find a broker who can help you through this complex and often risky process of buying a multi-family property. Good luck.

PS Rental demand is good in NOC. The rentals I manage are typically rented in 30 days or less depending on asking price.
0 votes Thank Flag Link Wed Jan 16, 2013
That is fantastic that you are looking to invest in Real Estate. Assuming that you don't have all cash to pay for the property, you will first need to get with a lender to see what you can do based on the amount of money you do have in cash for a down payment, etc. Currenty for 2-4 unit buildings in Anaheim with out a price limit there are 14 properties available for sale. If you would like a referral to a lender I have several that I work with and one that is very good at helping to guide you with what you can do in multi-family units. Let me know if I can help you out.

Thank You,

Lori Hanson
OC Homes Realty
714-585-5236 Cell
estatepricing@yahoo.com
DRE 01405146
0 votes Thank Flag Link Tue Jan 15, 2013
Hi Jonathan
There is still a demand for rentals. Your looking for houses or condos and town homes? Contact me and let me know what price range you want to stay under and how many bedrooms and a max amount for the HOA fee if you don't mind an HOA. I will get the current information on properties


Ingrid Ski Realtor
949-874-0432
OCAreaHomes@gmail.com
OChomes24@gmail.com
0 votes Thank Flag Link Tue Jan 15, 2013
Jonathan:

First step - Get pre-approved for mortgage financing. Multi family housing have tighter lending guidlines. Will you occupy one of the units? You can expect to put 25% down to achieve 75% LTV if you go with conventional financing. Castle & Cooke Mortgage is a direct lender (important in this environment).

Please feel free to call my cell an discuss your financing options. Cell: (949)212-4578

Best regards,

Grant Fawcett
Mortgage Banker
Castle & Cooke Mortgage
Ph: 949-212-4578
0 votes Thank Flag Link Tue Jan 15, 2013
Rentals start at $1200 for a 2 bedroom duplex on up. It depends if the house has a view, the condition of the property and the location. If you are looking to purchase an investment in Orange County, you should get in touch with a local Realtor asap. I could have an experienced Realtor working that area contact you. They will be able to provide you with valuable insight and guild you through the buying process. Send me your contact info to Tjackson@c21mm.com and I will have an expert get in touch with you!


Travis Jackson
Century 21 M & M Associates
DRE# 01879566
Tjackson@c21mm.com
http://www.408RealEstate.com
0 votes Thank Flag Link Tue Jan 15, 2013
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2016 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer