The rental market around the University and most areas of Irvine is very strong. I own various rental properties in Irvine myself and have never had difficulty finding a renter. It is a highly desirable city to live in and attracts not only buyers, but renters as well, who want to live here for the school district. So, not only homes near the University, but other Irvine areas are just as good for rental properties. Let me know if you have any other questions or want some listings sent to you. Good Luck!
If you would like for me to send you properties around the University area via email, would love to do that. Let me know the price range you think you are interested in. I know the area like the back of my hand and know the values. Rentals have continued to go up lately pretty drastically I think.
Would love to talk with you. YOu can reach me at the phone or email below
Coldwell Banker Platinum Properties
Martyelliott@att.net - email
The rental market in Irvine is great. I take it you have a child that might be attending UCI in a few years? If not, you'll do better if you distance yourself a little from UCI.
Anyway, to answer your question. I have out of state people who buy rentals from me. I purchase the rentals, find tenants for them and deal with the tenants. I charge nothing to buy the property. I charge a flat fee of $2000 to find you qualified tenants tenants (I screen them, verify financials and employment). After the tenants are found I charge you nothing to deal with them. So whether they stay there for 1 year or 10 years, you only pay $2000. I will charge you another $2000 every time we need to replace the tenants. If the tenants stay less than a year, I will rebate a pro-ration of the fees you paid me. Every year, we will look into the rental rates to determine if it warrants a raise in rent. Sometimes it is better to keep the rent the same than to risk losing a great tenant for an extra $25/month.
It takes a special type of person to find you a rental property and screen tenants. I know what to look out for as I manage 2 of my own rentals and about 15 other rentals for people. I have contractors that are licensed and can work cheap. I know how to handle common issues. I know tenant/landlord law so I can provide you guidance if we need it.
Here are just a few things to look out for:
1. Buy at least a 2 bedroom and 2 Bath property. They are easier to rent out than one bedrooms. Also, if a bathroom breaks down, you do not have to put the tenants into a hotel while fixing the bathroom.
2. Make sure you get a home warranty with premium upgrade. The first year might be free, and the following years will cost around $400. That way, anything breaks down, your tenants call an 800 number and schedule the repair on their own time.
3. Have an account at your bank just for rent. Have the clients direct deposit into that account. No more worries that the check is in the mail.
4. Pick a rental property that can accommodate all types of people. Also, one in which you can easily sell if you need to.
5. Get two bank statements, a copy of the driver's license, paycheck stubs and a credit report. That way you can monitor their spending habits and have the necessary information to ding their credit and/or garnish their wages if they become an issue.
There are more things to consider, but I would have to write a book!
Call or e-mail me if I can be of any assistance.
CA Real Estate Broker DRE#01737366
text/call my cell at 949-244-0225
Our company, CENTURY 21 Award has a property management division in-house that will handle all of the needs of our investors, from collection rents to maintenance and emergency issues.
CENTURY 21 Award
Irvine is a good community to invest and live in. The rental market is strong, the hardest thing would be to find a property you like for a price you like for an investment. Inventory is low and other investors and well qualified buyers are all looking too. So while an investor is making sure the property 'pencils' the buyer who has been beaten out of other homes is willing to pay more, even over asking.
Granted the cash buyer typically has an advantage. The low inventory and higher demand is making purchases an interesting endeavour right now. Due to the multiple offers I am seeing and the over asking price offers being accepted the difficult part is the appraisal. This is when a cash buyer has the biggest advantage since they typically don't need or have an appraisal done, there is no problem for the seller.
I do not property manage homes but could refer you to a couple firms that do. Their rates all vary but you should be able to find good ones for 8% or less. Lori (I do not know her) has already given you her rates below.
Good luck with your search and if I can be or service please let me know,
Brian Wilson, Realtor
OC Homes Realty