Home Buying in Irvine>Question Details

Peace, Home Buyer in Irvine, CA

interested in investment property around the University. How is the rental market and property management costs? I live in Maryland.

Asked by Peace, Irvine, CA Fri Jul 13, 2012

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8
Hello Peace,

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!

Blessings,

Marsha Morris
realtor242@aol.com
Realty Benefit
DRE# 01243218
0 votes Thank Flag Link Thu Jul 19, 2012
I am a property manager and I cover the Irvine area as well. Very hot rental market. Purchase prices reflect that too. Some of my clients are investors on the East Coast. Feel free to contact me directly with further questions. I answer calls as early as 7:00 a.m. PST.
0 votes Thank Flag Link Sat Jul 14, 2012
Hello Peace: I live near the University and I must say it is a nice place to live and/or invest. It is near the University and also very close to the award winning University High school. This brings a lot of interest to the area. At the moment, we do have somewhat of a shortage of inventory and I believe it is caused by the low interest rates and low prices on homes and condos. We are back to the 2003 price level inmost cases. MOst properties have multiple offers on them today, especially if they are priced right and below the 700 range. I have been an agent in the Irvine area for over 25 years and have sold many investors homes. I can also help with renting out the property after it closes. I will find a tenant, a good tenant, do all the screening for no fee to you, or at least a very nominal flat fee.
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

Regards

Marty Elliott
Coldwell Banker Platinum Properties
949-202-8056 cell
Martyelliott@att.net - email
0 votes Thank Flag Link Fri Jul 13, 2012
Hello Peace,

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.

Regards,
Satar Naghshineh
CA Real Estate Broker DRE#01737366
satarnag@amirifinancial.com
text/call my cell at 949-244-0225
0 votes Thank Flag Link Fri Jul 13, 2012
The rental market in general is very strong in general with the added student population around the university adds to the stability of that market.

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.

John Alesi
CENTURY 21 Award
949-510-2154
0 votes Thank Flag Link Fri Jul 13, 2012
Hello Peace,

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
DRE# 01321478
949-933-0852
0 votes Thank Flag Link Fri Jul 13, 2012
The rental market is very strong and there is always a need for rental property close to the University. The property mangement fee that I charge is 5 to 6% of the monthly rent to oversee the property and take care of all issues from getting it rented to all repairs that may come up. If you would like more informaton just drop me an email and I can set up a search for you, and send you more information about property management.

Thank you,

Lori Hanson
OC Homes Realty
714-585-5236 Cell
estatepricing@yahoo.com
DRE 01405146
0 votes Thank Flag Link Fri Jul 13, 2012
The ones closest to the university are mostly newer condos and have Mello Roos taxes, plus HOA dues. Many investors are going to the ones a little farther away which are a little older and have no Mello Roos taxes and lower HOA dues. I represent a lot of investors in Irvine. Please let me know if I can be of help. Hanneke Jacobs - 949)463-4339 / hannekej@aol.com with Harcourts Prime Properties.
0 votes Thank Flag Link Fri Jul 13, 2012
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