Steven Chan, Home Buyer in 91745

I am interested in buying a 3-bd house for rental in Corona. I am trying to compare Eastvale with the west Corona by 91 freeway. Which part is better?

Asked by Steven Chan, 91745 Thu May 24, 2012

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Answers

12
Marlene Prescott’s answer
Hi Tsan!

When buying a rental property, you need to consider where your tenants are likely to work and which areas are likely to have the biggest "tenant pool". The more reasonable rents of the Corona area attract tenants who can commute long distances. The opening of the Toll Road to southern OC has encouraged the commuting tenant.

Corona has developed into quite a business hub in the past twenty years or so! Many of your prospective tenants will come from within Corona itself.

Eastvale will tend to draw tenants who work in the Ontario area which is also a business hub.
But, it will not draw many tenants who commute to Orange County ... which is probably the largest group of commuters in the general tenant pool.

OC commuters will want homes as far west as possible and with good freeway access. South Corona is also very popular with tenants who have ties to OC. It is not unusual to have a couple where one works in Corona and the other in OC.

I speak from personal as well as professional experience. I bought two rental houses near McKinley/91 Fwy in 1989 before Corona became what it is today. South Corona was all orange groves! Today, my tenant pool seems to be restricted to people who work in Corona, along the 15FWY both ways and Riverside. Too far for OC commuters. When I have a vacancy, I get a lot of calls from people who do not want to look when they find out it is so far east. The Metro-Link train system can be helpful to some people ... I had one tenant who used it to commute to Orange but he only lasted a year or so.

So, you do want to pay attention to the OC commuters.

Good luck! Contact me if I can be of help to you in finding a good rental house!

Marlene Prescott
Prudential
714-283-6643
marlenepre@aol.com
0 votes Thank Flag Link Fri May 25, 2012
Tsan,
I believe that due to the commuter traffic to Orange and LA counties, that the western side of Corona will be "more popular" and closer than the Eastvale community. However, Eastvale being newer in construction, you may find you that you get a bigger home for the money than in western Corona.

It's a personal choice and you, the buyer, must make that choice. Anyway you look at it, rental prices are up due to so many people losing their homes to short sale and forecloser.

Carlene Blair
Tarbell Realtors
951-532-9886
1 vote Thank Flag Link Thu May 24, 2012
Hello Tsan,

As you can see from the previous responses, both areas have their perks. In contrast to many of the other replies, I will say that Eastvale is a good commuter area as well due to its close proximity to the 71 frwy as well as the 15, 60 and 10 freeways. You will find newer, larger homes in Eastvale than western Corona which may attract more families.

Please let me know if I can assist you further.

Thank you,

Melissa Munn, Realtor
Meridian Capital Real Estate
P: 951.667.7601
F: 951.667.7604
0 votes Thank Flag Link Mon Jun 4, 2012
Please click the following link, there is information about Eastvale,
http://www.eastvalecity.org/index.aspx?page=41
Both cities are good. Any other questions, please let me know.
Good luck!

Sydney Chang
C21 Town & Country
626.759.1611
yamedia168@yahoo.com
0 votes Thank Flag Link Fri May 25, 2012
Eastvale is now its own city. With anything new ,it has growing pains and start up fees. The mello ross, and/or assessment, and/or bond (call them what you like but they are all fees) appear to be higher. Remember those fees where set when the market was higher so it appears high now. We are also 10 years into it. Nice area. Very new.
I call West Corona Sierra Del Oro. Its the community closest to the OC off Green River. It only takes about 15 minutes to get to Anaheim Hills. That is the main reason those homes are more expensive than most of Corona.Great neighborhood, quiet & built in 1988,1089. It has an award winning elementary school. You will get higher rents in SIerra Del Oro than Eastvale.
If I was to invest in Corona, I wouldn't be buying in either of the those locations. There are better areas that have a higher return on the investment. GRM is closer to 10 - 11. Its hard to do that in Sierra Del Oro
0 votes Thank Flag Link Thu May 24, 2012
Tsan,
Watch the tax assessments in Eastvale, they'll affect your margins. Ask for a tax roll from your agent before placing an offer. Every tract will vary.

Jory Blake
951.742.3751
Web Reference: http://www.JORYBLAKE.com
0 votes Thank Flag Link Thu May 24, 2012
Tsan,
Watch the tax assessments in Eastvale, they'll affect your margins. Ask for a tax roll from your agent before placing an offer. Every tract will vary.

Jory Blake
951.742.3751
Web Reference: http://www.JORYBLAKE.com
0 votes Thank Flag Link Thu May 24, 2012
You will get varying opinions.

Eastvale, one of our newest cities, was built during the boom years on dairy land. Consequently, there are many short sales there. You will find newer homes with more square footage for your money and a nice assortment of shopping and dining.

West Corona, on the other hand is an older area. Sierra Del Oro, the westernmost area of Corona is made up of homes primarily built in the 80s and ranging in size. It features mature trees, nice established neighborhoods and close proximity to Orange County. The Mello Roos has been paid off, so you won't have that extra expense on your tax bill. This area is more expensive because it's closer to Orange County. This is especially important to communters.

Just east of Sierra Del Oro is also Western Corona. Within this area neighborhoods are more varied and there is a section known as "Coronita" that is unincorporated.

Our current market is heating up and many buyers and sellers are encountering multiple offers that often extend over the asking price.
Web Reference: http://CoronasBestHomes.com
0 votes Thank Flag Link Thu May 24, 2012
It depends on what you want for cash flow. The 91 freeway certainly makes for an easier commute and attracts more renters. There are also a lot of people that have negative feelings about being near dairy farms in the Eastvale area. But you can typically buy more home in the Eastvale area and they are newer. However rents are higher in the West Corona and South Corona areas.

There are a couple of homes that might work for you that I am aware of. Give me a call and we can really dial in what you want and need, and find you something that works with your budget. I am a real estate broker and I specialize in Corona.

Thanks!
Heather Stevenson
(951) 818-7583
http://www.TheStevensonTeam.com
0 votes Thank Flag Link Thu May 24, 2012
Hello Tsan, I am a Realtor located in Corona. Corona itself is a great city. Eastvale is a newer community then West Corona and because the homes are much larger you will be able to lease the property for more. Eastvale properties has great potential for resale and return on your investment in the next 3-5 years too. If you need assistance feel free to give me a call or send me an email. 909-957-4363 or ameerah.bolden@apreus.com. I may also have a few bankowned homes that may interest you.


Ameerah Bolden
Atlantic & Pacific Real Estate
909-957-4363
http://www.ameerahsellshomes.com
0 votes Thank Flag Link Thu May 24, 2012
There are a number of differences between Eastvale and west corona. Eastvale tends to be larger homes, that are built in 2000 or newer, whereas west Corona can range from the 70's and newer, with most being built in the 80's. The type of people who want to live in west Corona typically work in Orange County and are looking to reduce their commute. Those that move to eastvale typically are looking for a larger house, and quite often it is to have more than one family in the house. Many are also drawn to the age of the homes, since they are quite new. Eastvale can have the smell from the nearby dairies tainting the air a bit, which you can avoid in most of west Corona, but not all.
For a long term investment I would prefer west corona, off Green River, since it is already well established, as Eastvale is having a large turnover in residents, and it is yet to be seen how stable the area will be. Eastvale isnt a bad area though, as I wouldnt mind an investment property in either area. A rental house in both areas could yeild a good family for tenants, and good appreciation potential in the long run.
I currently have a few bank owned properties that are in either area, some of which arent on the market yet. If you are interested, let me know and I can arrange for you to see them.

Jon Petersen
Remax Partners
(951)553-5542
0 votes Thank Flag Link Thu May 24, 2012
Tsan,

In my opinion I would choose the Eastvale area. The homes in that area are newer which should equate to less maintenance and upkeep for yourself.

If you would like to talk further or have any other questions please feel free to give me a call.

Thank you!


Craig Chastain
Realtor/Owner
Next Level Realty
909.243.4251
sellyourhomewithcraig@yahoo.com
0 votes Thank Flag Link Thu May 24, 2012
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