In the Ojai Valley of Ventura County, just south of Santa Barbara, you can purchase a 3 Bedroom, 2 Bath modest home for $300,000. There aren't many at any one time and the ones that come on the market usually sell quickly. The rental rate for that type of home
is $1,800 to $2,000 a month. There is strong demand for properties to rent. You can check the rentals at
ojaicoldwell.com, click listings, click complimentary rental list. This list is maintained by my office at no charge to the property owners and at no charge to the people looking to rent.
If you would like me to send you the short list of homes for sale in this price range, please contact me .
Coldwell Banker Property Shoppe
I would take a look in Central CA. Tulare County. We have a great rental market right now. I have several clients that are buying homes from $60 to $90/sqft. with a lil rehab they are making 40% on their investment (example, 100k pp, 25k dwn, 5k in rehab rent for $1100 a month,piti $600/month that's a 20% a year return! All my clients have a waiting list for renters. Our area has several large employers that folks who lost their home work for and this is a great area to raise a family.
Good Luck in your search,
You can leverage your capital almost ten fold in this regard and it would be the safest way to dollar cost average your investment. As an example. We work with a combination of hard money lenders and investors such as yourself. Our hard money lenders will finance up to 90% of the purchase price based on a very safe and conservative 65% "After Repair Value" (ARV). This is the amount of the loan after rehab and repair costs are factored in.
We use two very simple and safe exit strategies. 1. Acquisition, rehab and resale which allows you to revisit your investment capital whence the property is resold. 2. Or you may choose to hold the property as a rent/lease. I won't go into any detail in this open forum but our formulas have been tried and trued many many times over and do generate handsome returns for our investors.
We are a one-stop-shop, turn key, in house distressed property acquisition, rehab & remodel general contractor, property management and real estate investment brokerage company and would be happy to assist you in building a successful real estate investment portfolio. Please feel free to contact us anytime.
Good luck in your real estate endeavors.
John DL Arendsen
Real Estate Broker
Our company currently has a long term management program where we have 35 homes that are tenant occupied. We receive several calls a day from prospective tenants looking for homes to rent, and because our inventory is low, we have nothing to offer them.
In today's market with people losing their homes to foreclosure, there are several homeowners who will now be looking for a place to rent, as well as tenants that are being kicked out of homes that are in foreclosure.
If you would like further details please feel free to contact me.
Real Living Classic Homes Realty