Edita_sf, Home Buyer in Julian, CA

income property in mid-ncome neighborhood

Asked by Edita_sf, Julian, CA Thu May 17, 2012

I am an out of state investor currently looking to invest into a multi family that is located in a mid-income neighborhood area with low DOM (days-on-market before it gets rented). I currently have a 2br detached house ( in Sunrise Manor area) that has been on the market for rental for 60 days now. Which neighborhoods should I be considering? Purchase price up to 150000$.
thank you!
E.D.

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Answers

13
So many answers.... I am actually going out today as we speak to show another California investor the top 7 properties I think are worth owning in the 4-plex sector of the market. Dont let the answers here 100% sway you one way or another because most of them were not based on facts ( although a few had some factual parts ) especially for areas because the fact is NO 4plex in town is in a "great" area. Too many factors go into this that it simply can not be explained in a paragraph or two. Best wishes http://www.VegasRealtorJoe.com
1 vote Thank Flag Link Sat May 19, 2012
As an out-of-state investor I would probably spend more time finding the right property manager than in worrying about what part of town to purchase. And if the set-up sheet doesn't include an expense for property management, you are in for a miserable and costly experience


David Cooper Investor with Buyers Agent License 702-499-7037
0 votes Thank Flag Link Sat May 19, 2012
Your 2 bd rental if priced correctly should not be on the market for 60 days. I would find a new agent. The rental market in Vegas is strong so either they are not marketing it properly or the pricing is too high.

The market is turning here in Vegas and buyers are everywhere. When you say multi family are you referring to more or less than 4 units? If you are financing this number will be very important. 4 units and under can be financed as a residential loan. Over 4 units it will be consider commercial and the terms and requirements change drastically. Will this be a cash deal?

I have a partner that buys all types of multi family properties from duplexes to full apartment complexes. We can often times get offers in before they are available to the public and eliminate the bidding wars. If you would like to discuss this further please contact me directly.

Best Regards,
Robert Adams
Broker/Salesman
LVrealestateHELP Team at
Rothwell Gornt Companies
C:702-349-9175
F:702-932-8826
RobertAdams@LVrealestateHELP.com
http://www.LVrealestateHELP.com
0 votes Thank Flag Link Fri May 18, 2012
ED: We might try the area surrounding, or near, UNLV (Our biggest school). We are not known for multi family but there certainly are some around. If you like, please give me a call & we can explore together on the phone.
regards, Ron
702-240-0505
0 votes Thank Flag Link Fri May 18, 2012
I check out the rental activity on CraigsList everyday. It's like the stock market for asking rents on specific properties. I get a pretty good idea what other investors and property managers are asking for their investment properties

My biggest concern with 4 plex units is the age of the building. Hot 110+ degrees in summer will require excessive AC use, and they are NOT cheap to repair oe replace.




DAVID COOPER Investor with Buyers Agent License at Since 1917 Realty 702-499-7037
For the latest Las Vegas News follow us on FACEBOOK http://www.facebook.com/davidcooper
Ask me question on Twitter http://www.twitter.com/lasvegaswinner -
0 votes Thank Flag Link Thu May 17, 2012
Well I have to say, I agree with Roberto Leon's answer. I just want to add that there seems to be a school of thought that rents here will always be at least 1000.00 per month for most SFRs but the market is currently being manipulated so heavily by the banks
and huge shadow inventory so any
statistics are purely based on the
banks mood. Right now foreclosures
have come to a screetching halt due to
recent legislative changes making it
much more difficult if not impossible
for banks to foreclose. This has left
short sales, that is an oxymoron, and
resales priced in fantasy land much of
the time. However, in Sunrise Manor
you have to be priced accurately for
the local incomes. I am sure if you
lower the rent or offer something you will rent it quickly. With mortgages in Sunriae Manor at around 60k it is so much cheaper to buy than rent Plus now that banks are not foreclosing more people are just staying in their homes till they have to leave. We have unique and interesting times and great opportunities but you need honest knowledgable people to help navigate the rough waters. I would be happy to share more just contact me through my website.
Apartments are offering no credit checks, no security deposit, etc. There is alao a new investor program for
qualified investors only. to purchase
pools of foreclosures that then have to
become rentals for 5 years. You can
find the details on the Federal
Reserve's website. Hope you will contact me to help you find the best deal for you.
Web Reference: http://www.LynnCB.com
0 votes Thank Flag Link Thu May 17, 2012
Hi Edita,
Purchasing a Multi Family like Fourplex will bring you higher return on your investment. Usually between 10%-19% depending on the area more than the price.
If you are buying cash, than you have better opportunity to look for a fixer up for a good price. Also you can always purchase a fourplex that is fully rented.

I have a beautiful Fourplex that is not listed yet for sale with two bedrooms and one bath each unit at $ 125,000. All four units are rented for total of $ $2,200 per month. The building was remodeled. Please contact me at 702-612-7099

In regards to your Single Family home investments , I am not sure why it hasn't rented yet. Maybe its the price, condition of the property, location or the bedrooms.

You can visit http://www.cvegashomes.com to search for all the properties in Las Vegas.

Rena Levy
Broker/Associate
Licensed in U.S.A/Nevada and Israel
Web Reference: http://www.cvegashomes.com
0 votes Thank Flag Link Thu May 17, 2012
Hi Ed,
It sounds like you are going to need to offer a move in special to get your place rented.
I also have several rentals in Vegas, and it can be tough finding renters in Sunrise Manor.
In the $150,000 range, you should have much less trouble with that, because it would most likley be in a better loction with a 3 car garage.
I'd be happy to send you some new listings in that price range.
Just give me a call.
0 votes Thank Flag Link Thu May 17, 2012
I do not want to bore you with promises, my resume or my webpage.
The area I would invest in is the Southwest area and get a newer building to avoid repairs or modifications.
Select two or three properties. Compare them and executte your investment as soon as possible.
The financing part and other criteria will depend on the building you select and your financial situation of course.
A cash deal means you are in a postion of strength. Financing an income property in the $150,000 range is not a problem but you'll need around $60,000 cash down.
You'll also need an agent with a strong financing background to help you on this transaction.
0 votes Thank Flag Link Thu May 17, 2012
Here is my thought with 35 years investment experience in Las Vegas, thru good times and bad.
The best income to purchase price is single family.
The property mangement team I use gives me to to 3 week turn around, so I might suggest a different property manager if you have a long vacancy.
You will get more attractive financing on SFR and the homes will be newer, meaning less maintenance.
Check out the government foreclosures on HOMEPATH for houses selling around $75,000.




DAVID COOPER Investor with Buyers Agent License at Since 1917 Realty 702-499-7037
For the latest Las Vegas News follow us on FACEBOOK http://www.facebook.com/davidcooper
Ask me question on Twitter http://www.twitter.com/lasvegaswinner -
0 votes Thank Flag Link Thu May 17, 2012
My wife and I want your business. You'll get two hard working agents who have lived in Vegas since 1976. We currently mange over 350 homes and have only 12 vacancies...it's a strong market since 08. We do strong back ground checks on our tenants making for less problems down the road. We get our deals from a variety of places. For example, foreclosure and divorce attorneys sending us great deals, distress sales, and of course the MLS which every agent uses.
We specialize in helping buyers/investors. We would appreciate a phone call so we can chat about what areas you should be focusing and what you're looking for and how our system and business model can help you. We are strong communicators, good follow through and we negotiate very well on your behalf. Please call any time after 8am. Feel free to use our web site to do some searching in the area and price range you're considering till we can create a tailor made search for you. Thanks, Kim and Matt

Matthew and Kim D’Ercole
Buyer / Investor Specialists
One Source Realty and Property Management
Cell - 702.501.0973
Website - http://matthewsellslasvegas.las.mlxchange.com
0 votes Thank Flag Link Thu May 17, 2012
Hi Edita,

first, I'd need to know what are your criterias . . what type of purchase, loan or cash . .
You can contact me directly below, per email or phone;

DENNY HEBIBOVICH - REALTOR
REALTY ONE GROUP, INC.
6475 S. RAINBOW BLVD.
LAS VEGAS, NV 89118

CELL: 702-241-6110
EFAX: 702-920-8775
EMAIL: Denny@PropertiesofLasVegas.com
WEB: http://www.PropertiesofLasVegas.com
WEB: http://www.IMMOBEL.com/LasVegasNevadaUSA/
WEB: http://awp208099.las.mlxchange.com

I'll be glad to assist you in your real estate needs to provide you more information
and in order to determine where you stand with, I'll need also few more info's from you!

Warmest regards,

Denny
0 votes Thank Flag Link Thu May 17, 2012
Hello...i will suggest southwest....you can call jamie schefflin @remax benchmark realty and property management for more information....702_462_7212...
0 votes Thank Flag Link Thu May 17, 2012
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