Home Buying in Temecula>Question Details

Sean Chau,  in Los Angeles, CA

Invest in temecula?

Asked by Sean Chau, Los Angeles, CA Wed Jul 9, 2008

Thinking of buying rental property in temecula. How's the rental market? How's the job market in temecula? Seems like there are quite a few foreclosed homes and there are some pretty good prices. I'm looking at under $200k. If I were to put 20% down, will I be able to cashflow on a single family home? If so, please advice. Thanks.

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Let's see. $200k plus 20% down gives us a loan of $160k. Monthly payment on $160k is approx. $1200 (includ. tax). Rent for a small 3 bed 2 ba. would be $1500. Property management would be about 7% if you choose to use one. Then take into consideration utilities which you can pass on the expense to the renter, repairs, and time not rented
1 vote Thank Flag Link Tue Jul 22, 2008
Homes priced under $200,000 are very limited in Temecula and Murrieta, but there are many foreclosed homes in the surrounding area selling in the $225,000-$275,000 range that appear to be really good bargains. Buying a rental property in Temecula for 20% down should yield cashflow if the rental market remains strong. Currently, the job market in the area is off at about the same rate as other Southern California areas, with more job losses in the real estate, lending and housing industries having an impact on the current economy. Growth however, remains strong and long-term growth looks promising. Call me for more information on homes in the Temecula Valley and surrounding areas.
Monte Byrd, Prudential California Realty, 951-704-0083
Web Reference: http://www.montebyrd.com
0 votes Thank Flag Link Thu Jul 10, 2008
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