Home Buying in Antioch>Question Details

Dee, Real Estate Pro in Oakland, CA

Is this a good time to buy a condo as an investment property in Antioch?

Asked by Dee, Oakland, CA Sun May 18, 2008

Would it cash flow, in a decent area?

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7
Lois....

Please consider doing a rental survey prior to purchasing an investment property in that area. Also, townhomes and condo's are usually the first ones effected by the market and the last ones to pull out of a declining market. Good luck.
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3 votes Thank Flag Link Sun May 18, 2008
Pam Winterba…, Real Estate Pro in San Ramon, CA
MVP'08
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Lois,
Whenever you invest in real estate you need to check how easy it is to rent out. Please remember that many previous investors in Antioch, wouldn't have to sell if the could rent their properties out.. Then, as Paulette already mention - make sure that your cash flow will support your idea. How much down payment you can make and what the going rental rates are? And the most important, if you loose you tenant, can you support your investment without trying to sell it?
Web Reference: http://www.cimpler.com
2 votes Thank Flag Link Sun May 18, 2008
ARTUR URBANS…, Real Estate Pro in Burlingame, CA
MVP'08
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Hello Lois,
Is it a good time to buy? Yes! A condo as an investment property? Depends. If you can find a turnkey condo at a super price, then go for it, however assuming that you will finance a portion of the purchase price, take in to consideration that it may take a while to find a tenant and you will have to carry the mortgage and the monthly HOA dues until the unit is rented. Do your homework in comparing the prices of the homes in the area. It may be better to buy a single family property than a condo or townhouse if it fits within your budget. This is because many renters in the area are former homeowners that have lost their homes due to the foreclosure process; They are seeking to rent single family homes to accomodate their families.

BTW, As of today (5/23) at 6:25pm, there are 75 condos on the market in Antioch alone listed under $200,000. Their HOAs range from $100-$320 a month. That's just a snapshot of what is out there. If you are interested in checking out some of these properties, go to our site and log-in...it's free. If you want more stats, then shoot us an email.

Best wishes!
The Jefferson Team
1 vote Thank Flag Link Fri May 23, 2008
dont be enticed by the current prices....
its not a good time.....would be an extremely risky purchase.......
stay conservative until credit crisis subsides......
Values are not going to stabllize until 2010-2011
0 votes Thank Flag Link Fri Jul 18, 2008
Yes, it is a good time but it will not cash flow in most cases. The rents are too low and the HOA too high to allow for cash flow but appreciation should be part of the equation.
0 votes Thank Flag Link Fri Jul 18, 2008
Lois,
If cash flow is your goal, you might want to consider a multi-unit purchase. There are some duplex-fourplex units that come up in Antioch. Also, with the amount of foreclosures going on and depending on the amount out of pocket that you want to invest, there are a lot of displaced families need to rent that can not be accomodated in a condo because of occupancy standards. You may want to weigh this in and consider a single family home as an investment.
Goo luck.
Warmly,
Janice Spencer
P.S. If you want to shop for MLS properties on the internet in an ad and pop up free environment, check out the demo on my website for the Home Buyer Scouting Report. See the link below.
0 votes Thank Flag Link Mon May 19, 2008
Now is a good time to buy period. Price are really low. Cash flow is going to depend on how much you put down and what the purchase price is. I would check the rents in the area in which you are interested and see what purchase prices are and then you can calculate (providing you have worked with a lender and know what your rate is going to be on an investment property), your payment. Rates are higher on investment properties, but they are pretty good now if you have good credit. Please feel free to contact me if you have any questions, unless you are already working with a Realtor. Best of luck
0 votes Thank Flag Link Sun May 18, 2008
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