Looking to buy couple rentals in 92551

Asked by kevin nguyen, anaheim, CA Sat Feb 23, 2013

Hi Local Agents, I am looking to buy a couple rental SFHs in pocket of Perris/Iris/Kitching/Krameria

Really appreciate it if you can give me some opinion about this area as this is my first time buying in MV. I have been focusing in Riverside areas only. My target is 3 bed, rent around $1400, is it too high, low...what price for 3-bed I should offer? I need to do this asap

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Ray Wright, Agent, Riverside, CA
Mon Feb 25, 2013
Right now, in that specific area, rents will range from $1,200 - $1,300 for a 1,400-1,500 square foot home up to $1,500 to $1,600 per month for homes in the 1,900 to 2,500 square foot range. it all depends upon competition at the time you rent it as well as the condition and amenities of the home.

If you email me with your info, I can send you search results for what's available!

Ray Wright
Keller Williams Realty
Direct: 951-354-1303
Email: RayWright@kw.com
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kevin nguyen, Landlord, anaheim, CA
Mon Feb 25, 2013
Thanks Ray, I will select local agent. I already have Pre-approval letter for up to $190k.

My biggest obstacle is to find the right SFH & area to invest and to.get offer accepted.
Can you give me opinion about rental market in this area, what is rent I should expect for 3-bed home built mid 80'. I would not invest of purchase price is above rent justification, in other words, I will NEVER buy some thing that negative cash-flow just to get the house.
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Ray Wright, Agent, Riverside, CA
Mon Feb 25, 2013
I'm a little surprised none of my colleagues have answered your question.

The biggest issue you will face is the fact that there are not enough homes on the market for the number of buyers that want to buy them. I have one very near that area that just fell out of escrow and is now back on the market in the lower price range. But it won't last, not in today's fast paced sellers-market. The competition is fierce and man buyers are willing to pay more and more just to get the offer accepted. There are homes in those areas that are not yet on the market. Those may be your best bet.

Your BEST option, if you're serious about purchasing a home is to get with a Realtor who knows the area and can help you through the process. That's the FIRST and foremost step in purchasing a home. Check with friends and family to see if they can refer someone to you or research sites, such as this one to find a good professional Realtor such as one of the few that already answered your question.

Unless you're paying cash, then your SECOND step is to get pre-qualified for a loan. AFTER you find a Realtor, he or she will have you meet with the lender that he or she uses regularly. This is important.

Good luck!

Ray Wright
Keller Williams Realty
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