I was considering buying a property in Ventura county (Camarillo) and renting it out for about 2,000 $ a

Asked by Franci, Camarillo, CA Sun Aug 10, 2008

month. I'm a little afraid that it will be difficult to rent due to everyone having financial problems and losing their jobs etc. On the other hand I ask myself... All of these people in foreclosures have to live somewhere, right? What is the rental market like right now?

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8
Barry Shapiro, Agent, Camarillo, CA
Fri Sep 19, 2008
Hi Franci,

It's been a month or so since your last inquiry. I have met with several investor clients in Camarillo recently and they have all pretty much postponed any new purchases for awhile. In my consultation process, we looked closely at the current market trend and determined that the best deals are yet to come. Purchasing a home is a lot different than purchasing an investment property. In an investment property, you make your money when you buy (right), not so much whae you sell (if you sell). Criteria such as neighborhood influences and the home's floor plan/amenities becomes the priority for the purchase. I have included the updated link below showing 7 active and 7 leased detached rentals in Camarillo over the past month. My advice to you, as to my other clients, would be to spend time learning the market, seeing the rentals, and waiting for the prices to stabilize.
1 vote
Tracy Lu Gui…, Agent, Camarillo, CA
Thu Oct 2, 2008
I am the broker/owner of Esquire Property Management in Camarillo. We are finding the rental market in Camarillo to be quite hot if the rental unit is fairly priced. Our tenant screening includes income verification, debt analysis, calling past landlords for rental history references, criminal history/background check Regarding prospective tenants with foreclosures on their credit report...if everything else checks out, we would offer them the unit if they pay a double security deposit.
0 votes
Joyce Zangme…, Agent, Thousand Oaks, CA
Mon Sep 29, 2008
Franci,

The Ventura County Star recently did an article about rentals. The article compared Ventura County to other areas in the state as well as cities within Ventura County.

Here's a link to the post http://805local.com/2008/09/26/ventura-county-rents/

It is an in-depth report complete with interactive charts. Hope this helps!
Web Reference:  http://www.805local.com
0 votes
Barry Shapiro, Agent, Camarillo, CA
Tue Sep 23, 2008
Franci,

Depending on how much you have available (or plan) to put down (hopefully, 25% minimum), you'll want to take note of the following stats and links for Camarillo Rentals from the MLS. Based on 158 "Leased" properties over the past 6 months, the AVERAGE 3 bedroom home that was rented here had the following attributes: 1,865 sf interior, listed and rented near $2,350/month and stayed on the market for 46 days.

As far as a NEW purchase, out of 25 detached SOLDs in the past 6 months (Structure: 1800sf to 1925sf), a 3-4 bedroom home in Camarillo with an AVERAGE of apx. 1,850 sf of interior space, SOLD for a median of $480K and an average of $500K. Clearly, even if you PAID $480,000 and put down $120,000 (25%), your mortgage payment would be between $2100-2300/mo alone, NOT including property taxes, insurance, vacancy factors and HOAs, if any. Unfortunately, Camarillo properties are still at price levels last seen in mid-2003. Once/if we return to levels of year 2002, it WILL be an investor's buying opportunity. I recommmend you wait and watch. Do your homework and you'll see why.

A Statistical Chart Report (link) for Active Rentals gives you a visual on this activity:

http://vcrdsmls.rapmls.com/scripts/mgrqispi.dll?APPNAME=vcrd…

Here's a Chart Report for LEASED rentals:

http://vcrdsmls.rapmls.com/scripts/mgrqispi.dll?APPNAME=vcrd…

i would not recommend a property management firm for 2 primary reasons: 1) Most are not open on weekends when the phone calls come in for showings 2) They cut into your cash-flow. . I will gladly get you a number for a service that runs credit and background checks that I use all the time. Good luck in realizing your retirement dreams!
0 votes
Richelle Bri…, , Simi Valley, CA
Tue Sep 23, 2008
The rental market in Camarillo is very strong right now. You need an experienced agent to help you identify a property that will work for your needs and negotiate the best price. The agent should be able to provide references to qualified property managers. The property managers earn their fees by making sure that you have qualified tenants. The market conditions have created the opportunity to make substantial profit. If you are in need of a Realtor that is able to negotiate in your best interest, please feel free to contact me
Richelle Briasco
Coldwell Banker
805-624-1764
818-923-8921
richellebriasco@yahoo.com
0 votes
Ted Mackel, Agent, Simi Valley, CA
Mon Aug 11, 2008
Franci,

Will you need a property manager? If you do not need a property manager and you do it yourself, this is a little more difficult as you will need to take rental apps and run credit yourself. I rented my home out to an applicant that was just out of Bankruptcy and was losing their home to foreclosure. They paid on time.

There are some pretty big judgement factors and sometimes people with bad credit have a reasonable circumstances that makes then a good tenant risk. Not all renters are coming out of foreclosure. I advertise in Craigslist and include pictures of my rental, works great! You can do it on your own, but you need a stomach for it.

Scan the ads for other similar rentals and see what the competition is for similar properties. You'll get a good idea of howmuch rent you can get that way.

If you need a property manager who will deal with screening tenants and collecting rent in the Camarillo area, then call Clay Schmock at (805) 483-1178 Coast Property Management. He has been at this many many years.
Web Reference:  http://www.homebuysblog.com
0 votes
Ronda Allen, Agent, Plano, TX
Sun Aug 10, 2008
Call my friend, Terry Polak-Ayers, at C21 in Camarillo. She and I refer business to each other - she from California to Texas, and me from Texas to California. (805) 484-2121. She is with Century 21 Buena Vista. Rentals are all handled on a case-by-case basis. Some owners are more lenient than others when it comes to financial problems in your past.
Web Reference:  http://www.century21.com
0 votes
Barry Shapiro, Agent, Camarillo, CA
Sun Aug 10, 2008
Hi Franci,

As a local resident, homeowner and investor here in Camarillo, I can understand why you may have concerns about finding a renter for your investment property. Find listed below a link to seven (7) Camarillo 3 bedroom rentals in the $1700-2200 price range:

http://vcrdsmls.rapmls.com/scripts/mgrqispi.dll?APPNAME=vcrd…

The rental market for decent properties in the lower $2,000/mo. range is pretty strong right now. There have been 35 investment properties RENTED out in the past 6 months. Here's the link to those (rented)properties:

http://vcrdsmls.rapmls.com/scripts/mgrqispi.dll?APPNAME=vcrd…

I will be happy to meet with you locally and discuss all the pitfalls (tenants, toilets, taxes, termites, etc.) of an investment property, along with the advantages (tax deferral, leveraged equity, retirement savings). Although right now may not be the ideal time to invest, it's a good idea to get your duckes in a row to be ready when the opportunity comes along. I specialize in the Camarillo, CA market. Good luck!
0 votes
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