TG, thanks for the responses. I appreciate where you are coming from, and while I am surprised at your new more bullish stance, I respect it.
I would love to see some examples of the home you rent. (I fully understand not giving your addy on line, but maybe a neighboor or any other example) And I would love to see how it is penciling out as a profitable renter. BTW you said that of the homes you listed , that they could rent for 1700-2200…. hmm anything over $2000 is wishful thinking. I wouldn’t pay more than $1700 myself to rent any of those, and I pay $1800 to rent a much larger/nicer home in Harveston(you know I am not a Harveston fanboy either) which has more amenities and a MUCH better location to the activities and hot locations in this town.
I guess my theory is that rents WILL drop in the Temecula area and I’m already seeing it / hearing about it. I know investors/landlords who are having a hell of a time keeping decent, paying tenants in their homes. I know two different landlords that have lost/are loosing homes to foreclosure, because they thought they were mini Donald Trumps, but now they can’t get the tenants to pay. I think a lot of the rental prices are a bit wishful thinking, and with the vast selection of rentals, and the fact that many up here will be forced to make lifestyle changes, means they will be renting for less. I know people who are renting nice homes for under 1600, and recently. My buddy and his co-worker just signed a 1 year lease on a 2200sqft two story in starlight ridge for $1550. Now it wasn’t that upgraded or trendy, but 4 good rooms, a nice street, a big lot, and a very great location central to everything in this area. Another just signed a $1600 in one of these homes…. http://www.redfin.com/stingray/do/printable-listing?listing-id=1600757
One last thing that I think you are assuming is that these people have the down payment to buy these homes that are close to being break even rentals. I fully agree about the shift though.
