I am looking to buy a rental investment property that will satisfy the following criteria.
* Price around 300K
* Initial investment around 75K
* Within 2 hours driving distance from San Diego
* Will be managed by a property mgmt company (Owner’s day job is demanding)
* Cash-on-cash return of atleast 3% (for a 30 yr fixed mortgage)
* Average market property appreciation
If you or anybody you know can provide services for identifying such a property and a property management company, please PM me with details about your experience. I am looking for a person with highest level of business ethics and with whom I can develop a long term business relationship
You could buy 2-3 properties out is state for $300k, and if your investment is to be managed there’s another reason to look elsewhere. Why settle for 3% when you could get 10%?
If you are not doing so already,you could spend some time on the SDCIA forum. Read some of the archived posts and see who you like. Many posters are either realtors of have worked with realtors as investor clients.
[quote=Jazzman]You could buy 2-3 properties out is state for $300k, and if your investment is to be managed there’s another reason to look elsewhere. Why settle for 3% when you could get 10%?[/quote]
Agreed – and in fact you can do much better than 3% in Riverside county.
I’d look at cities around Phoenix. Sure, the rental market is saturated and the weather sucks, but the rents reflect that. $100k will get you a 4-bedroom in a nice area that rents for $1,100. $1,000 if you want it occupied fast with a better quality tenant. That’s great cash flow for $30k down.
.
