INVESTMENT: Would you buy two 150k properties with higher rents in Tustin, or one 300k property in Irvine?

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[quote author="NewportSkipper" date=1251767636]Those are small apartments, not townhomes (and in Orange, to boot). There is little-to-no upkeep on a condominium. You can try your best to tear the original poster down, but you will fail.</blockquote>
Have you been to those $150k townhomes?



1. The ones I've seen listed are more like condo/apts.

2. The apts I've listed are about 1000sft, roughly the same as those condos.

3. I don't know where you are getting the Orange address... I believe both of those are Tustin, and one is in the same area as your RedFin listing. But, that might be my NewportSkipper mistake of linking to the wrong URL.



BTW, can you please point out where I'm tearing the original poster down? I'm just providing advice in regards to the current rental environment in that price range in that area of Tustin. I've had friends who live there and have relatives who still live there so I have first hand experience of what it's like over there. What viewpoint are you presenting since your "facts" are a bit suspect?
 
<a href="http://www.redfin.com/CA/Tustin/15500-Tustin-Village-Way-92780/unit-102/home/4491142">http://www.redfin.com/CA/Tustin/15500-Tustin-Village-Way-92780/unit-102/home/4491142</a>



15500 Tustin Village Way #102

Tustin, CA 92780

Price: $265,000

Beds: 3

Baths: 3

Sq. Ft.: 1,260

$/Sq. Ft.: $210

Lot Size: 630 Sq. Ft.

Property Type: Condominium



This place is a total dive and is listed at $210 a foot. The sale you're claiming has to be less than $100 a foot. But don't let trivia like simple math or facts stop you from making your argument!
 
Maybe not you, but the others were very aggressive and rude.
 
Congratulations, no_vaseline, you found one person priced $100,000+ over market and ignored the 25 others.



Recent sales at Tustin Village Way:



15500 Tustin Village Way 10? $116,000?

15500 TUSTIN VILLAGE Way 65? $106,000?

15500 Tustin Village Way 19? $130,000?

15500 Tustin Village Way 113? $125,000?

15500 Tustin Village Way 57? $126,000?

15500 Tustin Village Way 103? $120,000?

15500 Tustin Village Way 118? $130,000?

15500 Tustin Village Way 36? $125,000?

15500 Tustin Village Way 33? $130,000?

15500 Tustin Village Way 21? $125,500?

15500 Tustin Village Way 110? $133,000?

15500 Tustin Village Way 23? $150,000?

15500 Tustin Village Way 16? $130,000?

15500 Tustin Village Way 107? $139,900?

15500 Tustin Village Way 51? $140,000?

15550 Tustin Village Way 86? $177,000?
 
[quote author="NewportSkipper" date=1251769023]Congratulations, no_vaseline, you found one person priced $100,00+ over market and ignored the 25 others.</blockquote>


Show me data points of the 25 others that close near your Fantasyland $100 a foot. I can't find them because they don't exist.
 
The one at $177,000 is a model match to your $265,000 unit and the most expensive sale in 2009.
 
[quote author="NewportSkipper" date=1251770126]The one at $177,000 is a model match to your $265,000 unit and the most expensive sale in 2009.</blockquote>
I think what no_vas is trying to say is there are NOT 25 other props available *right now* in that $106k-$135k range you just posted.



I just did a search and I only find 14 properties less than $175k and 7 of those are in backup offers.



So for the OP to find TWO $150k props that can rent out for $1400 easily isn't as simple as just past sales prices and current rental rates (which I still contend is less than $1400 and even more so the $1500 you say is fact).



While I'm sure more <$135k 2brs will probably be available in the next few years (how they sold for more than $200k during peak is astounding)... vacancy issues and competition will probably make that $1400 rent not as attainable.
 
OMG. ok i will admit i have just skimmed through these comments (meaning i've only read a few words and numbers here and there), but can someone tell me is it true that people will pay $1400/mo to live in the apartments at 15500 Tustin Village Way?



If it is, it is time for me to move out of California.
 
Another pissing match, who would have thought?



The poster didn't ask "can I find them", he asked "which is the better option" (clearly not understanding this is not the place for such questions).
 
[quote author="ABC123" date=1251770763]OMG. ok i will admit i have just skimmed through these comments (meaning i've only read a few words and numbers here and there), but can someone tell me is it true that people will pay $1400/mo to live in the apartments at 15500 Tustin Village Way?</blockquote>
I don't think so, but apparently NewportSkipper does.



I'm just wondering if NS is from this area because he seems to have a higher valuation for that area of Tustin than people who know that area do.
 
[quote author="NewportSkipper" date=1251770126]The one at $177,000 is a model match to your $265,000 unit and the most expensive sale in 2009.</blockquote>


And since you didn't provide the cites (links), they don't exist!
 
[quote author="NewportSkipper" date=1251770860]Another pissing match, who would have thought?



The poster didn't ask "can I find them", he asked "which is the better option" (clearly not understanding this is not the place for such questions.</blockquote>
Now who's not making sense?



If you're asking which is a better option... the option has to exist. In order for that to happen, we should be able to find said properties in order to come up with educated advice based on the property condition, neighborhood area, current rents and current inventory.



Or... do you mean that the OP was just posting a hypothetical?



Because in that case... it would be much better to buy 4 Irvine $150k homes back in 1980 etc etc etc.
 
[quote author="irvine_home_owner" date=1251770597][quote author="NewportSkipper" date=1251770126]The one at $177,000 is a model match to your $265,000 unit and the most expensive sale in 2009.</blockquote>
I think what no_vas is trying to say is there are NOT 25 other props available *right now* in that $106k-$135k range you just posted.</blockquote>


Not only that, the properties that do close are via the auction.
 
I think I'm finally beginning to understand just how ridiculous the housing market is in California. To put things into perspective, I have a high school friend whose parents bought an investment property (2 bedroom) near UCI. He lives there now and took over their mortgage. He told me that his total payments including HOAs and taxes is under $1000. I have another friend who bought out his parents' condo in Turtle Rock when they moved out of state. He says he pays $1500 for all expenses. This is all hearsay and I have no reason not to believe them, but I find it incredible that dumps near the freeway rent for $1600/mo. How many hours working at double minimum wage does a person have to work to afford that?
 
[quote author="NewportSkipper" date=1251770981]I backed up my facts and you backed up my facts.</blockquote>
What thread are you reading?



You asked me to give you examples and I did and you backtracked with some excuse about being in Orange (they weren't), being a smaller apt not a townhome (which it wasn't) etc etc.



1. You still haven't given a good counterpoint as to how easy it would be to buy two good condition $150k properties and rent them out easily at $1400 (you actually said you could do it at $1500 as fact).



2. You still haven't told me if you're local to this area to prove that you have first-hand knowledge of the neighborhood you are referencing.



3. You still haven't explained how someone asking what is a better option is not somehow related to properties being actually available now.



4. And I missed this one, but how do condominiums built in the 1960's have "little-to-no" upkeep?
 
There aren't a lot because there is more than enough demand. None of these swipes changes the facts. The poster was called a liar and he clearly is not. You can find units selling at 10 times annual rent. End of story.
 
All of these places are active and priced less than times annual rent:





13722 Red Hill Ave 94? $98,000?

15500 Tustin Village Way 75? $124,500?

15500 Tustin Village? $130,000?

650 W Main St B? $130,000?

15500 Tustin Village Way 55? $135,000?

15500 Tustin Village Way 111? $135,000?

1881 Mitchell Ave 127? $150,000?



There is little-to-no maintenance on a condo.



You can argue till the cows come home, and you will still be wrong.
 
[quote author="graphrix" date=1251722310][quote author="ABC123" date=1251706566][quote author="ERPguy" date=1251705440][quote author="no_vaseline" date=1251637528]I think we're getting trolled. Nothing that rents for $1400 is for sale for $150K in Tustin.</blockquote>


I don't know who this guy is, but he's on redfin posting the exact same questions



http://forums.redfin.com/rf/board/message?board.id=OrangeCounty&thread;.id=1201</blockquote>


and <a href="http://www.fatwallet.com/forums/finance/949125/">here</a></blockquote>


You guys make me so proud! And I'm so glad that no_vas and I are no longer the only ones to dig up the goods like this.</blockquote>


The Redfin thread was just deleted
 
[quote author="NewportSkipper" date=1251772276]All of these places are active and priced around 10 times annual rent:

<strong>

There is little-to-no maintenance on a condo.</strong>



You can argue till the cows come home, and you will still be wrong.</blockquote>


Tell that to my cousin who bought an apartment conversion dump in Los Angeles. Luckily they bought some sort of maintenance insurance but someone is always having to come home during lunch hour to be there when the repairmen arrive.
 
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