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

NEW -> Contingent Buyer Assistance Program
[quote author="ERPguy" date=1251772357][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</blockquote>


It wasn't deleted. It just wasn't <a href="http://forums.redfin.com/rf/board/message?board.id=OrangeCounty&thread;.id=1201">linked properly</a>
 
I take it NewportSkipper is not from the Irvine/Tustin area by his sidestepping.



Plus, if you want to get technical about what the OP was asking... he asked about specific price/rent properties in Tustin. I think the initial posts agree that would be a good investment, the problem was actually finding such properties and being able to effectively rent them out at that multiplier not just once... but TWICE.



And unless you are familiar with that area, it's easier said than done. Since you feel all of those are 10x rent and so easy to upkeep... would you do it?
 
[quote author="NewportSkipper" date=1251772276]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.</blockquote>


Only 18 more to go. Keep going.



<img src="http://trs86.files.wordpress.com/2009/05/waterboy_2.jpg" alt="" />
 
[quote author="NewportSkipper" date=1251772276]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.</blockquote>


Those are all short-sale "prices". Just saying.
 
Okay how about this: Buy 2 places in Lake Elsinore or Temecula that rent for 1400-1600/month for 150k each or one property in Irvine that costs 300K and rents for $1800.



Keep in mind, you will never live in either one.
 
[quote author="RobertLarsen" date=1251773800]Okay how about this: Buy 2 places in Lake Elsinore or Temecula that rent for 1400-1600/month for 150k each or one property in Irvine that costs 300K and rents for $1800.



Keep in mind, you will never live in either one.</blockquote>
Right now... I wouldn't do either.



But I will always lean towards Irvine (although the $300k properties aren't very nice, IMO).
 
[quote author="RobertLarsen" date=1251773800]Okay how about this: Buy 2 places in Lake Elsinore or Temecula that rent for 1400-1600/month for 150k each or one property in Irvine that costs 300K and rents for $1800.



Keep in mind, you will never live in either one.</blockquote>


Show me properties in Irvine that sell for $300K and rent for $1800 a month. Use cites. No shortsales.



<img src="http://a.images.blip.tv/Thingsyoucantdo-ThingsYouCantDoDuringTheDay329.jpg" alt="" />
 
Since you apparently missed it:



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



It is the very people who are liars themselves who accuse others of lying.
 
[quote author="no_vaseline" date=1251774348][quote author="RobertLarsen" date=1251773800]Okay how about this: Buy 2 places in Lake Elsinore or Temecula that rent for 1400-1600/month for 150k each or one property in Irvine that costs 300K and rents for $1800.



Keep in mind, you will never live in either one.</blockquote>


Show me properties in Irvine that sell for $300K and rent for $1800 a month. Use cites. No shortsales.



</blockquote>


Oh, I thought you guys were arguing the 150K in tustin and accepting the $300K / $1800/month rent in Irvine. If you can't even get that in Irvine, my scenario is pointless. I don't know Irvine in depth.
 
And all two bedrooms under $150,000 closed in 2009:



16602 Montego Way? $98,000?

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?

682 W Main St B? $122,000?

17121 Mcfadden Ave 3? $120,000?

15500 Tustin Village Way 103? $120,000?

15500 Tustin Village Way 118? $130,000?

643 W 6th St D? $122,000?

15712 Pasadena Ave 12? $127,000?

15500 Tustin Village Way 36? $125,000?

1192 Mitchell Ave 37? $140,000?

15500 Tustin Village Way 33? $130,000?

15500 Tustin Village Way 21? $125,500?

1192 Mitchell Ave 63? $125,000?

645 W 6th St A? $128,000?

1192 N Mitchell Ave 105? $129,000?

16628 Montego Way? $130,000?

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?

1192 Mitchell Ave 75? $135,000?

15500 Tustin Village Way 51? $140,000?

17532 VANDENBERG Ln 2? $140,000?

680 W Main St A? $150,000?

15502 Williams St L? $132,000?

15506 Williams St C? $144,000?

1192 Mitchell Ave 62? $148,000?

1192 MITCHELL Ave 45? $132,000?

654 W Main St D? $144,000?

645 W 6th St C? $148,000?

16609 Townhouse Dr? $150,000?

16620 Montego Way? $130,000?

680 W Main St C? $150,000?

16641 Townhouse Dr? $140,000?

644 W Main St B? $150,000?

15510 Williams St L? $149,000?

1192 S Mitchell Ave 12? $140,000?

1192 Mitchell Ave 98? $135,000?

15712 Pasadena Ave? $150,000?

15508 Williams St A56? $145,000?

17522 Vandenberg Ln 9? $148,000?

16587 Montego Way? $149,900?

15512 Williams St L? $144,500?
 
Two bedroom units in Irvine closed in 2009. I bet some of these will command $1,800.



26 Oval Rd 4? $255,000?

8 Bellflower? $300,000?

7 Goldenbush 28? $265,000?

91 Streamwood? $227,382?

5200 Irvine Blvd 499? $171,500?

5 Streamwood? $255,000?

115 Remington 327? $296,900?

173 Pineview? $294,000?

27 SNOWBERRY 33? $250,000?

16 LAKEPINES? $289,000?

54 THICKET? $300,000?

153 REMINGTON? $290,000?

2206 Apricot Dr 2206? $185,000?

244 Lemon Grv? $263,500?

279 Tarocco? $265,000?

167 Tarocco? $293,000?

33 Tarocco? $260,000?

425 Tangelo? $265,000?

124 Tangelo? $279,000?

4110 Apricot Dr 4110? $289,000?

253 Tarocco? $285,000?

227 Tarocco? $297,950?

46 Eagle Point? $250,000?

68 Eagle Pt 36? $259,000?

25 Autumn Oak 4? $270,000?

143 Briarwood? $272,000?

125 Greenfield 118? $299,000?

8 Eastmont 46? $295,000?

113 Rockwood 30? $299,900?

61 Briaglen? $300,000?

54 Windjammer 25? $295,000?

49 Briarglen 62? $300,000?

106 Oval? $247,500?
 
[quote author="NewportSkipper" date=1251775057]Since you apparently missed it:



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



It is the very people who are liars themselves who accuse others of lying.</blockquote>


Newport Skipper, I saw that you just edited this post to add that last line. I'm going to ask you to please stop throwing rocks at each other. You may not believe it, but just trust me on this, the others have exhibited some restraint in their responses to you. Could you please make a similar effort? I would appreciate it. Thank you in advance.
 
I guess you missed the part where I was accused of posting things that don't exist. Just because that response was nicer than normal, doesn't make it right....but point accepted.
 
I've mentioned this before-the Riverside house I now live in cost me $150k and I am positive I could get $1,500 a month or more if I rented it out. And I don't even live very close to the real rental property cash cow here, UCR. The rent to purchase price ratio is even better than that close to the university.
 
[quote author="Geotpf" date=1251778778]I've mentioned this before-the Riverside house I now live in cost me $150k and I am positive I could get $1,500 a month or more if I rented it out. And I don't even live very close to the real rental property cash cow here, UCR. The rent to purchase price ratio is even better than that close to the university.</blockquote>


With three months of vacancy a year? I bet you can get $1500 too.



If you can't post a link with an address, from now on it doesn't exist. Back up your work people. I went to school more than 20 years ago, and if you want to prove a data point, please show a cite.



I said please. If you make a point going forward without a cite, you'll get pictures. You don't want pictures from me.



Virtually none of Newport Renter's cites are valid. So far, I have no results for



15500 Tustin Village Way 65

1550 Tustin Village Way 19

15500 Tustin Village Way 113



and incomplete results for:



15500 Tustin Village Way 10



on his list of cites, I come up 100% bullshit so far - therefore, he is either 1. crazy 2. lying 3. trolling.



You pick.
 
Stop your ridiculous nonsense, no-vaseline. All address and prices listed are true. I can't believe I had to waste my time obtaining this to shut your piehole up!



Residential Listings





RES MLS No. Status P V H T Q Type A/D Address City Area Zip TGNO Trct/M Bd B t/f Sty Gar SqFt Yr Blt Price DOM

1 U8005587 S 20

H

T

Q

CONDO A 16602 Montego Way

TUS 71 92780 829J4 TV/Q 2 2/1 2 1 D 1,088 1964 $98,000 34 *

2 P682570 S 5

H

T

Q

CONDO A 15500 Tustin Village Way 10

TUS 71 92780 829J4 OTHR/0 2 2/1 2 0 1,088 1964 $116,000 13

3 MRM-I08170274 S 1

H

T

Q

CONDO A 15500 TUSTIN VILLAGE Way 65

TUS 71 92780 829J4 / 2 3/2 2 1,080 1964 $106,000

4 P677678 S 1

H

T

Q

CONDO A 15500 Tustin Village Way 19

TUS 71 92780 829J4 OTHR/O 2 2/1 2 0 1,088 1964 $130,000 6

5 S554929 S 20

H

T

Q

SFR A 15500 Tustin Village Way 113

TUS 71 92780 829J4 TV/0 2 2/1 2 0 1,080 1964 $125,000 14

6 P639503 S 2

H

T

Q

CONDO A 15500 Tustin Village Way 57

TUS 71 92780 829J4 OTHR/* 2 3/2 2 0 1,088 1964 $126,000 223 *

7 P690608 S 1

H

T

Q

CONDO A 682 W Main St B

TUS 71 92780 830A3 TA/* 2 3/1 2 0 1,160 1963 $122,000 9

8 P670407 S 2

H

T

Q

CONDO A 17121 Mcfadden Ave 3

TUS 71 92780 830A4 OTHR/0 2 1/1 1 2 992 1964 $120,000 105 *

9 P691506 S 0 H

T

Q

CONDO A 15500 Tustin Village Way 103

TUS 71 92780 829J4 OTHR/0 2 2/1 2 0 1,080 1964 $120,000 0

10 S576673 S 1

H

T

Q

CONDO A 15500 Tustin Village Way 118

TUS 71 92780 829J4 OTHR/* 2 2/1 2 1 1,088 1964 $130,000 17

11 S581883 S 6

H

T

Q

CONDO A 643 W 6th St D

TUS 71 92780 830A4 TA/0 2 2/2 2 0 1,092 1963 $122,000 12

12 P681476 S 2

H

T

Q

CONDO A 15712 Pasadena Ave 12

TUS 71 92780 830A4 OTHR/0 2 1/1 1 0 943 1964 $127,000 91

13 P696239 S 10

H

T

Q

CONDO A 15500 Tustin Village Way 36

TUS 71 92780 829J4 TV/1 2 2/2 2 0 1,088 1964 $125,000 4

14 P691513 S 6

H

T

Q

CONDO A 1192 Mitchell Ave 37

TUS 71 92780 830B4 OTHR/* 2 2/1 1 0 900 1969 $140,000 5

15 P656533 S 12

H

T

Q

CONDO A 15500 Tustin Village Way 33

TUS 71 92780 829J4 OTHR/0 2 2/1 2 0 1,088 1964 $130,000 264 *

16 U8005641 S 2

H

T

Q

CONDO A 15500 Tustin Village Way 21

TUS 71 92780 829J4 OTHR/% 2 2/1 2 0 1,088 1964 $125,500 21

17 S565148 S 1

H

T

Q

CONDO A 1192 Mitchell Ave 63

TUS 71 92780 830B4 OTHR/0 2 2/2 1 0 900 1969 $125,000 55 *

18 S561088 S 3

H

T

Q

CONDO A 645 W 6th St A

TUS 71 92780 830A3 OTHR/0 2 2/1 2 0 1,092 1963 $128,000 50 *

19 P636256 S 1

H

T

Q

CONDO A 1192 N Mitchell Ave 105

TUS 71 92780 830B5 OTHR/0 2 2/2 1 0 875 1969 $129,000 62 *

20 S555487 S 3

H

T

Q

CONDO A 16628 Montego Way

TUS 71 92780 829J4 OTHR/0 2 2/1 2 1 1,080 1964 $130,000 16

21 S566775 S 3

H

T

Q

CONDO A 15500 Tustin Village Way 110

TUS 71 92780 829J4 TV/0 2 2/1 2 0 1,088 1964 $133,000 10

22 S563573 S 1

H

T

Q

CONDO A 15500 Tustin Village Way 23

TUS 71 92780 829J4 OTHR/0 2 2/1 2 0 1,080 1964 $150,000 13

23 P654391 S 8

H

T

Q

CONDO D 15500 Tustin Village Way 16

TUS 71 92780 829J4 OTHR/* 2 2/1 2 0 1,088 1964 $130,000 189 *

24 S552628 S 7

H

T

Q

SFR A 15500 Tustin Village Way 107

TUS 71 92780 829J4 TV/0 2 2/1 2 0 1,088 1964 $139,900 55 *

25 P660962 S 1

H

T

Q

CONDO A 1192 Mitchell Ave 75

TUS 71 92780 830B5 OTHR/2 2 2/1 1 1 900 1969 $135,000 42 *

26 P682627 S 7

H

T

Q

CONDO A 15500 Tustin Village Way 51

TUS 71 92780 829J4 OTHR/. 2 2/1 2 0 1,088 1964 $140,000 44

27 MRM-K09033449 S 5

H

T

Q

CONDO A 17532 VANDENBERG Ln 2

TUS 71 92780 830B1 / 2 2/2 1 0 D 985 1973 $140,000 14

28 P665593 S 10

H

T

Q

CONDO A 680 W Main St A

TUS 71 92780 830A3 OTHR/0 2 2/1 2 0 1,092 1963 $150,000 25

29 P655954 S 4

H

T

Q

CONDO A 15502 Williams St L

TUS 71 92780 829J4 WMSH/. 2 2/1 1 1 D 1,044 1967 $132,000 84 *

30 S562758 S 10

H

T

Q

CONDO A 15506 Williams St C

TUS 71 92780 829J4 OTHR/. 2 2/2 1 2 D 1,044 1967 $144,000 24

31 P693879 S 3

H

T

Q

CONDO A 1192 Mitchell Ave 62

TUS 71 92780 830B4 OTHR/0 2 2/1 2 0 1,196 1969 $148,000 21

32 MRM-C09002966 S 1

H

T

Q

CONDO A 1192 MITCHELL Ave 45

TUS 71 92780 830B4 / 2 4/3 1 1,164 1969 $132,000

33 P684357 S 1

H

T

Q

CONDO A 654 W Main St D

TUS 71 92780 830A3 TA/1 2 2/2 1 0 952 1963 $144,000 10

34 S568198 S 9

H

T

Q

CONDO A 645 W 6th St C

TUS 71 92780 830A4 TA/C 2 2/1 2 0 1,092 1963 $148,000 70 *

35 P662309 S 1

H

T

Q

CONDO A 16609 Townhouse Dr

TUS 71 92780 829J4 OTHR// 2 2/1 2 1 1,080 1964 $150,000 52 *

36 P676165 S 13

H

T

Q

CONDO D 16620 Montego Way

TUS 71 92780 829J4 OTHR/0 2 2/1 2 1 1,088 1964 $130,000 109

37 S550229 S 1

H

T

Q

CONDO A 680 W Main St C

TUS 71 92780 830A3 TA/0 2 2/1 2 0 1,092 1963 $150,000 35 *

38 U8004860 S 2

H

T

Q

CONDO A 16641 Townhouse Dr

TUS 71 92780 829J4 OTHR/% 3 2/1 2 1 D 1,260 1966 $140,000 68 *

39 S566518 S 1

H

T

Q

CONDO A 644 W Main St B

TUS 71 92780 830A3 OTHR/O 2 2/2 1 1 952 1963 $150,000 21 *

40 P669152 S 20

H

T

Q

CONDO A 15510 Williams St L

TUS 71 92780 829J4 WMSH/0 2 2/1 2 2 D 1,044 1967 $149,000 125 *

41 S557736 S 4

H

T

Q

CONDO A 1192 S Mitchell Ave 12

TUS 71 92780 830B4 OTHR/0 2 2/2 1 0 989 1969 $140,000 71 *

42 P672626 S 4

H

T

Q

CONDO A 1192 Mitchell Ave 98

TUS 71 92780 830B4 OTHR/2 2 2/1 1 0 989 1969 $135,000 37

43 P673030 S 1

H

T

Q

CONDO A 15712 Pasadena Ave

Tus 71 92780 830a4 OTHR/x 2 2/2 1 0 998 1964 $150,000 103 *

44 P625734 S 6

H

T

Q

CONDO A 15508 Williams St A56

TUS 71 92780 829J4 WMSH/0 2 2/2 2 1 1,044 1967 $145,000 452 *

45 P660182 S 9

H

T

Q

CONDO A 17522 Vandenberg Ln 9

TUS 71 92780 830A1 QLM/2 2 1/1 1 0 872 1973 $148,000 85 *

46 P660928 S 3

H

T

Q

CONDO A 16587 Montego Way

TUS 71 92780 829J4 TT2/0 3 2/1 2 2 1,188 1964 $149,900 140 *

47 S545763 S 10

H

T

Q

CONDO A 15512 Williams St L

TUS 71 92780 829J4 OTHR/0 2 2/2 1 2 D 1,047 1967 $144,500 76 *
 
An easy way to see these sales is to grab one address from his list, go on redfin, enter it, then click on "map similar recent sales" and you will find them. I looked up about half of them from his list and didn't have any trouble except with some when trying to search unit numbers. I don't get why it's so surprising to see 40+ year old condos in that part of Tustin go for under $150k. I've been there... I'm not surprised.
 
[quote author="SoCal78" date=1251792463]An easy way to see these sales is to grab one address from his list, go on redfin, enter it, then click on "map similar recent sales" and you will find them. I looked up about half of them from his list and didn't have any trouble except with some when trying to search unit numbers. I don't get why it's so surprising to see 40+ year old condos in that part of Tustin go for under $150k. I've been there... I'm not surprised.</blockquote>


It may be old and sell for $150k. However, will it really rent for $1500 in the coming years? The way I see it, we have had artificial rent inflation that piggy-backed on the housing bubble. I don't see a mechanism that would support $1500/month for long on these properties. Even if today we can find a 2 BR for $1350 on <a href="http://orangecounty.craigslist.org/apa/1314633517.html">Craigslist</a>, I see it as unsustainable. I could be wrong, though.
 
What are the HOA of these tustin properties? And does anyone know what is a reasonable rental rate and maintenance required per month? These look quite attractive. Even if rents are lower than 1400 or prices are slightly higher.
 
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