Investor · Cleveland and Texas, Ohio and texas · Member since 2016 · 99 posts · 23 votes
I have a chance to get access to a huge amount of deals but dont know the city to well. Anyone with input about Hemet Ca would be greatly appreciated. Thanks!
Investor · Riverside, CA · Member since 2011 · 2k+ posts · 3k+ votes
9y
Send me an address so I can comp it myself and see if your friend really paid 70% of ARV for a rental out there. Personally, with prices as high as they are, one of the last places I'd consider buying a rental is in an area like Hemet... unless I was getting it at 60% or less. And I would never buy one of those 2 bedroom senior houses.
The last house I kept in Hemet was a 3/2, 1,346 Sq/Ft single story tract house with a 2 car garage, on a cul-de-sac. It was July 2015 and I paid $100K. At the time, I thought it was worth around $165K. I rent that house for $1,195.
2 weeks after close of escrow, some tweeker climbed up on the roof and gutted the A/C for the copper. Typical Hemet. That house today would sell for around $200K. I don't think I'd pay $140K for the privileged of owning it so I could collect $1,200 in rent.
Loan Officer · Tustin, CA · Member since 2015 · 3k+ posts · 713 votes
9y
Hemet is more a b, c area . One needs to cautious out there as in the last two real estate crashes the values did quite a bit of swinging. What type of properties are looking at in the area?
Investor · Riverside, CA · Member since 2011 · 2k+ posts · 3k+ votes
9y
I'm going out on a limb, a very short limb, and saying you probably don't have access to any deals in Hemet. You might think you do, but I can help you avoid wasting lots of time. I hear this kind of nonsense all the time about California properties and I get out of state people emailing me lists of properties ready to sell at discounted prices. The NEVER pan out. Privately owned portfolios, bank owned assets, lists of notes - 1st and 2nds, and on and on.
I know a father son team who own over 150 houses in Hemet. If a property comes on the market, they are first to get an offer in. If there are agents working with asset managers, and there are lots of them, they have a relationship with these buyers. Never mind the dozens of other investors working with agents, putting up bandit signs, and marketing the hell out of that crappy excuse for a city. Not likely someone 2,000 miles away has some secret back door to a funnel of discounted property here. I hope you prove me wrong, but I know you won't.
Investor · Cleveland and Texas, Ohio and texas · Member since 2016 · 99 posts · 23 votes
9y
Thanks for all the replies! These are SFH all rented and selling for 70% of market value. And Aaron that commented these are real my buddy purchased 2 out of this bunch I just am getting started to buy some myself and sell the others. Thanks for your input anyway. I will take all into consideration.
Investor · Riverside, CA · Member since 2011 · 2k+ posts · 3k+ votes
9y
Send me an address so I can comp it myself and see if your friend really paid 70% of ARV for a rental out there. Personally, with prices as high as they are, one of the last places I'd consider buying a rental is in an area like Hemet... unless I was getting it at 60% or less. And I would never buy one of those 2 bedroom senior houses.
The last house I kept in Hemet was a 3/2, 1,346 Sq/Ft single story tract house with a 2 car garage, on a cul-de-sac. It was July 2015 and I paid $100K. At the time, I thought it was worth around $165K. I rent that house for $1,195.
2 weeks after close of escrow, some tweeker climbed up on the roof and gutted the A/C for the copper. Typical Hemet. That house today would sell for around $200K. I don't think I'd pay $140K for the privileged of owning it so I could collect $1,200 in rent.
Real Estate Investor · Murrieta, CA · Member since 2016 · 34 posts · 11 votes
9y
Kevin Crowell I live about 30 min from Hemet and started looking at MFU's in the area. Feel free to PM me if you have questions on the area. I've lived out here for 10+ years.