Profile picture for KristiOC

Should we invest in rental properties in Temecula?

Any thoughts on investing in rental properties in Temecula?  Is it a good area for investment proper
  • March 18 2010 - Temecula
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Be a Good Neighbor. Be respectful and on-topic. No spam or self-promotion! See our Good Neighbor Policy.

Answers (36)

As a Temecula property manager I say YES!  Rentals here do very well.  I also manage in the Murrieta area, Winchester, and other surrounding towns so I have an objective view.  Temecula is great for making money with investment properties.
  • February 04 2013
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We have personally invested in 9 rental properties over the past couple of years and we continue to buy homes here in Temecula.  The prices have started to tick up and we think it's still a great time to buy.  The inventory is very low, less than 1 month (vs 5-6 months in a normal market).  We have lots of experience and we're here to help and share our best practices with anyone.  Let us know.  We're local here in Temecula and we manage the largest real estate company here in Temecula. 
  • November 24 2012
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Profile picture for Blue in d Nile
Everyone should know there is no "advice" posted on the discussion board.  The insurance companies can't insure against advice given for a situation where there is no direct contact and full understanding of the specific details.  Even then, such advice is probably in the realm of lawyers or tax accountants or financial advisers; not agents, loan officers, other professionals, and "interested parties".

I suggested to Zillow when they changed the name in December 2008 that it would lead to misunderstanding and confusion; but they did it anyway, stating they had put a lot of effort and marketing into the concept of "advice", and it made no sense to them to change the word.  But as far as most of us on here, we understand it is still just "discussions", and it would be foolish to have to write a disclaimer as part of every post.  Yes, a licensed agent should be held accountable for blatantly false information, yet they keep posting the false information anyway, and it takes people like So Cal Engineer to keep the agents from blatantly deceiving people.

If Robert really believes his insurance company insures against any interpretation someone may have come away from reading one of his posts, he should be prepared for a lot of lawsuits and a lot of insurance claim filings.

As for NAR looking out for the home owner?  You've got to be kidding!   NAR has been robbing from the home owners since before the bubble.  Any legislation that NAR proposes, I want congress to do the exact opposite.  They have done nothing that benefits me as a home owner.  To the contrary, they almost bankrupted multiple nations with their deceptive propaganda.
  • June 27 2010
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I agree with you Socal... I have read many of your post in the past and I know you are no one to be out to take advantage of anyone or prey upon them. I will leave it at that and thanks for your efforts...
  • June 26 2010
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Profile picture for SoCal Engr
@ Roberto - Rest assured I feel neither insulted nor threatened, but I still appreciate the good words and support.

@ Robert - I choose to believe that whatever disconnect there was has been addressed. We'll just agree to disagree on how much emphasis to place on NAR activities and designations.

@ Robert - "If a subject in financially injured, do you think this law may be applied?" Short answer, "no".
 
Longer answer...Three main reasons...
  First, Zillow is a public forum and does not purport to be an authoritative source for any information, even Zestimates.
  Second, I don't make any claims to any professional credentials, experience, or training; so I am explicitly tagged by Zillow as such by not having any designation displayed next to my name.
  Third, for anything where there is an authoritative source (e.g. MakingHomeAffordable.gov, irs.gov, realtor.com, etc.), I typically provide a reference and link so that people can see the content on which I am providing my opinion.

@ DroopyD - It's not just realtors. You likely missed some of the early Zillow content where it was pretty much open season on just about any topic - but especially on doomers (real estate prices are going to drop) and cheerleaders (real estate is still a great investment!). Some of the better one-off flames were over in the Mortgage section. For what it's worth, those early discussions/flames really made Zillow quite interesting - and informative once you cleared the body count.

Cheers all
  • June 26 2010
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Sorry, but I'm not going to let Robert either insult or threaten Socal on here, for merely expressing an opinion, without responding.

His last post implies that socal can be fined for 'practicing real estate without a license' - the ascertain is clearly ridiculous, as all that socal has done is express opinions about Temecula as an investment, and the worth of various credentials from NAR.

Socal has been a thoughtful and helpful contributor on here for years, so NO, that kind of treatment he has received on this thread is neither warranted or valid.

If calling out complete nonsense, and intimidating behavior is bothersome to you, or childish, well whatever.
  • June 26 2010
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Profile picture for droopyd
C'mon kids, let's grow up a little please.

If this is the way "realitors" act, is it any wonder they don't engender a great deal of trust and confidence?
  • June 26 2010
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Robert: you are once again completely out of your mind, if you think socal's expressing his opinion crosses the line to 'practicing real estate without a license' For that, he would have to be showing homes, writing contracts, etc.
  • June 26 2010
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Socal.. I believe in the first admendment and support you in your freedom to express your thoughts and opinions, including those for and against me. Zillow isn't a term paper and we are not graded for spelling and gramatic errors, by most anyhow.

If I were in a situation as such I would better proof read what spelling and gramatic errors I made. Since I am sitting here without glasses, it is possible I will misspell something, gramatics, not really paying that much attention to that right now either.

As for giving advice, I am glad someone like yourself is making an effort to assist those out there seeking assistance. That is why they are here, trying to educate themselves trying to cut off expensive mistakes. No one will ever be 100% correct.

As for Zillow being here and anyone can give out advice is really a shakey area when coming to licenesed and credential subjects: Taxes, Legal, Real Estate, etc... Of course there are exceptions to what is considered going past the line when giving advice on the aforementioned.

I just think placing that you are not an agent may be in your best interest, just like California Law requiring me to place my DRE License Number on first point of contact; which doesn't mean if you hold a DRE license in another state that you are exempt (not refering to you).

Not a law I would think I would want to challenge... When is the line where a person is defined as acting as an agent?

SB 1448 (Scott) Fines for Unlicensed Activity (Chapter 156) Existing law provides that any person acting as a real estate broker or real estate salesperson without a license is guilty of a public offense, punishable by a fine of up to $10,000, imprisonment in the county jail for up to six months, or by both a fine and imprisonment. In addition, the law provides that if the unlicensed entity violating the law is a corporation, a fine of up to $50,000 may be imposed. SB 1448 increases the fines for unlicensed activity to twenty thousand dollars ($20,000) or by imprisonment in the county jail for a term not to exceed six months or by both fine and imprisonment; or if it is a corporation, be punished by a fine not exceeding sixty thousand dollars ($60,000). This bill also requires any fines collected from a person in excess of $10,000, and any fines collected from a corporation in excess of $50,000, to be deposited into the county's Real Estate Fraud Prosecution Trust Fund, if such a trust fund exists in the county in which the person or corporation was prosecuted. SB 1461 (Negrete McLeod) Disclosure of License Identification Number (Chapter 284)

If a subject in financially injured, do you think this law may be applied?
 
As for NAR, I am not the biggest fan since I am paying out the yearly dues and the other dues the designations require as well; but as a homeowner, they are fighting in our interest and we would be at the mercy of the politicians and corporate America if the NAR didn't have the power that they do, which refers back to the fees and dues that Realtors pay every year. A neccessary evil.

How many independant brokers that are not members of the NAR are able to change laws and protect the public?

  • June 26 2010
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Profile picture for SoCal Engr

Self-admission of incorrect information...

In my prior post, I incorrectly identified that the entire statement in question was placed within quotation marks. Instant replay shows that the statement was italicized, and only the original quotation marks were retained.

However, I'll still stand by my assertion that the fact that I was quoting an external source vice making a personal claim is obvious based on the italicized font and context of the post.

Bottom line...

I was hasty and made a mistake. In the grand scheme of things, I don't believe it changes the overall situation very much.

  • June 26 2010
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Robert:

" Being on a site that frequents all walks of life"... How can a site frequent walks of life? Or are you trying to say, being on a site frequented by all walks of life? 

"...therefore, creating an implied agency when the buyer or seller relies upon the information you provided them. "-

Partner if you think reading an opinion on an online forum can create "implied agency", you might not have learned so much in all those classes leading to all those capital letter thingies beside your name!
  • June 26 2010
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Profile picture for SoCal Engr
@ Robert - Stop before you make yourself look any more like a pompous idiot. Some damage has already been done, but fortunately many will have overlooked your idiotic statements. Just for your edification, I'll point out your errors so you can avoid repeating them.

First, Zillow is an open forum, which means anyone can make comments or give advice. It's not restricted to "only pros". That is why Zillow went to the trouble to enable users to self-identify their status. You will note that I have neither an "Agent", "Pro", "Lender", "Confirmed Lender", nor any other Zillow designation. That is a clue that I am not claiming any professional status on Zillow - I'm one of the unwashed masses.

Second, in my post which you are referring to, I did not claim to have the CIPS designation. If you will read the post, you will see that the statement is placed within quotation marks. Just so we're on the same page, I'm typing slowly for you, that means that I am quoting from an external source and not providing original content. In this case, you are the external source (probably should have been properly attributed to avoid confusion, but I assumed some familiarity with punctuation and it's meanings...my bad).

I referred to the link for the CIPS designation so others could see it and make their own determination as to how impressed they would be by your NAR designation. I prefer to reference the actual sources where possible, to provide a level of objectivity to my posts.

Only you, in 2+ years that I have lurked on Zillow, have made the gross level of incorrect assumptions and displayed your unique lack of understanding of standard punctuation and Zillow profiles/badging. I am fairly sure that at least a few of your fellow professionals would like to distance themselves from the gross errors of assumption that you have made.

As far as credentials, advertised or not, I really don't care. I assess based on performance, both in the real world and here in the world of 'trons. Based on the gross errors you have made in this exchange, you failed...so the other designations mean nothing. My dad, a good ol' boy with a blue collar resume, had a name for people with titles/designations but displaying a complete lack of common sense/skills. He used to say to me "Son, when you send an idiot to school, they become 'educated idiots'."

p.s. If you're worried about bad advice, just check out feedback on mortgage questions from posters with the "Agent". For that matter, check out the conflicting advice on RE topics from the same posters - never mind the flat out incorrect crap that is occassionally posted by "Agents" on topics that are not opinion based.
  • June 26 2010
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Thank you for clarifying that for me Socal... When one walks like a duck and quacks like a duck, they must be a duck... Being on a site that frequents all walks of life and you come across someone giving real estate advice like an expert, one may assume that they are a professional in the field; therefore, creating an implied agency when the buyer or seller relies upon the information you provided them.

When you stated you were an "International Property" Specialist and then refer to the link for the requirements to become one, I, just like thousands of others, take that as a licensed real estate professional stating they are credentialed and this is where you can see what it took to get it.

If I log onto a legal site and start giving legal advice, what is one going assume?

At least note your profile that you are not a licensed real estate professional and/or at least get some good E&O insurance so they know they are not placing all their faith into a transaction based on advice from an individual and on their personal opinion, and if they do rely on your advice and it goes bad, they have some recourse to be compensated for their loss.

You may be surprised what some real estates professionals have as credentials outside of their real estate professional credentials. We can leave it at that. 
  • June 26 2010
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Profile picture for Blue in d Nile
By the way, Pasadena Unified School District has an enrollment of less than 14k, thus a smaller school district than Temecula Valley, in spite of PUSD serving not only Pasadena, but also Altadena, Sierra Madre, Un-incorporated areas (sometimes referred to as "east Pasadena"), and parts of Temple City.

So with Temecula Valley having such a large enrollment, you would expect them to have a high jobs to housing ratio?  No, other than City of Industry that has no housing, Pasadena has the highest jobs to housing ratio of any community in Southern California.
  • June 26 2010
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Profile picture for Blue in d Nile
As for schools; Temecula Valley Unified school district has an enrollment of about 16k students, and an academic performance index of about 800 on a scale of 230 to 1000; with the California State goal of all schools performing at 800 or higher (actually legislated).

The API is not as much a measurement of the quality of schools as it is a measurement of who lives in the school district, and who opts out for private schools.  Sure, Pasadena's API is lower; but that is not only due to demographics, but also 50% of the students opt out of the public schools in favor of private schools.  And guess which students are unable to have that private school choice?  And Pasadena Unified has several schools with API's above 800 also.

  • June 26 2010
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Profile picture for Blue in d Nile
I'll tell you the reason to invest in Temecula in 1998; which everyone knew at the time, except NAR members...

1) Freeway being widened, reducing commute times.
2) Water projects being designed, to have sufficient water resources at good prices.
3) Water projects also being designed for recreational purposes.
4) Wholesale and Retail distribution being expanded for good prices and easy access
5) Communication infrastructures being expanded to meet future business needs
6) Centrally located to 6 major commercial areas/cities
7) Not overbuilt; less congestion, less smog
8) Prices substantially lower than surrounding areas
9) Proposition-13 can lock in the tax rates at below surrounding areas
10) Demand is increasing, thus one could sell at a profit in the near future if necessary

Unfortunately, very few of those are still true.  Sure it is still "centrally located", but the growth of the area means the freeways are congested again.  Sure, prices have dropped, but not proportional to the bubble inflation that had nothing to do with the infrastructure improvements.

Sure, the infrastructure improvements are still there, but they barely meet the community needs now.

The jobs to housing ratio is exceptionally lousy, thus unless you are bringing your business with you, it is not very practical.

Though when buying in 1998 you could get a very large lot, or a custom home for relatively little, the large lots are now gone or priced high, and the homes are mostly over priced cookie cutters.

If people bothered reading the signs of the times, they would have been selling in the area in 2006, not buying now before the bubble has finished deflating.

But in order to make money, NAR usually will tell people to do the exact opposite of what is most practical; thus since people need to sell, they tell you to buy...  As they say, they only can represent one client; and that client is the seller.  But they also are representing their own need to pay their own mortgage payment.

Didn't you read Lisa's comment on Prices are going to drop?  She doesn't have enough qualified buyers for all the junk flooding the market, and wants the government to prop up the market again (even though the California state government already has).


  • June 26 2010
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Profile picture for Blue in d Nile
Actually, YES, it is too much to ask!  Not that I have done any calculations based on the posts read; but it appears from reading comments for Realtors® on Zillow, that only about 5% of NAR members have such reasoning and logic capabilities.

After all, what does NAR stand for?
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Not Able to Reason
  • June 26 2010
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That is pretty sad, when the best thing someone can do rather than support their proposition with logic, is weak mindedly insult the person they disagree with...

Oh well...Once again, why invest in Temecula? price to rent? vacancy ratios, good schools? improving economy?

Is it really too much to ask that an agent with so many capital letter designations be able to form one cogent thought and support it with facts and logic?
  • June 26 2010
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Profile picture for SoCal Engr
@ Robert - You're right. I am not a CIPS. Neither am I a Realtor®. To be clear, I am also not an agent. While we're clearing things up, I did not "miss" the application process...I "dismissed" it. After seeing what qualified towards the 100 credits, I dismissed that process as being potentially inconsequential to establishing any minimum competency within the designation.

As for California's instantiation of the NAR website...so what? That would only mean anything to me if I bought into the NAR propaganda...which I don't. So, you're on NAR's roles and pay your dues. You may, or may not, be competent in your field. While inclusion on the NAR list at least speaks to your personal level of motivation to get the designations, it really doesn't do much as an objective measure of your competency in the specialized field, much less the general RE field.

As to "hiding behind a screen name", I'm not here to help pimp my business - so I don't have a need to list my name, contacts, or "credentials".

After all is said and done, my basic opinion regarding buying rental property in Temecula, and the reasoning behind that opinion, still stands. It is based on my empirical evidence obtained by personal conversations with people who live in Temecula and make the Temecula-San Diego-Temecula commute. While you have castigated me for not having a credential that I have no interest in obtaining, you've done nothing to support the argument that buying rental property in Temecula is a good idea.
  • June 25 2010
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Profile picture for Blue in d Nile
You might as well invest in Yucca Valley; you will have about the same loss on your investment, and your tenants will have about as much lack of access to employment for reasonable income.
  • June 25 2010
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Socal_engr. it is obvious you are not a CIPS. You missed the application process that breaks it down, on the same page as you referred. The requirements have been relaxed somewhat since the beginning of the year, but anyone that is a CIPS wouldn't have made an incorrect comment like this if they obtained the designation. I can say I am an astrophysicist if I don't include any other information in my profile. You can easily cross reference a California Realtor by logging onto:

http://members1.car.org/CAR_UMS/loadSearchScreen.do?searchType=member&siteid=1

This will give you an idea... But first you have to know what their name is to begin... Hiding behind a screen name isn't a good start to a relationship.

  • June 25 2010
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Profile picture for SoCal Engr

"I live in Temecula and it is a great place to buy!"

You also work in Temecula, and sell Temecula - so it's possible your's is not the most objective opinion on the topic. The people I talk to are the ones who live in Temecula and have to commute to San Diego to work. They're not as sold on the "value" right now. And, I'm guessing that there is a reason they have not changed jobs to work out of Temecula.

  • June 25 2010
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Profile picture for sunnyview
Temecula got a bounce in values from the buyers credit here, but prices are not stable yet. Before you buy, do your homework and understand the basic rental dynamics in the area like oversupply.
  • June 25 2010
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I live in Temecula and it is a great place to buy!  We have great school districts, good wine and close to San Diego, Oceanside and Orange County. 

If you need help looking for investment properties in Temecula, please let me know! 
  • June 25 2010
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Profile picture for Blue in d Nile
The time to have bought in Temecula was 1998 when the Freeway was being widened, housing tracks, shopping and business were only started to be built, and the infrastructure of the communications systems was being expanded to meet this expected growth, the water reservoir projects were being planned, and you still could get the "pre-growth" prices.

The people that I know that bought there got excellent deals, and moved their business to that location.  They are still centrally located for the type of work they do.  And though they lost bubble value, they still gained substantially compared with their purchase price, and their property tax rates were locked in by proposition-13 at pre-build out values.

To buy now in that area is just plain foolish.  The bubble has not finished declining and your down-payment will just vanish.  Not to mention, you will have a very difficult time keeping a rental occupied due to the excessive surplus.
  • June 23 2010
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Profile picture for SoCal Engr
I am a "International Property" Specialist.

The CIPS designation requires 5 one-day courses, each with a multiple-guess test requiring 70% to pass. As with other NAR designations, sounds more impressive if you don't look at the requirements, which you can see here.

Why would people want to rent 1-2 hours away from their place of employment? The people I know who bought there did so because they couldn't afford something closer. And then the gas prices went up...and they couldn't really take the salary hit to work closer to Temecula (their words: "There's a salary tax to work in Temecula, because they know you're trying to avoid the commute.").

Temecula boomed, but that boom was driven by the inability of people to purchase closer to their jobs (i.e., San Diego, Riverside, or LA). With prices coming down, those people now have less reason to buy in Temecula.

The wineries, etc. are a great draw, but for weekend get-aways - not for homebuyers. Last time I was up in Temecula, the shopping centers were starting to experience the decline-after-boom - and I haven't heard anything about the rebound.

It might be different if Temecula had maintained it's original personality and offered a different option to the buildouts in San Diego. But, it didn't, Even out in the middle of nowhere, lots are postage-stamp deals and houses are crammed in. If Temecula had continued with oversized lots and more of a "ranch feel", it would have something truly different to offer the homebuyer. As it is, its only advantage is/was "cheaper than San Diego".
  • June 23 2010
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There are excellent investment opportunities from Corona through Temecula since the recent dramatic price reductions.  Homes can be found selling below replacement value.

The key to whether or not the investment is good is to be sure that you are buying at the best price and that the conservative rent you can get will cover the payments and expenses, and have a little cash flow with about a 75% LTV loan.  Also, be sure to check vacancy rates in the area and stay away from those areas saturated with vacant homes.
  • June 23 2010
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Roberto Ribas may not be local, but he is correct as usual.

Housing prices have gone up while rents are deteriorating. Rental inventory is also high. I've seen houses listed below apt rental prices. The supply of qualified tenants is extremely limited. Those who have good credit and can afford rent are buying, as it is cheaper.

The commute to San Diego and Orange County is an hour under ideal conditions (which is almost never), and an hour and a half to LA. You can double that easily during rush hour.

Unemployment has been over 10% for the better part of a year with no sign of improving. Add to that the tidal wave of foreclosures projected to be crashing the inventory party in the near future, and it's hard to imagine any informed observer recommending buying investment property in the current Temecula residential RE market.
  • May 13 2010
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Interesting that an "investment specialist" wouldn't consider the terrible ROI number before saying "yeah buy!"
My facts stand:
1. Price/rent out of whack.
2. LONG commute, values will be affected if/when gas prices increase.
3. High unemployment in the county.

So, an agent saying "buy they will go back up, cause.... cause... well, cause prices always go up... " is not exactly a newsflash.
  • May 13 2010
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Interesting that an Arizona agent would bash local agents that work the field everyday. I am a "International Property" Specialist, and rely on the expertise of local agents everyday.

Be careful on listening to agents that are well out of their area and obviously is reading to many newspapers and deffiantly does not know the area.
  • May 13 2010
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