The perfect scenario is owning income property which is appreciating quickly and simultaneously producing great net cash flow. Residential income property investors are constantly attempting to balance the see-saw between highly appreciating geographic markets (typically coastal beach communities with rather high GRM’s) and other areas in southern California with lower purchase prices, lower GRM’s and better net cash flow numbers (typically away from the coast/beach).
When searching on LoopNet, Costar, Zillow and of course MultiFamilyOWL, multifamily investors eventually notice some very low GRM, great net cash producing, low purchase price duplex, triplex and fourplex properties throughout Riverside and San Bernardino Counties. Cities such as Hemet, Riverside, Perris, Apple Valley and Moreno Valley with asking prices and cash flow that make income property investors mouth water at first glance. For savvy, experienced multifamily property owners these cities can be amazing investments. However, for the purpose of this post we are looking just at a possible gem located amongst these cities.
Redlands California is located in San Bernardino at the base of Big Bear Mountain where Interstate 10 and Interstate 215 merge. Upon walking through Redlands renovated downtown and riding your bike through the charming tree lined streets near the expanding University of Redlands campus, it is very apparent that Redlands is a city on the rise. Green well cared for lawns, new small business store fronts opening and large franchise company names moving in.
Duplex, Triplex and Fourplex properties are quite common in Redlands and there is typically a good inventory available to choose from as properties remain on the market a little longer as the area is just being rediscovered by investors. Rents still remain quite similar to the neighboring cities, however as Redlands continues its modernization and expansion of the University campus, the rental market will distinguish itself and appreciate beyond the adjacent cities. Click the following link to search available Redlands duplex, triplex, fourplex properties now: http://multifamilyowl.com/properties/index/1/#list-view Even further to the east is Mentone California which looks to be benefitting from its neighbor’s re-vitalization and could be the next gem to begin purchasing some multifamily investment properties in.