Welcome back to another Multi Family Monday!

The Multifamily REO market is slowing down in the county of Riverside, drastically compared to this time last year.

To recap what has happened in the small residential unit market over the past 7 days is pretty simple. Only 2 properties came on the market 1 triplex is Hemet for $190,800 and a 4-plex in San Jacinto for $246,000.

Was planning on covering both properties since the market has not supplied enough listings to give a full picture of what is going on however the listing company for the 4-plex in San Jacinto Ca did not provide enough information in the MLS in order truly evaluate its income earning potential.

Hemet Bank Owned Triplex For Sale

The triplex in Hemet Ca is located off of Ironwood Street and had sold to the previous owner for $514,500 in October of 2006. All three units are 2 bedroom 2 bathroom each and should rent to a Section 8 tenant for roughly $900 each. With all units rented that would bring the annual Gross Scheduled Income (GSI) up to $32,400 leaving this property at a Gross Rent Multiplier (GRM) of almost 17 which has not been seen in Southern California since the late 90s.

Hopefully next week the market provides more Multifamily bank owned properties for sale so this report can be more detailed.

Keep in mind, if there is anything you have questions about feel free to contact me either via phone or email and it would be my pleasure to help you!

Until Next Time!

Happy Investing!

God Bless -

Tim Taggett
Direct: 951-240-5645
Email: RetireEarly@live.com

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