Top 5 California Cities to Buy a Rental Property in 2024

Top 5 California Cities to Buy a Rental Property in 2024 Investing in rental properties in California can be highly rewarding if you pick the right location. Here are five top cities for 2024, with insights into property types, expected rental returns, and investment strategies. 1. Santa Clarita – Strong Rental Demand Santa Clarita's family-friendly atmosphere, quality schools, and strong economy make it a great place for rental investments. The city has experienced consistent growth, leading to high rental demand, particularly for single-family homes and townhouses. Property Example: A three-bedroom single-family home priced around $700,000. Expected Rental Income: Approximately $3,500 to $4,000 per month. ROI Expectations: With strong rental demand, investors can expect a gross rental yield of 5-6%, and property appreciation potential adds to long-term gains. 2. Pomona – Affordability and Growth Pomona offers a more budget-friendly entry point for investors compared to other California cities. With several colleges nearby, including Cal Poly Pomona, rental demand remains high, especially for multi-family units and student housing. Property Example: A duplex priced at $550,000 with two units. Expected Rental Income: $1,800 to $2,000 per unit per month, totaling $3,600 to $4,000. ROI Expectations: Pomona’s lower prices can lead to a higher rental yield, around 6-7%. The market is growing, making it a great choice for long-term appreciation. 3. Palm Springs – Vacation Rental Paradise Palm Springs is well-known for its tourism appeal, attracting visitors year-round with its resorts, golf courses, and festivals. Short-term vacation rentals like Airbnbs are especially lucrative here, but it’s important to comply with local regulations on short-term rentals. Property Example: A two-bedroom vacation home near downtown, priced at $650,000. Expected Rental Income: $250 to $400 per night, potentially $5,000 to $7,500 monthly during peak seasons. ROI Expectations: Gross rental yields can exceed 10% during high-demand months, but income can fluctuate with seasonality. 4. San Bernardino – Low-Cost Investment San Bernardino offers one of the lowest property costs among these top cities, ideal for new investors or those seeking more affordable opportunities. With ongoing revitalization and affordable housing demand, single-family homes and multi-family units perform well. Property Example: A three-bedroom single-family home priced at $400,000. Expected Rental Income: Around $2,000 to $2,400 per month. ROI Expectations: Investors can see gross rental yields of 6-8%, with the potential for future appreciation as the city continues its development initiatives. 5. Burbank – High Rental Income Potential Burbank stands out due to its proximity to Hollywood and the entertainment industry, attracting tenants who are professionals in the film, television, and tech sectors. High rental demand for both single-family homes and multi-family units makes it a premium market. Property Example: A two-bedroom apartment building near studios, priced at $950,000. Expected Rental Income: Each unit could generate $2,800 to $3,500 monthly, depending on location and amenities. ROI Expectations: With strong demand, rental yields can range from 5-7%, but higher property prices mean a larger upfront investment. However, long-term appreciation and premium rents make Burbank a worthy consideration. What Does It Take to Get Started? To invest in these cities, you'll need a clear understanding of your budget, financing options, and rental strategy. Be prepared to navigate local regulations, especially in areas with short-term rental restrictions like Palm Springs. Conduct thorough due diligence on market trends and expected rental yields, and consider partnering with a local real estate agent to maximize your investment’s potential. Start Your Real Estate Journey Today Are you ready to dive into real estate investing? Let's turn your dreams into reality. Contact us now to schedule a consultation and embark on a path to wealth-building through real estate. Visit our investor page or call us at 805.404.6510 to get started!

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The Role of Virtual Reality in Real Estate: How VR Technology is Changing the Way Homes are Marketed and Viewed

David & Chrystal Schoenbrun - The Pacific Home Group brokered by eXp Realty The Role of Virtual Reality in Real Estate: How VR Technology is Changing the Way Homes are Marketed and Viewed Chrystal and David Schoenbrun Broker Associate/Realtor Team @ Pacific Home Group | Y Realty "Navigating Real Estate, Nurturing Dreams" DRE#1409474 & 1761327 July 5, 2024 Imagine touring a luxury home from your living room, experiencing every detail as if you were there in person. Welcome to the future of real estate marketing, where virtual reality (VR) is revolutionizing how homes are showcased and viewed. Introduction to VR in Real Estate Virtual reality has emerged as a powerful tool in the real estate industry, offering immersive experiences that traditional photos and videos simply cannot match. This technology allows potential buyers to explore properties in 3D, providing a sense of scale and detail that can significantly enhance the buying process. Enhanced Property Showcasing Immersive Virtual Tours One of the most significant impacts of VR in real estate is the ability to offer immersive virtual tours. These tours allow potential buyers to navigate through a property at their own pace, examining each room and getting a feel for the space as if they were physically present. This can be particularly beneficial for out-of-town buyers or those with busy schedules. Detailed Visualization VR technology provides a level of detail that static images cannot. Prospective buyers can view properties from various angles, appreciate the depth of spaces, and even see how different times of day affect the lighting in a home. This comprehensive visualization helps buyers make more informed decisions. Broader Reach and Accessibility Global Reach Virtual reality eliminates geographical barriers, enabling real estate agents to market properties to a global audience. Buyers from different parts of the world can explore homes without the need for travel, broadening the potential market for sellers. Accessibility for All VR tours can make properties accessible to individuals who may have physical limitations or those who are unable to visit in person due to other constraints. This inclusivity ensures that all potential buyers have the opportunity to explore and consider a property fully. Time and Cost Efficiency Reduced Time on Market Properties that utilize VR technology often spend less time on the market. According to a study by Matterport, homes with virtual tours get sold 31% faster than those without. The immersive experience allows buyers to quickly determine if a property meets their needs, speeding up the decision-making process. Cost Savings For real estate agents, VR can reduce the need for multiple in-person showings, saving time and resources. Additionally, virtual staging can be more cost-effective than traditional staging, allowing agents to showcase a home beautifully without the expense of physical furniture and decor. The Future of Real Estate Marketing Virtual Open Houses As VR technology continues to evolve, virtual open houses are becoming more popular. These events allow multiple potential buyers to tour a property simultaneously from different locations, creating a dynamic and interactive viewing experience. Integration with Augmented Reality (AR) Looking ahead, the integration of VR with augmented reality (AR) could further transform the industry. Imagine viewing a property through VR and then using AR to visualize potential renovations, furniture placement, or customizations in real-time. Conclusion Virtual reality is changing the real estate landscape by offering immersive, detailed, and accessible property viewing experiences. This technology not only enhances the marketing and sale process but also provides a more inclusive and efficient way for buyers to explore homes. Are you ready to leverage the power of virtual reality in your real estate transactions? Contact Pacific Home Group today to learn how we can help you market your property with cutting-edge VR technology. Let's take your real estate experience to the next level!

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The Benefits of Downsizing: Why Less Can Be More

The Benefits of Downsizing: Why Less Can Be More Chrystal and David Schoenbrun Broker Associate/Realtor Team @ Pacific Home Group | Y Realty "Navigating Real Estate, Nurturing Dreams" DRE#1409474 & 1761327 June 20, 2024 Ever feel like your home is bursting at the seams with things you don’t need? Imagine a life with less clutter, lower bills, and more freedom. Downsizing your home could be the answer to achieving a simpler, more fulfilling lifestyle. Financial Freedom Downsizing your home can lead to substantial cost savings. Moving to a smaller home typically means lower mortgage payments, reduced property taxes, and decreased utility bills. These savings can free up a significant amount of money, allowing you to pay off debt, invest in your future, or simply enjoy more disposable income for travel and hobbies. For example, consider how reducing your mortgage by $500 per month could impact your life. This extra money could go towards paying off existing loans, contributing to a retirement fund, or even taking those trips you've always dreamed about. The financial freedom gained from downsizing can provide greater flexibility in your budget, helping you allocate funds towards priorities that matter most to you. Simplified Living With fewer rooms to clean and maintain, downsizing naturally promotes a minimalist lifestyle. This shift can lead to reduced stress and a greater sense of calm. Less space means less time spent on household chores and more time to do the things you love. The move to a smaller home forces you to declutter and prioritize your possessions, leading to a more organized and streamlined living space. Downsizing can also mean adopting more minimalist habits. This approach not only makes your home easier to manage but also can improve your overall well-being. A clutter-free environment often translates to a clutter-free mind, which can reduce stress and increase happiness. Environmental Impact A smaller home requires fewer resources to build and maintain, which can significantly reduce your carbon footprint. By downsizing, you contribute to environmental sustainability, consuming less energy and water. This shift towards a smaller, more energy-efficient home supports efforts to mitigate climate change and conserve resources for future generations. Moreover, embracing a minimalist lifestyle often means buying less and wasting less, which further contributes to environmental conservation. Downsizing can thus be a proactive step towards living a more eco-friendly life. Enhanced Quality of Life Downsizing can foster closer family connections and a stronger sense of community. Smaller spaces encourage more interaction with loved ones and neighbors, enhancing your social life and overall well-being. In a larger home, family members may spread out into separate rooms, but a smaller home brings everyone together, promoting bonding and shared activities. Flexibility and Mobility Downsizing provides greater flexibility, making it easier to relocate if needed. This is particularly beneficial for retirees or those looking to simplify their lifestyle. A smaller home is easier to manage and navigate, making it ideal for aging in place. For older adults, downsizing can be a strategic move to prepare for retirement or to accommodate changing health needs. Smaller homes are generally easier to maintain and often located in communities with amenities and healthcare facilities that support aging residents. How to Transition Smoothly Declutter and Adopt Minimalist Habits Start by decluttering and adopting minimalist habits. Measure your new space accurately to understand what will fit and what needs to go. Consider using space-saving furniture and organizing your belongings efficiently. Prepare Your New Budget Begin with a thorough review of how downsizing will impact your budget. Create a new budget that reflects your post-move financial situation, including any changes in utility bills, property taxes, and maintenance costs. Plan for the Future When choosing a new home, consider how long you plan to stay. Look for homes that will meet your needs for at least 3-5 years to avoid the hassle of moving frequently. Research Moving Companies Be thorough in your research of moving companies. Ask for recommendations, read online reviews, and get quotes from multiple providers to find the best service for your needs. Our team at Pacific Home Group specializes in helping people downsize smoothly. We offer comprehensive support, from finding the perfect new home to connecting you with trusted vendors for moving and home improvements. Additionally, we provide access to bridge loans that can be funded in as little as 48 hours, allowing you to move before selling your current property. Ready to embrace the benefits of downsizing? Contact Pacific Home Group today for a free consultation. Let us help you create a simpler, more fulfilling lifestyle with our expert downsizing services. Your new beginning awaits!

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