I attended my first Elk Grove Investment Club meeting tonight and it was great! Hosted by Todd & Erin Newington of First Priority Financial with guest speakers, Bill and Chris Stanley of Realty Roundup, a local property management company, it was well attended by area investors.
I am often asked by potential investor clients about the local market and so I make sure that I stay up on the local rental market as much as possible. What a great opportunity to listen to the opinion of an area expert. Realty Roundup is the largest property management company in the local area and information regarding the Elk Grove rental market was shared by Chris Stanley with the investors.
Chris stated that the Elk Grove rental market has remained fairly stable over the past couple of years. The rental values have stayed steady as well as the number of vacancies. He attributes this to the fact that we have many homeowners walking away from their homes due to hardships but still wanting to remain in the Elk Grove area thus entering the rental market. Approximately 75% of their recent applicants have been somehow affected by the foreclosure market - either they have lost their homes through foreclosure or short sale, or they were renters of homes lost to foreclosure or short sale. Currently the most stable of the 3 Elk Grove zip areas is 95624.
Chris also seemed to feel that those former homeowners that have lost their homes through foreclosure or short sale, may end up being your best renters as they don't have that hefty payment any longer. Realty Roundup looks for the renter's income to be at least 3 times the monthly rent.
The Elk Grove area is a great place for your investment dollars...prices are very reasonable, we currently have incredible interest rates and we are seeing positive cash flows again! Don't wait! The opportunity is right NOW!
For more information on the local rental market and investment opportunities, contact Lori Mode of The Mode & DurhaM Team, Keller Williams Realty, at (916) 230-0371 or Lori@ModeandDurhaM.com.
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Lori Mode and Bruce Durham, Keller Williams Realty in Elk Grove, CA