Investment properties can be pretty exciting and very rewarding – especially in Garden Grove, California. Known for its distinctive architecture and the old weekly broadcast ‘Hour of Power’, which is listened by millions all over the world, Garden Grove has also been one top choice for investors when it comes to rental properties. However; income and rewards aside, just like any other business out there, the real estate industry also has its risks specifically for first time investors.
If you’re starting your search for an investment property in Garden Grove, let’s delve deeper on quick facts about it before jumping into business:
- Garden Grove has an unemployment rate of 7.9%, but has a future job growth over the next ten years predicted of 31.5%.
- Garden Grove’s cost of living is 56.9% higher than the U.S. average.
- Garden Grove’s population is 174,812 people. Since 2010, it has had a population growth of 3.4%.
- Average Commute time is 27.7 minutes. The National Average is 26.4 minutes.
- Garden Grove public schools spend $9,990 per student. The average school expenditure in the U.S. is $12,383. There are about 27.5 students per teacher in Garden Grove.
The median home cost in Garden Grove is Real Estate: $630,700, and its home appreciation in the last 10 years has been 5.8%. Indeed, it’s the best time to buy a property for investment in Garden Grove.
Now, since Garden Grove is highly generating an income, yet hard to manage on your own, you might have been thinking of bringing property management professionals into the picture.
If you want to have your Garden Grove rental property be listed for rent, skip the hassle and let property management experts get the job done on your behalf. As a property owner, whether owning just one or more properties, you are sure to be occupied calculating your rental income, expenses, or even figuring out how to balance the two. Apart from that, you’ll have to go over several duties such as maintenance, inspection, tenant satisfaction and more. It is a hectic job. That’s why property managers exist.
When you start your investment property business, it’s also essential to identify what types of rental property you are ought to venture with. There’s a long list of them. Some types can be better for investors than others, it all depends on what’s your goal in your real estate business.
TYPES OF RENTAL PROPERTIES
When you’re looking for rental property to invest in there are a lot of different types to choose from. The most common types are:
- Single-family houses that are detached from neighboring properties
- Condominiums and cooperatives that are privately owned units in a multi-tenant building
- Luxury property targeted toward the high-end renter
- Vacation homes for short-term stays such as Airbnb or VRBO
- Townhomes or row houses that share a connecting wall, entryway, or front yard
- Small multifamily buildings such as a duplex, triplex, or fourplex
- Apartment buildings built as a walk-up, low-rise, mid-rise, or high-rise
To help you optimize the rental value of your property, property management garden grove like APG PROPERTIES give you a quick free estimate with no commitment necessary. They also advise you crucial insights on how the market conditions work and identify the best profit cash-flow from your property’s monthly rental value. Best step to start your rental property business in Garden Grove!