Possible buy and hold in Banning, CA

[Andrew O.]

Hey guys,

Since I don't live out in the area, and I'm new to the country, I thought I'd try and tap the knowledge base here on BP.

I have the opportunity to buy a house in Banning, CA. It's a 4 Bedroom 2 bath. It was built in 1931, I was just wondering how solid houses back in the 30's were built, it has been refreshed last month ready to be sold on the open market; but I thought it may make a good rental.

SFR, 4 Br, 2 Bath, 2,000 sqft, 6,500sqft lot.
$70,000
I am pretty sure it will rent for at least $1200, I know this doesn't quite satisfy the 2%, however if I can squeeze $1400 that'd be gravy.

My only real question was, are these houses known to be a black hole of $'s?

Thanks for your assistance,

Andrew

[Aaron Mazzrillo]

Every house is different. I own lots of old houses. Some more than 100 years old. There are a lot of other things to consider when buying such an old property. For example, was it taken care of? When was the last time it had a termite inspection? Do you know the condition of the plumbing, electrical? How does the slab look? Is it on city sewer & water or does it have septic and well?

If you live in San Clemente, why are you thinking of investing WAAAY out in Banning? I can tell you now that your tenant pool is going to be.. a challenge.