Fullerton has an estimated population of more than more than 135,000. With a temperate climate, and proximity to most major city centers in Southern California, it has become a popular tourist destination.
The price of income properties in the area fluctuate based on size and nearby attractions, but a quick internet search will show you that there are many to choose from in the major Fullerton area. From $300,000 to $3,000,000, you can find something for a wide range of budgets.
Fullerton Income Property for Sale & Lease
Income properties come in many forms, including duplex houses, townhouses, flats, apartment buildings, hotels, motels, bed and breakfasts, and more. Most income properties work on the principle that you earn money by renting out a portion or all of the property to somebody else. Income properties can also be businesses. For example, if you own a warehouse in the industrial sector, you could rent this space to Fullerton businesses in the hopes of having an additional income.
Many income property owners will use a portion of the property for their own needs, and lease the rest to those who need it. This allows them to reap the benefits of the property, while basically having it paid for by others.
Fullerton Income Property for Sale
If you are buying an income property in the hopes of obtaining an income from renters, such as that of a multifamily property, apartment building, hotel, or flats, be sure to monitor the nearby amenities which will attract potential renters. For example, one of the reasons many residents flock to Fullerton is due to the high level of education available there. With major colleges and universities to choose from, you’ll have access to a niche of renters that other locations in Southern California aren’t as lucky to have.
Not only do students want to live closer to campus, but the families of students are often interested in making this move as well, especially if they are currently renting. Proximity to restaurants, shopping, and entertainment will also make a difference, although you should note that you will bring in a different crowd by choosing a suburban location rather than a building near the hustle and bustle of business life in Fullerton.
Buying rather than leasing also means that you will be required to obtain the proper permits for renting to others. Information on building permits and leasing regulations for Fullerton can be found on the official city site, although you can also contact city hall directly for more information.
Fullerton Income Property for Lease
Leasing an income property doesn’t offer the same permanency as buying, but it still allows you to earn money. Most income properties for lease are two or three unit buildings, which allow you to take over one portion, and rent out the others. Because you are leasing yourself, you will need to check with the owner if subleasing is allowed.
You could also simply live on site at an income property, for which your rent is the income of somebody else. This can be a jumping off point, particularly if you are new to Fullerton, as it provides a reasonable price over standard apartment rental agreements, and gives you a feel for the community.
Leasing rather than buying an income property offers the perks of not having to deal with a lot of the red tape. A functional Fullerton income property with pre-existing permits means less work for you. Sometimes maintenance and upkeep are also covered by the owner of the site.
With so many different types of income property to choose from, it’s common to require the assistance of a real estate professional before you can even decide whether to buy or lease. Book a few viewings to see the various types of properties which could work to your advantage. Remember that ownership always requires a little more dedication and commitment to upkeep than leasing does, as leasing often includes some form of maintenance schedule in the contract.
Income properties have different retail values than standard house or retail locations, so be sure to inquire about the potential for your investment in the future, and what it could mean if you choose to sell later. The market is always fluctuating, and the size and type of income property you choose will have a lot to do with how well it will sell in Fullerton in the future.
The choice of buying or leasing will come down to budgetary issues, time constraints, and your commitment to deal with the ongoing daily issues that arise when owning and operating an income property in Fullerton. It can be a full-time job, and a surprising amount of work goes into finding tenants, monitoring tenant needs, maintaining the building and surrounding property, and advertising for new tenants when current tenants leave.