Multi unit apartments for sale
Income Properties in Orange County, CA
An income property is a multi-family home consisting of two, three, or four separate living units built as a single dwelling or as separate units on the same lot. Residential income properties are those with 4 or less living space units, while those with 5 or more spaces are considered commercial properties. The individual units may be built side-by-side, separated by a firewall, or they may be stacked. Duplex, triplex, and fourplex (AKA, quadraplex) homes are very popular in high-density areas such as older Orange County, California cities or in more expensive beach area communities. Income properties offer the advantage of being able to live in one of the units as an owner/occupant while renting out the others. Some units are zoned both residential and commercial so it's possible to have a home combined with a business, office, or retail space. You will generally get a better loan rate if you intent to occupy one of the units. For many investors, income properties are bought as pure rental properties that may increase in value over time. Search the links below to find a duplex for sale in Orange County, CA, as well as triplex or fourplex multi-housing units for sale.
Update: March, 2013. Income properties (good ones) are in limited
supply and they do sell fast. Recently, I have had many buyers who want to do much of their research on the property before they make an offer. This has often resulted in the property going into escrow with another buyer. Note that there is typically a long contingency or due diligence period of 17 days, to investigate the property and decide if you wish to move forward with the purchase. I'm advising my income property buyers to do their investigations during this contingency period, rather than before they have even made an offer. Your first objective should be to lock down the property to assure that no one else will buy it. Then, investigate all of the books, rents, costs, do your property inspections, etc. If you don't like what you find, you will be able to cancel your offer and get your deposit back.
Second, most income properties are fully rented and this means that most are listed as "drive by only, subject to inspection ". This means that the sellers does not wish to disturb the tenants for a home showing, unless he has an acceptable offer in hand. While this would be considered unusual for a single family home sale, it is the standard case for income properties. I have a blog article with a complete explanation, here.