I am just wondering if there are any California REIs? Specifically, are there any investors in the Sacramento area?
FYI, the average ROI on properties in the US is about 4.5%, but in California is about 10%-25%. per year. While watching the news today some business analysts are predicting that the market is reaching a soft spot and sales will decline by 4% by year’s end and because of interest rates going up. Last year was a peak year and like all good things what goes up must come down.
Located in San luis Obispo, Been to many seminars. I own a few different programs and have found the “national real estate investors” to be the most informative. I purchased a home in Paso Robles, Ca in probate last year for 190,000 and was appraised one year later or 310,000. I am still fairly new to REI but am studying daily and am willing to buy out of the area. Creatively definitely preferred. Words of wisdom greatly appreciated.
have you made any offers as of yet? What types of properties are you interested in? What reading have you done and/or are doing to keep you “in the know” as it relates to REI? How long have been in this industry?
well, I am new to REI and I have been out to meet w/5 sellers so far in the past 2 weeks just to get the feel of talking w/them and negotiating , I have read books from peter & david and cd’s from different REI seminars . I am getting familiar w/L2P , equity split , subjec to finance options . my main focus however is in foreclosures . I have joined my local REI club were I am able to network w/other investors and I also have been working w/ a HML that has been very helpful in getting me comps and profiles and advice on if the deal is a good one , so far I have not found my first deal yet however I have a goal to do at least 2 deals by june and to be able to quite my job this year and do investing full time , as my ultimate goal is to retire in 10 yrs . I am very determined and have been doing alot of studying on different scenarios in which to use the different finance options to leverage myself into a property . I welcome all the contacts I can get in this business as you can never have too many .
I began researching real estate markets in December 2003. Prior to that I was investing in stocks and options. I have a full time Corporate Finance job and have a degree in Finance, so real estate investing comes very natural and interesting to me.
When I started I looked into Las Vegas, but instead decided on Fontana, CA. It seemed to me that the growth would be similar in both places, but Fontana home would be easier(closer) to manage and rental market is a lot better than Vegas. With this purchase I was chasing appreciation and the fact that Fontana was being developed translated into some assurances that appreciation will come in a couple of years. I honestly did not expect to see such a quick appreciation.
Last summer I began searching for a second property. By that time prices in Fontana grew quiet a bit, so on the next purchase I wouldn’t be able to cover mortgage. I decided to go elsewhere. I felt that I kind of missed the boat on Vegas so I went to the next best place. That was Phoenix, AZ. I purchased a practicaly brand new home in a nice community slightly above building cost. It took 4 months to rent it out, but some of it was due to my own fault and some of it was due to lack of effort by the property manager. I breakeven on both properties, but both appreciated quiet a bit.
Fontana - paid 265K, now 340K
Phoenix - paid 165K, now 210K
A month ago I decided I was ready for the next purchase. This time I am chasing cash flow instead of fast appreciation. I spent the last weekend in Dallas, TX. Made offers on a couple of condos and currently in escrow. We’ll see how it turns out.
A couple of simple advises that I can give you are to read a lot(books and articles), visit message boards like this one and try to get other people to invest with you. I have a few people whose money I am investing along with mine.
I went to my first REI club meeting. The information was good and networking part was great. My only disappointment was that I expected to see a lot of repeat members instead everyone I met was there for the first time. I think other clubs could be better.
If you attended any good REI clubs in Los angeles, please let me know.
Hello from Orange County California. New investor. Don’t think I can afford So Cal investments. Seems challenging to break even on rent even in the Inland Valley now. Where are most people looking in So Cal, and can you break even on an investment long enough to reap the appreciation?
I am in Chico, CA as well. I am orginally from Los Angeles. I am ready to make my first deal. I am excited about my new career and I welcome any suggestions. I have done my homework and I think i am ready to begin. I love this site.
New investor here also. I live in Long Beach, CA and haved looked around this area for my first piece of property. I want something small that I can afford to be my first project, which is also in need of some repair.
I have found however, that the property around here is sky high for a shabby small house and small lot- I mean for 6 or 700 square feet, it is 220-290K). If I look further away from home, like Bakersfield, I can find something big and nice with a huge lot for about the same price or less. Because I want to renovate and repair myself, I wanted something close to home. However, it may be worth the commute to get a better deal. The other aspect to look at is that property will be much more valuable here in Long Beach than Bakersfield.
Any adice on which I should go for? Any help would be greatly appreciated!!
hi I am new to investing and am located in the San Pedro area ,not far from long beach , I have not found my first deal yet however if you would like to share info please e-mail me … Good Luck to everyone