Warning…newbie questions!!!
I'm about as green as you can get in this enterprise, and am wondering if I might be getting in over my head, being the market I live in. It seems an average starting home is around $250k-$350k. My sister and her husband recently purchased their 3bd 2bth for almost $400k.
My biggest concern is, even with decent credit, but with having less than desireable resources, is breaking into RE in Cali something possible? Are there any others in the Central Valley, or abroad, with some success stories (or advice) that might help encourage my new venture?
what are you trying to do? flips, rentals, short sales, etc.?
Buying a home for your own use (you mentioned your sister) and buying for investment are two different animals (with similar strips).
I guess you know the obvious that the Calif market is peaking out and getting soft. with that said, I just made a very broad, general statment.
there are people out there making money in pre-foreclosures and other types of distress transactions. If you are looking to do buy and hold (and/or rent), it is very, very tough to find deals that have workable numbers in (IMHO, at least in SoCal market).
Personally, I’m selling in Calif and moving my money elsewhere.
Mike in LA
We work with investor groups that meet weekly in California and that offer properties in other area’s across the nation that have equity left in them and positive cash flow each month. What cities in Central Valley are you close to?
I live in Fresno. The surrounding cities would be: Madera, Merced, Modest, Hanford, Lemoore, Tulare and Sanger, to name a few. I did seek out local clubs but most seem to be hours away. I would however like to attend some on occasion. If you happend to know of any RE clubs not listed that might be closer, I would be very grateful of any assistance you can provide.
I live in So Cal La Area also, it has been very hard to find properties that would create profit, I have been doing rehabs and they are out there it is just hard to find the good ones.