OK…so I’m new to real estate investing–and I mean NEW. I’m soaking up as much information as I can from investing forums and courses, but I’m wondering how effective these techniques are where I live (Riverside County in Southern California).
The courses assume a relative equilibrium between supply and demand but, as we all know with Southern California, demand is insanely high and supply is insanely low. I’m assuming that getting started is going to be a bit tougher than investors in other parts of the country.
In depress markets like here in Austin we are trying to find motivated sellers. Here is an idea I just came up with. In Ca try finding motivated buyers that will pay more than retail and get a property under contrcat at retail and sell it to your motivated buyer. I remember one post on this site that stated he was seeing property selling at $50,000 above the asking price. If you could be in the middle of this deal you would make the 50g’s.
I know buying and renting would be difficult and probably even buying and lease purchase deals, There must be a way to do something to make deals. I do know several investors that are selling there and moving their money to Texas. This is not the first time I have seen this too. We seem to be in reverse trends of each other.
i am 18. my name is lisa and i also live in riverside county…i want to get started too, well just been reading and filling my brain with REI knowledge…maybe in a couple of years we could talk and maybe do some deals…
Hi Myles and Leesha:
I am from the Inland Empire and have been an investor there for several years. There is a lot of competition there due to the fact a guy by the name of Bruce Norris puts on a bootcamp every three months. He has a great course, but it creates a lot of competition in your area.
If you want to find deals in your area, I would recommend you subscribe to County Records Research and start delivering “Equity Purchase Agreements” to people that a Notice Of Trustee Sale has been posted. If you knocked 25 doors a week, you will find some deals. You just need to learn how to structure the deals and make sure you have good title. This is where education comes into play.
You could also start by driving for dollars in your area. Take down the addresses of all abandoned or boarded up houses and research who owns them and contact the owner. This is also a good source of deals.