NO GOOD DEALS IN SF BAY AREA /NYC/SD/MIA :( BS!!!

[J. Martin]

I'M TIRED OF HEARING PEOPLE SAY THERE ARE NO GOOD DEALS WHEREVER THEY ARE AT!!!! BULLSH*T!!!! (You hear me @Aaron Mazzrillo azrillo?!)

We're in the San Francisco Bay - allegedly one of the most expensive/overpriced markets with no cash flow - no money to be made.

I'd like to call out some other investors who also know this is BS, and hopefully they will be kind enough to tell or give some hints at to what kind of deals they've found, where they found them, and some numbers.. Below are properties I found, locked up in contract, and purchased by myself or am 50/50 with partners. My two best deals have been in 2014, when there was allegedly the least number of deals out there! I average around the 1% rule with my "fix and hold" deals, and I know others killing it with condo conversions, flips, new builds, high-end rentals, AirBnb & short term rentals, etc. New York City, Los Angeles, San Diego, Miami, join in!

I'll kick it off:
1) Dec 2012. 4plex in Richmond $375K + 30K Rehab - foreclosed Homepath in "First Look" period. Used FHA. Vacant & in need of cosmetic & some other work. ~$55K in annual gross rents. Good built-in equity. Used buyer's agent. ~$115/sq ft.
2) June 2013. 2 SFH on 1 lot in Richmond $245K + 15K Rehab - on-market property. Negotiated $20K seller's credit. ~$28K gross rents. ~$5k gross rents upside w/ remodel & new tenant. Let listing agent double-end. ~ $140/sq ft.
3) May 2014. 4plex in East Oakland - $385K + $45K Rehab - on-market property (over 200 days). Listing agent said cash only, and negotiated to use loan. Let listing agent double-end. ~$120/sq ft. ~$62K gross rents w/ $10K gross rents upside w/ rehab (but under rent control). Good built-in equity.
4) Sept 2014. duplex in West Oakland - $300K + $15K Rehab (so far) - off-market wholesale deal (from networking). ~$35K gross rents. Market rents ~$75-80K. Good built-in equity. ~$120/sq ft.

All have built-in equity from rehab, cash flow well, have increased in value and rents since purchase, and are on 15 or 30yr fixed rates. I also have a few units I do not have an ownership interest in, but capitalize on. And one of them I rent out on Airbnb.. Signed last of these Dec 2014.

Can some other investors share some more recent experiences of never being able to find any deals in the Bay or other high-priced areas? @David C. g , @Arlen Chou , @Account Closed ,