Hello from Bankrupt Stockton, CA (But I still like it here!)
Hey all,
I just made my first post, and it wasn't to introduce myself, so I think I'm already doing this backwards.
My name is Wes Parkinson, and I've got eight rental units here in Stockton. I'm actually a licensed civil engineer, and was working as a project engineer/manager on municipal capital improvement projects (water treatment plants, RR bridges, etc.) But the commute was killing me and in 2003 I bought an Arco gas station.
I started getting into real estate during the depths of 2010, and I have to say that I've really enjoyed the experience. In the past 4 years, I've been through the eviction process (needed to move folks out of a foreclosure purchase), a fire (home inspection missed a damaged chimney), and all the normal day to day problems we all face. I never thought that I'd get comfortable dealing with insurance companies, the court system, or soldering plumbing fittings, but here I am.
Have I done it alone? Heck no! Along the way, I've met some fantastic people, tenants, contractors and even neighbors. As a matter of fact, it's been the people that have made this fun for me. And that's saying a lot, as I'm not normally much of a "people person".
My general idea is to find a home at a good price in a good school district, even if it needs some work. From there, I shoot to give a good quality product (my rental) to the customer (the renter), at a slightly below market price. On the front side, it looks bad for my ROI (my ROI is crap anyway because I've mostly done cash purchases), but my vacancy rate is so low that it makes up for the lower rent. Kind of like the gas station, low margins/high volume.
In any event, I've been lurking on the boards for a while, and I really appreciate the wealth of information, and the general kindness of folks on the site. I've never seen so many civil discussions on the internet, and I hope to contribute as much as I take away.