Multi-Family in So. California

Newbie is looking for multi-family unit with cash flow in Southern California, preferably the Inland Empire area. Prefer 4plex. We are located in Wrightwood, so draw a 1-hour drive circle around us and that's where we are looking. Thanks!

Edited: 06/26/2010 at 07:46AM

Richard Rabineau

Homeowner · Beverly Hills, California

28 posts
12 Influence

Icon_minipost Apr 01 '09, 05:15 PM

Kathy, its very tough to get cash flow deals in good ares in SOCAL but good luck on your quest.

Edited: 06/26/2010 at 07:48AM

K W

· Southern California, California

39 posts
142 Influence
1 Award

Icon_minipost Apr 01 '09, 09:20 PM

Thanks, yes, we are finding that out. The only ones with cash flow are in bad areas - so far.... but I keep hoping!

Edited: 06/26/2010 at 07:48AM

Sean Ie

· Hawaii

61 posts
78 Influence
1 Award

Icon_minipost Apr 07 '09, 10:58 AM

Kathy,
I'm in the same boat. Been looking for tri's and quads here in Socal (around LA, SFV, Palmdale and Ventura County.) There's a few thing out there now that market is the way it is. Keep me in mind if you see any deals too far from you towards L.A and I'll make sure to do the same.

Look for buyers now in trouble who bought in 04 to early 07'.

Good LucK!

Edited: 06/26/2010 at 07:51AM

K W

· Southern California, California

39 posts
142 Influence
1 Award

Icon_minipost Apr 07 '09, 11:36 AM

Hi Sean,
Thanks. I got your networking request, but can't seem to respond to you? But yes, I'll keep my eyes open.
K

Edited: 06/26/2010 at 07:51AM

Jon Holdman

Real Estate Investor · Denver, Colorado

11859 posts
75537 Influence
15 Awards

Icon_minipost Apr 07 '09, 11:40 AM

Kathy, accept Sean's colleague request, then send him a PM.

Edited: 06/26/2010 at 07:51AM

Jon Holdman, Flying Phoenix LLC

K W

· Southern California, California

39 posts
142 Influence
1 Award

Icon_minipost Apr 07 '09, 09:11 PM

Thanks Jon.
Sean - it ended up in my spam box and the link wasn't active to accept. Can you resend the request and I'll forward it to my regular inbox?

Thanks

Edited: 06/26/2010 at 07:52AM

Sean Ie

· Hawaii

61 posts
78 Influence
1 Award

Icon_minipost Apr 12 '09, 03:28 PM

Hi Kathy,

I don't see the "add as a colleague" link anymore.

Jon, thanks and can you try to see if you can't see it either?

Shoot me an email to my personal email address. Its on my sig at the bottom.

Edited: 06/26/2010 at 07:54AM

Jon Holdman

Real Estate Investor · Denver, Colorado

11859 posts
75537 Influence
15 Awards

Icon_minipost Apr 12 '09, 09:56 PM

The "add as a colleague" link goes away once the request has been sent. I still see it when I look at your profile, since we're not colleagues.

Kathy, the request doesn't go to any mailbox. Go to the dashboard. There's a link on most pages, upper right of the page, just below the search box. Then, on the right side of the screen is the "notifications" area. It should say "x colleagues requests". Click on that, and you will see a list of the colleague requests, along with Accept or Reject links.

Edited: 06/26/2010 at 07:54AM

Jon Holdman, Flying Phoenix LLC

Donna M.

Real Estate Investor · Hawaii

68 posts
80 Influence

Icon_minipost Apr 13 '09, 11:14 AM

Hi! I'm looking to invest in Southern California which is the closest place to Hawaii. I came across a four-plex in the 92410 area that's just been completely redone. If interested, let me know!

Edited: 06/26/2010 at 07:55AM

K W

· Southern California, California

39 posts
142 Influence
1 Award

Icon_minipost Apr 13 '09, 02:26 PM

Thanks Donna. That's in San Bernardino, and there are a lot of 4plexes available there, but I haven't found any in a neighborhood I'd like to buy in. Feel free to post the details: price, address, etc.

Edited: 06/26/2010 at 07:55AM

Steve L.

SFR Investor · Rancho Cucamonga, California

826 posts
6960 Influence
8 Awards

Icon_minipost Apr 13 '09, 05:59 PM

You looking for a rent-ready property, or something that requires repairs? Would you be putting a traditional mortgage on the property or closing with cash?

Edited: 06/26/2010 at 07:55AM

K W

· Southern California, California

39 posts
142 Influence
1 Award

Icon_minipost Apr 14 '09, 12:41 AM

A rent-ready property would be nice, however we can do cosmetic repairs with no problem and major repairs up to a limit. All of this will depend on price. Same goes for financing - if the price is on the very low end, we could go cash. If it's at the high end, we'd put 25% down. All depends on the deal.

Edited: 06/26/2010 at 07:55AM

RICARDO RUIZ

Homeowner · SO. CALIFORNIA, California

46 posts
24 Influence
1 Award

Icon_minipost Apr 16 '09, 04:27 PM

I guess I'm not the only one looking for rentals in So. Cal...I'm looking the L.A and O.C area but nothing is making + cash flow.

Edited: 06/26/2010 at 07:57AM

Matt H

· Edmonton, Alberta

32 posts
34 Influence
1 Award

Icon_minipost Apr 23 '09, 04:08 AM

[REMOVED BY ADMIN - USER IS LOOKING FOR PROPERTIES IN CALIFORNIA, NOT CANADA]

Edited: 06/26/2010 at 08:01AM by Administrator

Will Barnard

Rehabber · Santa Clarita, California

7238 posts
54461 Influence
23 Awards

Icon_minipost Apr 23 '09, 04:27 AM

So Cal is not a cash flow market and although prices have dropped dramatically, only the outskirts of LA and bad neighborhoods could offer price points that could possibly cash flow. May I suggest either changing your strategy to a speculative one for So Cal or switch areas and invest abroad. Investing in the MidWest can offer great cash flow opportunities.

Edited: 06/26/2010 at 08:01AM

Will Barnard, Barnard Enterprises, Inc.
E-Mail: info@barnardenterprises.com
Website: http://www.barnardenterprises.com
info@barnardenterprises.com

Sean Ie

· Hawaii

61 posts
78 Influence
1 Award

Icon_minipost Apr 23 '09, 06:48 AM

Hey all,
Live here in SoCal and it is true that finding a cashflowing property here in the nicer neighborhoods is very difficult.
In the last two days, I've put in 9 offers on SFR's in Lancaster. Not the nicest area but able to cashflow and a good rental market there. Typically the working class.

Good Luck!

Edited: 06/26/2010 at 08:01AM

Edward Alvarez

Rehabber · Los Angeles, California

87 posts
370 Influence
1 Award

Icon_minipost Apr 29 '09, 01:28 AM

Hi all, great topic you guys have going on here... I've actually been looking @ 4-plex's in the L.A. area and I've found a couple of great deals out there, just from driving around the neighborhood. I have a couple of vacant one's in which the owners own them free and clear but I guess they just dont have the time, money or means to have them rented, maintaned, rehab etc... Also, I'm not scared of going into the tougher neighborhoods, such as mid-city, koreatown, East L.A, south central L.A., etc... where you currently find the 8-9% Cap Rate's, and 8-10 GRM... I've been a property manager for 4+ years and these are the areas I've worked with little hassle from tenant's. Also I don't understand why some landlords shy away from section 8, I think it makes collecting rents eaiser. Maybe its because they want to be slum lords, if thats the case then maybe they shouldn't be landlords in the first place. Anyway, I'm looking to network with others, and If you need help finding good multi-unit deals I can be reached @ [EMAIL REMOVED] ... I personally think that its not the area, or property. It really boils down to the selection of the tenants... Good tenants are everywhere, even in the bad parts of town, and thats because thats all they can afford sometimes... Believe me I've rented out units in bad areas and the tenants are still there, paying their rents on time...

Edited: 06/26/2010 at 08:05AM by Moderator

Will Barnard

Rehabber · Santa Clarita, California

7238 posts
54461 Influence
23 Awards

Icon_minipost Apr 30 '09, 01:33 PM

Sean,
Would you care to post some numbers on any recent Antelope Valley deals you have done. I have considered it as I am even closer than you (Santa Clarita) but just can't stand Lancaster (AKA LandDisaster).

Edited: 06/26/2010 at 08:06AM

Will Barnard, Barnard Enterprises, Inc.
E-Mail: info@barnardenterprises.com
Website: http://www.barnardenterprises.com
info@barnardenterprises.com