Hi everyone. I am newbie, just starting out in Bakersfield CA.
I would love to hear from more experienced investors and their thoughts about the current status of Bakersfield market for buy&hold strategy for generating passive income.
Currently, I am interested in 70K-100K range, single family or condo/apartments. Still trying to learn more about foreclosures but I prefer regular transactions and ready to move in houses since I am a newbie.
Also, team building appears to be tough. So, I would love to hear your suggestions to pick a broker, RE attorney, Accountant, realtor and property management company in Bakersfield CA.
thanks so much!
Welcome. Fill in the foundation below.
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Locate and attend 3 different local REIA club meetings great place to meet people gather resources and info. Here you will meet wholesalers who provide deals and rehabbers.
Two Great reads, I bought both J. Scott The Book on Flipping Houses, The Book on Estimating ReHab Costs http://www.biggerpockets.com/flippingbook
To find out about an area go to IREM.org search for ARM certified property managers. Call 5 ask them what parts of the city they like/dislike and why. Ask them what they see expenses running per category per unit. What do they see them selling for per unit, what is the market occupancy rate. What are the market rents? Ask them if they know anything coming up for sale. Great way to pick up some good info and possibly a deal.You might consider Niche or Specialized Housing like student housing. Rents can be 2-4 times more. Remember you don't have to own a property to control it.
Download BP’s newest book here some good due diligence in Chapter 10. Real Estate Rewind Starting over
I am an active investor but I mostly invest in the Kern River Valley (Lake Isabella, Kernville area) about 45 minutes east of Bakersfield. I am currently holding rentals for the mid term. Most were fixers when I bought them. I plan on holding them as rentals until the data shows its time to sell.
Make sure to do search the message board for the term "Bakersfield", there have been a lot of posts over the past few months that could be of value to you.
Thank you both of you Gents!
since you are active investor and also a home inspector I am sure we will be talking in the future and more than likely will request your service :)
If you happen to suggest any other service providers in Bakersfield area, please do.
That sounds good. I will send you a personal message with some suggestions.
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