Hi, Bigger Pockets people!
I'm new to investing and posting on the forums (even though I've been reading BP for two years). This year I want to work on investing in my first buy and hold property.
Since much of California real estate is super expensive and I'm a little too new and anxious to invest out-of-state, I want to know where my California investors have been successful. I'm looking for a market that has small multi-families in the $400-$600K range, preferably within a three-hour drive of the San Francisco Bay Area.
Fresno? Bakersfield? Modesto? Sacramento?
Any suggestion on where to start my research would be much appreciated! I'm just getting started, so I want to be sure I focus my time and energy on a good market.
I live in Bakersfield and I see plenty of good duplexes to 4 plex properties that are in your price range. You can buy a few duplexes in bakersfield in certain areas depending on what kind of tenants you are looking for.
Are you looking to rehab these buy and holds or do you want turn key properties?
Congrats on getting started in real estate investing!!
Let me know if I can help in any way
I agree Bakersfield could meet you needs even though prices are up from a couple years ago. It will be interesting to see if the lower oil prices will lead to layoffs and if those layoffs will affect the local housing market. It could create a temporary softness that could create a buying opportunity.
I have worked with a few buyers this fall that had to offer above asking price because they kept getting out bid. Some parts of Bakersfield are pretty hot right now.
As a native and an investor in Bakersfield the market has definitely flatlined. I am very concerned about all the layoffs currently happening. I would be very careful about jumping in without knowing the market and specific areas that you want to invest (Bakersfield is a market that has a few amazing pockets but the RE in those pockets have dried up). Good luck on your search.
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