Wholesale flipping in San Diego.

10 Replies

I have 50K to invest in wholesale properties. I live in San Diego. Where do I invest?

Kevin,

No one is touching this because the question is just too broad.  We know nothing about you, not your interests, your travels, where you have connections besides San Diego, etc.  If there was a simple answer to your question then everyone would be investing there, and thus that place would no longer be the simple answer to your question.

No one can answer this but you.  Figure out where you want to get involved and why, then you can come back with a question like, "hey, I have 50k, I live in San Diego, but I want to invest in Elko, Nevada--does anyone have any advice on either Elko or investing out of state?"  That way we can actually help.

Sorry, I don't mean to take it out on you but there's a lot of this on the site and it's getting old.  BP is a wonderful resource but it's not enough to simply show up--the level of your success will depend on the level of your effort.

I wish you success, truly.

Vincent

Vincent,

 I appreciate your candid response. If no one else will respond to my inquiry at least you did.  And that speaks volumes to the empathy of my naivety in asking. I stand corrected.

My name is Kevin Smith. I reside in San Diego, CA. My recent work has been as an assistant for a local RE agent. I also have a full-time job in Retail Grocery Management. I have purchased subject-to real estate in the past. My niche market I am currently researching is pre-foreclosures in San Diego. I have access to funding for properties with 70% ARV...including Proof of Funds letter. And I also have an interest in purchasing HUD foreclosures in Huntsville, Alabama where I have family.

Does anyone have advice as to seeking good deals in pre-foreclosures in San Diego, CA or Huntsville, Alabama?

Originally posted by @Kevin Smith:


Hey Kevin, deals are being done here in San Diego around 85-88% of ARV currently. Its a competitive market, not saying you can't find deals at 70% but it would be wise to study up and really understand this market first.

I'm sure if you're working for an agent you are already watching deals that are being sold, and where they are being listed on the flip side. This is a good indicator of what margins and ARV deals are being done at.

@Kevin Smith I think you might find an easier access into the market with the resources you have available if you started in Alabama. I would go there, get a team together, ie, Realtor, Property Inspector, Contractor, etc., and then begin working the market. You probably have a family member who can be your eyes and ears for your transactions and you should be able to grow your $50k rather quickly. You might also consider finding a real estate club there where you could find an investment partner to work with. Other than that, and as @Tim G. said, San Diego is a tight market right now and not the easiest place to start unless you have access to some great properties that no none else has.

-best of luck, Bruce

Thanks Bruce. Your insight and knowledge will be utilized well. I thank you for reaching out with this vital information as I am sure your logic is sound. I believe you are correct in stating that my dollars will probably be better utilized in Alabama relative to the prices I see in that vicinity. I will begin the task of assembling a team as you so eloquently conveyed. I do have access to properties here in San Diego which nobody else has however the ARV I seek locally needs to be at 70 or less for me to pursue. And obviously most of the ARV's I see are usually larger than 70% here in San Diego. However occasionally almost rarely I do come across one that is less than 70 percent. Would you be interested in taking a look should I come across a property so described?

@Tim G.  Thanks Tim for your insight and advice on the subject matter.  I am finding that San Diego is a tight market.  But sometimes I get lucky and find one that falls into my line of sight.  Study up I shall.  I will also look you up on your website if you don't mind.

Thanks Tim.

Kevin,

Thank you for the gracious response to my post.  I figured correctly that at least you would appreciate me taking the time to reply and it seems we have good dialog going now.

I echo the other sentiment about starting off in Huntsville.  The distance will make it a bit tougher but San Diego is just too overheated right now.  If you have a deal fall into your lap that doesn't meet a magic formula but can still make money, if Bruce doesn't want it I'll be happy to take a look.

Thanks and, again, best wishes,

Vincent

Kevin,

I am a wholesaler here in Huntsville. I am constantly looking for deals that are 70% of ARV or better. I would be happy to send you any deals I get if you would be interested.

Originally posted by @Account Closed :

Kevin,

Thank you for the gracious response to my post.  I figured correctly that at least you would appreciate me taking the time to reply and it seems we have good dialog going now.

I echo the other sentiment about starting off in Huntsville.  The distance will make it a bit tougher but San Diego is just too overheated right now.  If you have a deal fall into your lap that doesn't meet a magic formula but can still make money, if Bruce doesn't want it I'll be happy to take a look.

Thanks and, again, best wishes,

Vincent

 Go for it Vincent. I'm focusing on other RE ventures right now.

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