There are no condos in Fremont, Union City, or Newark for sale, or that have sold this year in the 350K price range. There are currently 3 for sale in the east Bay under $350K. One is in Oakland, one in San Leandro, and one I forget. 3 have sold this year under 350K. One in San Leandro, one in Hayward, and one in Oakland. Have you ever thought about buying in a mobile home park? For $350,000 you could get a 3 bedroom in one of the cities where you are targeting and rent out 2 rooms so you may even be able to live for free. They are becoming more and more attractive for younger buyers who have limited budgets for this area.
Thanks @Marcy Moyer for the quick reply. I can up this to $400K max and I saw a few properties in Red fin. My timeline is until May so thanks for looking out for deals. I appreciate everyone here in BP trying to help, that makes this community amazing, you guys are rockstars!!!!
You would be hard pressed to find anything at the $350K mark. I don't think you'll get a top-class condo for anywhere near $500K (it will be significantly more).
You will get into bidding wars on properties under the $400K mark you see on Redfin. Realtors will list for ridiculously low prices in order to start a bidding war. This is a tried and tested strategy that is widely used (and abused) in ultra-hot real estate markets (see: Toronto and Vancouver).
Maybe look into buying a multi-family property (1-4 units) and that way you can use the rental income to help yourself qualify - the multi would need to be owner occupied (house hacking). You can also take advantage of FHA financing for a very low down payment.
With all that, you still have to find a deal that pencils or is at least something you are comfortable with.
@Omar Khan thanks very much for the warning on the bidding war, I won't fall into this as I'm sticking with a max $400K budget. I'm not in a rush and the math has to work
@Jonathan Pflueger , good call on the multi, just need to find an awesome deal so I'm reaching out to folks here in BP.
Thank you both!
@Marcy Moyer I like your idea on mobil home park, do you have some listing for it pls PM me if you do. Thanks
Free eBook from BiggerPockets!
Join BiggerPockets and get The Ultimate Beginner's Guide to Real Estate Investing for FREE - read by more than 100,000 people - AND get exclusive real estate investing tips, tricks and techniques delivered straight to your inbox twice weekly!
- Actionable advice for getting started,
- Discover the 10 Most Lucrative Real Estate Niches,
- Learn how to get started with or without money,
- Explore Real-Life Strategies for Building Wealth,
- And a LOT more.
Sign up below to download the eBook for FREE today!
We hate spam just as much as you
Join the Largest Real Estate Investing Community
Basic membership is free, forever.