I've done buy and sell, rehabs, lease options before the market crash. However I lost 5 properties in foreclosure during the crash and my credit sank. So to get back to investing, I'd like to ask your opinion what should I do with my $100K cash. My markets are L.A., O.C., I.E., and the High Desert areas.
How you doin' Jimmy? I'm not sure how good of an idea this is but its something I've had in mind for a long time and I'm starting to look more into as my ability to invest improves. I'm not sure If your familiar with the Green Tree Golf Course area of Victorville but there's a few blocks of homes in there that are mobile homes on permanent foundations. I used to rent one from a friend of the family back before I got married and I always thought that would be a great place to purchase a rental property at a price that will cash flow. The area is close to the freeway and shopping, most of the homes are 2/2 or 3/2. I would target that area for a distressed property. With a 100k you could probably afford to buy/rehab 2 properties and get them rented. Like I said this is just something I've been tossing around while staring into my computer screen at work. As a more seasoned investor maybe you can give me some feedback on how to further analyze this idea to see if it would be a wise strategy to pursue?
Doing good Hector. I live here in Victorville mostly on weekend only as I work full time in Santa Ana. I'm familiar in some areas in Victorville but not much in general. I know the Green Tree Golf course area. Yeah I think your idea on mobile home cash flow seems viable. I have not dealt with mobile/manufactured homes before due to my limited knowledge but now information are easier to find so i'm open to it. I'll call you sometimes tonight or tomorrow so we can discuss. I'm here in Victorville right now.
We have many CA cash buyers in TX. Real estate is a lot less expensive here. Most of our CA guys do owner finance, it works very well. You can buy two houses here cash for 50k and clear 800 a month on each, no maintenance. Just a thought if you ever consider investing outside of CA. Good luck.
The other thing I have done with some available cash here in my TX city is to do flips. Put down 10%, hard money the rest, resold in two months, made 20k. Market is appreciating so it's not too hard if you find cheap deals.
Hi Joe, that's very interesting to me. I have an affinity to TX in general in fact I have an SFR in Nogales before and making little positive cash flow. It's bit challenging if it's out of state when you're just relying on a PM though. I bought it at the peak of the market and I was forced to short sold it when the market crashed. I'm interested in flips. I'll call you to discuss.
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