Loan Officer · Tustin, CA · Member since 2015 · 3k+ posts · 713 votes
10y
What a loaded question!!. I think you need to think alternative. The market has the biggest Baby boomer population. They need single level housing. With land being at such a premium especially coastal. Maybe modular/ manufactured single level could be a feasible option. Never go against the market. Just an idea.
Loan Officer · Tustin, CA · Member since 2015 · 3k+ posts · 713 votes
10y
What a loaded question!!. I think you need to think alternative. The market has the biggest Baby boomer population. They need single level housing. With land being at such a premium especially coastal. Maybe modular/ manufactured single level could be a feasible option. Never go against the market. Just an idea.
Realtor, General Contractor, and Developer · Redding, CA · Member since 2009 · 7k+ posts · 4k+ votes
10y
@Parker Cox That is a loaded question as @Jo-Ann Lapin mentioned. The truth is, it depends on your specific financial situation and how much you have to invest.
When relocating to southern California we thought the market would be in doing fix/flip. However; there were so many offers on properties that they were going for over value. We decided to get in on new construction. Unfortunately, finding land that was priced anywhere close to where it needed to be to make a successful project was impossible, and it still is. However; we jumped in and are doing spec new construction. Our first project was a breeze. The 2nd is the hardest in our 30 years of building. Two others are so far going along like clockwork
There's Vacation Rental properties, condominiums, modular (as mentioned above), etc.
If you'd give a little more specifics on price range, etc. I could give you more ideas. You might want to get in on new construction, or another niche. In fact, I've looked at stuff down by Oceanside in the past.
What do you think is the best way to invest in coastal Southern California?
The median home price is gonna be roughly $400,000, the 2% rule is a dream think more like the .2 to .5% rule here.
Do you buy small multi families for minimal appreciation and a chance to break even?
Do you try to focus on the city/county economic indicators?
Do you try commercial value add?
Compete with 1000s of flippers, and wholesalers?
What is the way to find a competitive advantage and bring something better or new to the table here?
Have at it guys.
Parker
I work in the Inland Empire the medium home price is $345,000 I have done many of them this year. Vurtually all of my deals have been under this price. We also have a condo going in Anaheim, Ca. we purchased for $250,000 this is a flip for us as well. We found an lease purchase in Anaheim too, this has been a great deal for us, only $10,000 cash for the option and we only pay a lease payment as I fix the home so I can sell it for more.
You can do it..... we all have to start somewhere.
Independent Insurance Agent · San Diego, CA · Member since 2015 · 138 posts · 56 votes
10y
Thanks to everyone for all the responses, and its not so much a tale of complaining, but more genuine curiosity about what others feel works in our market.
Recently, I came across the idea of subject-to and seller financing, which I thought was a very interesting prospect in the high priced areas like San Diego. Any thoughts?
Rental Property Investor · Phoenix Tempe Scottsdale, AZ · Member since 2014 · 184 posts · 55 votes
10y
It all depends on you!
I can tell you I have met flippers, wholesalers, and developers at SDCIA and NSDREI that are doing deals and finding success.
Subject to seller financing is a great niche, if you feel comfortable follow it and become and expert then DO IT. Check out some real estate investing meetings and talk to other investors. SDCIA has a huge library where you can rent books as a member well worth it!
Real Estate Agent · San Diego, CA · Member since 2015 · 7 posts · 1 vote
10y
SDCIA is a great resource for investors in San Diego. I have been to a handful of their meetings when I am down there and I have made some good connections. It is a good place to network with all types of professionals in the real estate industry. Highly recommend it.
Your mortgage loan officer can be a vital part in providing seller finance services when selling your home with out a Realtor. By now you know about the necessity to use a Licensed Mortgage Loan Originator, (MLO) in your transactions involving Seller Financing. And at the same time, we are now proud to announce that we are providing Nationwide Seller Financing processing services which means that a licensed MLO in your state can work with us and thus have access to our forms in your transactions in every state to maximize Dodd-Frank compliance and salability of the note that is created.
As well, as our approved MLO list is being built, we are offering to approve up to 10 MLO
Moreno Valley, CA · Member since 2016 · 3 posts · 0 votes
10y
Happy Sunday to all....
Question regarding open houses. My wife and I stopped by a open house in an area that we think might be decent for SFR investment. We plan to buy fix and hold. What questions do we ask the agent, and what are we looking for when touring the property to determine if it's a good deal?