Rancho Cordova, CA · Member since 2017 · 2 posts · 1 vote
Hello my name is Oleg I'm new to BP I'm from Sacramento CA I've saved up some cash looking to invest into some homes. I'm having hard time finding anything in my area to get for good deal on everything is so expensive and requires a really big down. Anyone hear who did business in my area or is investing in my area that could give me some pointers on what I'm doing wrong. I'm looking to get some rental property or flip some homes what ever I can get thank you.
Real Estate Agent · Orlando, FL · Member since 2015 · 126 posts · 74 votes
9y
Hi Oleg,
Deals are hard to find in Sacramento, though I successfully found an underpriced MLS property last year that became our primary residence and later closed on a hybrid flip project in West Sacramento I obtained from a wholesaler. I was able to finance the MLS property and paid cash for the other. We plan to refinance once the renovation is complete and rent it out for a few years at roughly neutral cash flow. This is a bet on appreciation, but even if appreciation is minimal, we can 1031 exchange into a better cash flowing property down the line. My goal is to replicate this with 4-5 more houses in the next 12 months.
What are your targets, strategies and goals?
Real Estate Agent · Orlando, FL · Member since 2015 · 126 posts · 74 votes
9y
Hi Oleg,
Deals are hard to find in Sacramento, though I successfully found an underpriced MLS property last year that became our primary residence and later closed on a hybrid flip project in West Sacramento I obtained from a wholesaler. I was able to finance the MLS property and paid cash for the other. We plan to refinance once the renovation is complete and rent it out for a few years at roughly neutral cash flow. This is a bet on appreciation, but even if appreciation is minimal, we can 1031 exchange into a better cash flowing property down the line. My goal is to replicate this with 4-5 more houses in the next 12 months.
What are your targets, strategies and goals?
West Sacramento, CA · Member since 2015 · 25 posts · 8 votes
9y
I would decide what strategy you want to pursue and focus in on that. Then put in a lot of offers. Sacramento is a very hot market right now so you'll have to put in the work and be very patient.
Investor · Roseville, CA · Member since 2009 · 1k+ posts · 583 votes
9y
@Oleg Ivanovi would suggest going to some rei meetings in sacramento and roseville . Connect with local people here on b.p. And ask if they know of any off market deals. Talk to several real estate agents to see if they will help locate you a pocket listing.
Investor · El Dorado Hills, CA · Member since 2012 · 1k+ posts · 1k+ votes
9y
There are still deals to be found in Sacramento if you have some resources. The sub $400k cosmetic flips have all but disappeared.
You need the time, money and experience to add value to deals. In Midtown/Land Park/East Sac that might mean turning a 2/1 into a 3/2, or adding a granny flat, or splitting the lot and building a second residence off of an ally access.
In Granite Bay/Roseville/Rocklin/Loomis/Folsom/El Dorado Hills that might mean renovating a dated 4000 sq foot house or completing a half built luxury home where an owner hit a snag.