I'm currently looking into San Bernardino, Redlands, Pomona, Fontana, Upland...possibly Riverside for Multifamily properties 15-40 units.
Thoughts on areas to invest. Areas to avoid, pockets of growth or if anyone knows these areas?
I'm interested in areas of San Bernardino where there's some development going on or there is pockets of stability.
Anyone investing inland? Seems like a lot are going out of state chasing cap rates.
Hello Will. I have investments in Loma Linda and Redlands and have found them to get better cap rates than closer to DTLA. I have worked with several investors looking in San Bernardino and they have found good cap rates there. Loma Linda has a high demand for rentals with the hospital and university there.
Let me know if you want to chat.
It depends on what you define as a "decent" cap rate. Are they higher than LA or OC? Yes. Are they as high as they are in the Midwest? No. You might also look at Beaumont, I've seen some larger apartment deals over the last couple years out that way.
Most apartment deals that are better than a 5 cap have been bought up off the MLS, ESPECIALLY, 15 units and higher by large investors. Multifamily is considered a really safe asset right now.
Your best bet is trying to find an off-market deal or possibly purchasing something through probate that needs repairs.
We just bought a 4plex in Riverside that had some upside and we pushed it to an 8 cap after one month with a few tweaks.
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