I am new to real estate and investing and hoping on finding some advice and a property that will generate steady income and some appreciation in value.
I am in search of a multi-family investment rental property in the Central Valley or the Central Coast areas and would like some input on what areas are more desirable. My budget is 500k-550k.
Hey Ricky, good luck! 500k can get you into some nice areas of fresno when it come to MFH, or a couple of properties in B- areas. If you have any specific questions about Fresno, feel free to message me anytime.
Hi Ricky, the California Central Coast is a beautiful place! There are still some pockets where you can invest that makes sense. In San Luis Obispo County, there are investors making moves in the North County. If you travel further south, you can find some pretty good returns in Nipomo, Santa Maria and Orcutt which are both in north Santa Barbara County. I know of a 4plex that might meet your criteria. Happy to chat!
Hollister, Visalia, Fresno, Santa Maria, Salinas could possibly work. Value add here for sure.
I can help with Salinas. Some areas are less optimal than others.
Looking for BRRR or TK?
Hey @RICKY LOPEZ , welcome to the site. I've been through hollister a number of times on my way to santa cruz, nice little town!
for 500-550, you could do a 7-12 unit property with value add potential in the downtown area of Fresno. Fresno is really on the move. I just sold a 4 plex i owned in the downtown area to upgrade to a 6 unit in downtown. Cash flow is great and my opinion is that the future is bright as Downtown will be improving for the next 10 years. You could also look at the tower district and some are looking at the west side near chinatown hoping that it improves next.
Clovis is a great place to live and will be steady for a long time, cash flow is harder there but can be done, it just all depends on what you want and what your metrics are.
feel free to shoot me a message if you want to talk further.