Property Manager · Oakland, CA · Member since 2017 · 24 posts · 2 votes
Hi,
I am a newbie investor (or wanna-be) that is looking to get a few units under my belt this year. Being an Oakland native and also an affordable housing property manager, I would like to start investing in Oakland and then branch out to southern states such as Texas, Georgia, Mississippi and Louisiana. I am willing to network with investors and the like in any market however.
I am looking for any advice one has to offer as far as creative financing, hard money lending, multi-family properties, first time investing (especially when you're low on funds).
If there is a multi-family investor that would like to become an effective mentor, please do not hesitate to respond.
As a native Californian who invests in Mississippi, after having taught at Jackson State University for twenty years, I'd be happy to help you when you are ready to spread your wings. You can buy a house for cash there that wouldn't even be a good down payment in Oakland.
As a native Californian who invests in Mississippi, after having taught at Jackson State University for twenty years, I'd be happy to help you when you are ready to spread your wings. You can buy a house for cash there that wouldn't even be a good down payment in Oakland.
@Claratisha Davis if you are already in Oakland and working as a property manager, you are a step ahead of most people entering the market. I have properties in North Oakland, Fruitvale and currently in contract with a property in the Adams Point neighborhood.
As a start off point, I would suggest that you look for small multi-family properties. Normally I would say 4 units and down, but Oakland is a different animal. Look for something that is 3 units or less and use the "house hack" method. If you can stand it, get a roommate and offset more of your costs.
Hard money is really for people who are looking to flip. The interest rates are to high to sustain for long periods. As for creative financing, these are really hard to find but they can be found. My properties in North Oakland were purchased with seller financing.
If you have been a PM for a while, you might want to ask your clients if they have anything they want to sell to you off market, potentially with seller financing.