Northern Cali - 12 unit for 600k?

29 Replies

T - I'm in the field today, will get back to you Friday.

Tou,
I think you've got a decent deal granted no significant further work is required of the property. In general, the 50% & 2% rule in California will be hard to come by at the present time and if someone did find one, it was likely not found online but through relationships, some sort of pocket listing, or seller motivation. By the way, what is the seller's motivation, if any, for selling? Sometimes this may help you get better terms. Any reason for 30% down in particular?
Generally, we have to adjust our expectations to the market or housing cycle we are in. Prices are different in every market & at different times.
The question is what returns are you willing to accept based on where you choose to invest.

@Aaron Montague , very strong buyers w/ solid multifamily in good markets (at least Bay Area) can get a 5/1 ARM around 3.0% with a good downpayment, so there's even more "gravy" in there than those numbers, which is part of why MF is so hot right now... it's amazing!

@John Souerbry , do you know @Joey Budka , @Minh L. , @Esther Thomas , or any of the other BP folks down in the South Bay? We have pretty frequent meetups, but haven't seen you a lot on the forums..

@Tou V. ,@Leng Thao , and the rest of you,

You should come out to the Massive RE Investor's Summit I'm organizing in the Bay Area around October of this year! Please post on the link below if you're interested!

http://www.biggerpockets.com/forums/521/topics/126194-massive-re-investor-summit--sf-bay-area-oct-2014?page=1#p830027

I don't know anyone on BP, just became active on the site.

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