Just getting started in the real estate investment business, as in I don't have a single investment property...yet. I'm looking for individuals who have an inside look into single family homes and triplex/quadplex inventories and have an idea of up and coming areas. What I'm looking for essentially are people with knowledge and can get me on email lists that provide properties for sale.
If anyone has suggestions and advice for the newbie please feel free to enlighten me. I'm open to learning so I can get going with my investment career!
It's best to choose an area and then get in contact with an investor-friendly agent in that area. You seem to want to do the latter before the former. The problem with that is that each MLS is location specific, so you can't just view MLS listings from all over CA. You decide you want to find a multi-unit property in a certain city, say Tulare, and then you find an investor-friendly agent in Tulare with access to the Tulare MLS so they can send you listings that fit your criteria.
Find the area first. Research first, friend. Research.
I agree with @Max Gradowitz , you need to narrow your search area way down. I'm an agent in the San Fernando Valley market. Unfortunately, this area is a bit swamped and very pricey.
I have been doing research myself, but as this is open to the forum community I'm hoping some will come with expertise in their specific area and will be able to give a heads up on what they may know.
Hi Michael, welcome to the forum and getting started in real estate investing! Both California & Florida are huge states that will have tens of thousands of properties for sale. To get someone with local knowledge who's willing to help I'd suggest you really narrow down your investment criteria.
An example of that would be, "I'm looking to buy 2 - 4 unit properties in "B & C" areas in Orange County Florida. I'm an out of state investor so I'd prefer minimal rehab/repairs. I'm looking to achieve a cap rate of 8 or better with cash on cash returns of at least 12%."
I'd also suggest researching small commercial multifamily properties, 5 - 30 units, and learning the benefits of that asset class. Investing in commercial properties has many benefits over residential.
Hi Rod, thanks for the great input. I'all look at spec if I lying those details.
Additionally, while I would love to invest in commercial multifamily properties, I imagined it would be more difficult to acquire financing, especially for me, since the initial investment would probably have to be about 25% as down payment with less time to pay off. I will have a hard enough time getting a residential loan and living in one of the units. Any advice?