I'm just starting out as an investor and am looking in the Central Valley of California for Multifamily Apartments to start with. I have a coach and a mentor, but would like to this new en devour by talking to brokers in the Tracy/Manteca area. Any recommendations
You might want to try attending your local REIA group and ask around, and usually brokers attend these too
If you have money to buy that helps. If you are trying some no money down or other quirky angles in a hot recovery market then brokers do not have time for that.
I'm starting out without any money, have a private money investor support. Not enough to to put 45%-60% down like what the bay is going for. Just would like to simplify the search with a local broker to find better deals for my investors and find deals to meet my criteria. Would you say the market is flooded with competitive cash offers and would price me out like the rest of the Bay Area? If that's the case I would happily move on to my next market out of state. I've only looked at the central valley because its within 50 miles and is showing better ROI than anything in the bay area I've looked at.
Great idea I've found several meetings that I can attend and will be prepared to introduce myself
I do not know the California market except for clients that live there and are investing in other states.
No money is very tough. If you do not have a track record then that is even tougher.
As a commercial broker I get calls almost daily for investors to passively invest with me as the sponsor. I also get calls from people with cash to put 25% down on commercial properties. The market is such a place that no money down deals are long shots these days. I wouldn't say they are impossible but you can't expect a broker to spend time on a one in a thousand type deal when they have cash buyers blowing up their phones looking for properties.
You must be a BiggerPockets member to post on the forums
Join the world's largest, most open Real Estate Investing Community online, 100% free forever!