Hi guys, I am looking for some advice on the SoCal area. I have been looking for a rental property under 300K (pre-qualified) and I am having difficulty finding an area to focus on. My research keeps bringing me to Palmdale and Riverside. In my opinion, the properties in Riverside are too old and the cashflow in Palmdale just isnt there. Any creative ideas or suggestions? Thanks!
It depends on what your priority is. Month to month cashflow or long term appreciation? Different strategies would have you targeting different areas.
Got a couple of ideas but need a bit more info from you...
Feel free to direct message/email me.
I'd second @Isaac Melgoza . It depends if you're looking for a single family residence, multi unit or if you're open to a condo. I know that you really limit your options with that kind of budget unless you are ok with a 1 bedroom condo and even then the options are limited. Southern California is not for the faint of heart. However, we get better appreciation than the majority of the country. Be careful though, because that also means swings the other direction. Every rose has it's thorn.
Parts of San Diego too. If you will consider manufactured housing that does open up quite a bit.
@Desmond Price I'm a wholesaler in riverside send me a direct message and I'll give you my cell number....I can send you a few of the property's I've sold to landlords in the last 60 days...I just sold a 300k house in riverside for 190k rents 1700 a month and another one in Ontario ARV 310k for 230k.
Hello So Cal friends!
Great information, thank you. Any thoughts on rental properties in the Palm Springs area? Seems like excellent prices for a 2+2... From the @125s to $175s.
Thank you in advance for all of your expertise.
Isaac can you message me I have a question for you
@Kristopher Gomez give me a call/email when you get a chance. Been looking for good wholesalers in my area.
@Daniel F. Harb just be careful with rentals there, they have some new laws regarding short term rentals but not sure on long terms (also not sure if the laws are actually in place yet or still be discussed)
Kern County is just a short two hour drive north of Los Angeles and is considerably much more affordable (and I'd argue more profitable in most cases) than buying in LA County. Still a good rental market too.
Rent ready for 300k is tough. But there are plenty of 200k that needs 50k rehab. If you want cash flow you’re in the wrong state generally speaking. SoCal is more appreciation than cash flow. In order to get decent cash flow here, you need to play bigger bucks.
I think that if you want cash flow within driving distance think about Yucca Valley and Twentynine Palms. For 300k you can get a multi-unit. Twentynine Palms is military rentals with some potential for Joshua Tree park employees. Yucca Valley is affordable housing in the Palm Springs area. You could also think about Big Bear.
@Lee Ripma I totally agree, I like to think of Yucca Valley and Twentynine Palms as the mid-west of California because the prices are so low and investors see a better ROI especially with the Marine base and park visitors. I've recently seen a 3-plex in Twentynine Palms list for around 160k.
I’m glad you’re taking advantage of that market! I think Twentynine Palms is a great choice for apartments. I totally agree-the prices are even less than many Midwest markets with a solid demand. Good luck with your ventures there I think you’re smart to scale up there!
Definitely Riverside county and San Bernardino County! I had 9 in the past 2 months, and one right now in Lake Arrowhead for 98k!
@Account Closed Thank you for the information. So sorry for the late response. :)
Palm Springs is really thriving right now. Be careful to check for Indian land leases. This will definitely affect your cash flow. Developers are starting to concentrate on the North side of town. Short term rentals are a hot button issue, in the city.
Thank you. This is encouraging to see that there are investors in Southern California that are able to actually identify areas in Southern California that are potentially profitable. I am a California real estate attorney and real estate broker, new to this site, but looking for fix and flips or BRRRR properties in Southern California.