Need help with apartment lease/purchase in Monterey Bay area

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Need help with apartment lease/purchase in Monterey Bay area

Dan Koskinen
Member since 2018 · 5 posts · 0 votes

My daughter has been accepted into graduate school at CSU in Monterey Bay.

She will be there for about 2 1/2 years starting in December 2020, and she will need to lease an apartment. A little back round about me: I have just recently retired from the Fire Service in Michigan, and am now doing real estate investing full time. I have owned and managed a building company for 25 years, and have done hundreds of pre-sale home inspections. I was hoping to connect with some local investors and apartment owners in the Monterey Bay area to get a feel for the market in that area. I have been told that Seaside is a more economical area to live in, but we are open to other areas. I also have considered purchasing a small multi family, but without knowing the market, that may not be as practical as it is where I am investing now. I am a member of two local REIA's, which have been extremely important in building my network and I am looking forward to adding to it. We are planning a trip to CA. in December, but would like to have as much as we can planned out before then.

Thank you in advance,

Dan Koskinen

PS: If I can be of help to anyone here in Michigan, please don't hesitate to reach out.  I am about 1.5 hour north of Detroit.  

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Tim Jones
Flipper/Rehabber · Merced, CA · Member since 2016 · 221 posts · 115 votes
6y

Hi Dan, 

Your post caught my eye as I work in the fire service in the Monterey area.  While I have investment/ flipping experience it is not in this area. I'm moving here next week after commuting for several years.  Reach out when you get here and I'll take you around....maybe see some stations.

TJ

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  • Darius Ogloza
    Investor · Marin County California · Member since 2018 · 1k+ posts · 2k+ votes
    6y

    Congrats. 

    We purchased a SFR when my son started his second year at UC Davis back in 2010, and it has proved to be one of the best investments we have made.

    Northern California, including the area around Monterrey Bay, is its own unique real estate environment that takes some getting used to if you hale from the upper Midwest (my wife is originally from Toledo).  I would suggest spending some time doing zip code searches online to get a sense of the terrain.  I am sure folks who know this are better will be chiming in soon. 

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  • Michael Myers
    Investor · Pleasant Hill, CA · Member since 2019 · 58 posts · 21 votes
    6y

    Hi @Dan Koskinen! Welcome to the Golden State (in the near future)! I’m located about 2 hrs north of Monterey, but my wife grew up there and her mom still lives there, so I know the area fairly well. You're going to be hard pressed to find much in Monterey proper. It's a tourist town with amazing views and great weather, so lots of wealth coming in and buying all the good stuff. Between the sky-high prices and California's very strict rent control laws, it makes it tough to come in and do a value-add rehab and increase rents to a point that you'd get much (if any) cash flow. 

    Seaside and Marina will definitely have lower prices and aren't too far away such that commuting doesn't make sense. I'm not sure what the multifamily situation is over there, but if they're rented with long term tenants you could run into the same rent control laws. 

    Have you thought of doing a long-term live-in flip for your daughter? Maybe buy a large-ish place and have her rent out bedrooms, then do rehab work over the summer or whenever school holidays are, and sell when she's done with school? Might not make a profit, but you might break even on about of rent you saved? Just a thought.

    Erin Helle would be a good resource to reach out to. She writes blog articles for BP and currently lives in Monterey, so she'd know the details of the area better.

    Best of luck!

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  • Greg Hamer
    Real Estate Agent · Carmel, CA · Member since 2015 · 193 posts · 128 votes
    6y

    I'm a realtor in Monterey. Prices are insane right now. Slim pickings. In any city. A good MFR is very hard to find.

    We are in a upswing sellers market. 

    Let me know if you have any questions. 

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  • Dan Koskinen
    OP
    Member since 2018 · 5 posts · 0 votes
    6y

    Thank you Michael,  I will look into the Marina area.  

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  • Dan Koskinen
    OP
    Member since 2018 · 5 posts · 0 votes
    6y

    Thanks Greg

    0Reply
  • Greg Hamer
    Real Estate Agent · Carmel, CA · Member since 2015 · 193 posts · 128 votes
    6y

    I live in Salinas, probably the most affordable city you’re looking at. Good and bad pockets though. I’ve done a LOT of business in Marina. Seaside is closer to Monterey, but the homes are smaller. In Monterey a duplex can easily hit 1m. 

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  • Tim Jones
    Flipper/Rehabber · Merced, CA · Member since 2016 · 221 posts · 115 votes
    6y

    Hi Dan, 

    Your post caught my eye as I work in the fire service in the Monterey area.  While I have investment/ flipping experience it is not in this area. I'm moving here next week after commuting for several years.  Reach out when you get here and I'll take you around....maybe see some stations.

    TJ

    1Reply
  • Dan Koskinen
    OP
    Member since 2018 · 5 posts · 0 votes
    6y

    Sounds great TJ, thank you 

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