Updated almost 11 years ago on . Most recent reply
Newbie in Livermore, CA
Hello everyone,
My name is Chris and I am a new investor currently in Livermore, California and work in the medical field. I have owned a few buy and hold single family residents in the bay area but I am interested in moving my investments out of the area to get better cash flow. I have been looking at the California Central Valley (Modesto, Stockton, and Sacramento) and also out-of-state (Dallas, Fort Worth, Austin, and Phoenix). My short term goals are to buy several SFR for buy and hold investments for passive income and building towards retirement. I have been listening to the Bigger Pockets Podcasts and reading the blogs for about a month and have found it to be a great resource. I hope to share my experiences and learn as much as I can from others.
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- Oakland, CA
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#1 Real Estate Events & Meetups Contributor
- Rental Property Investor
- Oakland, CA
Yes and yes. I bought a mostly vacant REO off the MLS (Homepath) with a partner a few months ago. Listing agent said only accepting cash offers, but convinced him to take conventional by offering directly through him (so he could make double commission). Closed conventional in 18 days.
I hit my target numbers on the first page of this posting below, w/ over $5k/mo rents, and $430K all-in cost after rehab. That's over $60K/yr gross income.. And probably worth about $550K. I got a great deal because I paid a near-cash price w/ a conventional loan, and the units were vacant and I knew how much rents had gone up, better than most people IMHO. I also checked out and talked to a lot of people on that street, and the property and street are better than the area it lies within, IMHO.
http://www.biggerpockets.com/forums/223/topics/132...
I also bought a property with a partner that was in probate, off-market from a wholesaler last month. Paid $20K for contract, and was still a great deal. $120/sqft for Victorian Duplex in West Oakland. Will take time, possibly years to turn around (tenants). But will cash flow nicely (1.25-1.5%+) on the back side, and have a hundred thousand apiece or so in equity. Unless West Oakland keeps going up in price. Then we'll make a lot more ;) I got this deal because I... NETWORK!!!!