Richmond, CA · Member since 2016 · 2 posts · 3 votes
Hello, I am a new member who is interested in buy and hold rentals. I am a novice when it comes to real estate investing so I am hoping to gain a vast amount of knowledge from everyone. Eventually, my goal is to invest in 2 to 3 properties a year across multiple states. Look forward to reading all of your experiences and sharing mine as they happen.
Investor · Maui, HI · Member since 2009 · 13k+ posts · 3k+ votes
10y
Hey @Christina Barnes thanks for introducing yourself! It's great to have you here! Don't miss The BiggerPockets Podcast - they are great for learning how others are finding success.
Oh - and be sure to set up some Keyword Alerts- especially for "Richmond" so you'll be notified when people mention it here in the forums.
Loan Officer · Tustin, CA · Member since 2015 · 3k+ posts · 713 votes
10y
Hi Christina. Happy to network. Richmond I believe still has some room for buy and holds as housing becomes more unaffordable for slicon valley Richmond is close alternative. Do you have experience being a landlord?
Richmond, CA · Member since 2016 · 2 posts · 3 votes
10y
HI everyone. Thanks for the welcome. Brandon, thank you about letting me know about the podcast coming up. Chris, that's what I've been told so I am hop I ng to get in on it. And Jo-Ann I agree, there is already talk of techies crossing the bridge into the Oakland area so now is the time. I personally do not h a ve experience as a landlord but my family does. My parents were landlords for over 20 years in Texas and my brother recently started as a landlord in Las Vegas.
Oakland, CA · Member since 2014 · 15 posts · 3 votes
10y
Good morning,
I lived in Oakland all of my life and then I bought a home in Antioch -- about an hour away. Yes, the techies are moving into Oakland, but the prices are almost as bad as SF and San Jose area. West Oakland is one BART ride away from SF, so many have settled there -- it's amazing to see the growth --- there may be some good deals available. Good luck!
I will second @Chris M., and @Jo-Ann Lapin that there are still some relatively good cash-flow deals in Richmond, with good BART access to key employment centers (35min to SF from end of line. Berkeley 10-15. Oakland 15-25.) Lots of spillover from rising prices and rents in other areas. I own and manage multiple properties in Richmond and Oakland. I don't know much about investing in other states though.. Haven't done it personally.
You can still get the "1% rule" on deals here and there on 4plexes after doing a little rehab and getting to market rents in Richmond. I think sales prices will probably drop a bit in the next recession. But if you don't mind that in the interim and good with the cash flow, not a crazy idea, IMHO. I think there are good odds Richmond will implement rent control on the ballot in Nov 2016, fyi. Last draft/pass/reversal by city council was just a bit stricter than Oakland, which is relatively strict.
Send me a PM if you want some more details on Oakland or Richmond (after you search the posts on the forums! Lots of commentary!) I will also type in the magic words " out of state ", and you'll probably get some feedback from folks providing out of state investments. There are also some real estate agents and lenders above who can help out with purchases in Oakland and Richmond I'm sure. But I'm just an investor and "commentator..."
Welcome to BP! And good luck however things go! :)