Bakersfield, CA · Member since 2016 · 3 posts · 1 vote
Hello everyone,
I am an aspiring real estate investor, looking for an opportunity to learn, grow, and achieve. I want to learn the inner working of Bakersfield real estate flipping and wholesaling. I want to grow a network of highly motivated and skilled professionals. I want to achieve financial freedom with my network. I am ready to put in hard work and I am ready to give my all. Please contact me if you need a hard worker or have the wisdom and experience to mentor me. I wish everyone success in your endeavours.
Welcome Dean, I am an active investor with rentals in the Kern River Valley (Lake Isabella/Kernville area) but I work in Bakersfield several times a week.
I think Bakersfield is one of the better markets in CA to invest in right now. Unlike areas which are pushing new highs, there could be more upside potential.
There is a good local FIBI club that meets every month. I don't make it too often but I have always found it very worthwhile. It is a great way to meet other investors and real estate related service providers.
Great post! I too am in the process of growing my network in my market.
I'd love to share 2 pieces of advice:
Tell EVERYONE you come into contact about your aspirations to be a REI or your general involvement in RE. You never know who KNOWS or IS a; buyer, seller, investor, agent, contractor, CPA, lender, attorney, etc.
Find out about the local REI meetings. Search here on BP or check out meet-up.com
Always good to see a fellow Bakersfieldian here on BiggerPockets! Welcome. If you ever need any assistance with anything such as finding investment properties, negotiating, contracts (purchase or lease), or any advice regarding investing in Bakersfield, feel free to shoot me a message.
Welcome Dean, I am an active investor with rentals in the Kern River Valley (Lake Isabella/Kernville area) but I work in Bakersfield several times a week.
I think Bakersfield is one of the better markets in CA to invest in right now. Unlike areas which are pushing new highs, there could be more upside potential.
There is a good local FIBI club that meets every month. I don't make it too often but I have always found it very worthwhile. It is a great way to meet other investors and real estate related service providers.
Abel, I will take that advice and start looking for REI meetings and take a look at meet-up.com. I will also be telling everyone I know that I am on my way to becoming a REI.
Max, I would like to find some amazing deals with you. I look forward to it.
Gene, I think Bakersfield is a great place to start my investing. I will look into that FIBI club you talked about. When do they normally meet.
If you guys every need assistance with a project or deal, please let me know
I have been interested in Bakersfield for some time now, should be able to wrap up method of financing in week or two. Could really use help from someone who knows area . Any help would be greatly appreciated .
Thanks
@Michael Kulusich Bakersfield as a whole has a lot of areas that make for good investments. The #1 misconception I see from new investors is this idea that "I want to know what the nicest parts of town are so that I will only buy properties there". I try my hardest to shake that misconception, because it can lead to poor investments in my experience, depending on what type of investments you want. For buy and hold investments and BRRRs, the most profitable I've found for my clients are in "B" and "C" class neighborhoods in town, specifically Oildale, Old Kern, La Cresta, Oleander, parts of East and Northeast Bakersfield, and parts of downtown.
If you want to know what the most desirable neighborhoods are, as @Dean Cunday correctly said, Northwest and Southwest tends to be the most desirable parts of town to move to. So, for new home buyers and higher-income tenants, that's where they want to go. The problem is that because they are such desirable parts of town that real estate prices are highly inflated, so as an investor you have to pay a lot more to buy that property, yet the average market rents are usually not high enough to justify it as a good investment. What I mean by this is that buying a home in a nice newly-built community in the NW or SW may only yield $200 a month of profit every month after regular monthly expenses of being a landlord like mortgage payment, taxes, management fees, utilities, etc, so you better hope you don't have much unexpected repair expenses and/or vacancies because you don't have any wiggle room in that scenario. In contrast, some of the fourplexes in East Bakersfield I've seen net over $800 a month after all regular monthly landlord-related expenses. In that scenario, not only are you making more monthly profit, but you have wiggle room for unexpected costs like repairs and vacancies. Finding tenants, despite these properties being in slightly less desirable neighborhoods than the newer communities, has never been a problem in my experience. I'd highly recommend going that route for any investment properties you intend to hold on to and rent out, it's just more profitable, plain and simple. Don't get emotionally tied to nicer neighborhoods, just look at the numbers. That's what makes for the most profitable investments.
Flips are a different story. I'd say neighborhood desirability is much much more important for that, because immediate resale is the goal. However, even with flips, as a practical matter there simply aren't enough run-down properties in the newer SW and NW areas that were only built a few years ago. In my experience, the best flips come from older established neighborhoods where the desirability to live there is still very high, but the homes were built 20+ years ago and therefore have had enough time to be run-down by a prior owner. Specifically, La Cresta and other parts of Northeast Bakersfield like College Heights - these have been the best areas for flips that I've experienced, as well as the Oleander area, Old Stockdale, and the Westchester area. If it were my money, I'd only flip in these areas, knowing what I know and seeing what I've seen.
Max , Thanks for info, will be tremendous help when start looking for properties very shortly. Multi family BRRRR is what I am interested in. Class of neighborhood is not as important to me as cash flow. Can I contact you when I am ready to start looking for property?
REbuild Team - eXp Realty5239 Reviews