New investors looking at MFHs in Fresno/Clovis/Merced.
Aloha All! My wife and I are brand new to REI and we have been actively making offers on MFHs in the Fresno/Clovis area for the last couple months. We are currently under contract for a duplex in probably a C (do not yet fully understand the grading) area. We personally would not live in the area, but it is a very nice and well maintained duplex. Tenants are OK I guess. We just had home/pest inspection and only a few issues came up. Probably $3k to fix the items and deal with a few others. We honestly feel we are getting in over our heads, but we want to get our feet wet. Once the assessment comes back from the bank we will see if we are in too high or not. It does not fall nicely into the debated '50% rule' tho, but we feel it should generate some positive income for us. Of course it may also sink us. Sigh.
There are some units in Merced and Clovis that we are more interested in, but again we do not want to move too quickly. We will be joining the Fresno Meetup and I am sure gain more knowledge. We were thrilled to find BP and a source of knowledge and information on REI, especially in our local market.
Thanks,
Dave and Mariefe Weil
Most Popular Reply
there are three meetup groups in Fresno for real estate - 2 meet in the evening and one a daytime/lunchtime meetup.
The group I head up is called Fresno Deal Seekers and we get together once a week every other Thursday and every other Saturday to discuss local happenings in the real estate market. We meet tomorrow for our Saturday meetup and the topic is "Hitting you Mark with Targeted Marketing" - so far there re about 14 members RSVPd so it should be nice get together. We always meet at 12:30 in the afternoon. Here is the meetup page for it:
https://www.meetup.com/Fresno-Deal-Seekers-Meetup/...
the other two meet in the evenings - usually on Tuesdays at 6 pm - here are the link to those:
https://www.meetup.com/Central-California-Real-Est...
https://www.meetup.com/investing-486/
I hope to see you at the meetups
@Dave Weil - too many investors never make a move because they get analysis paralysis and miss out on opportunities - you have to take the leap at some point and if you do your due dilligence and run the numbers several times - you should be OK. One of the things to look out for when buying a multifamiy is the deferred maintenance - you want to know when you going have to replace the roof , or the AC units , or water heaters or whatever - overlooking those could be costly. With MF - things tend to happen all at once - all two or three water heaters are the same age , etc. so be prepared for that by making sure your not buying someone else's headache and start putting money aside for capital expenditures like that. Best of luck to you - I see you signed up for the Deal Seekers meetup group - I hope to see you make to one of the meetups - have a great weekend!