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