I am on the lookout for properties in my area and wondering how the market is doing here. I don't have much cash on hand for a down payment so I am looking at Condos as a way into this investing game.
A quick answer on the market here would be greatly appreciated
Stockton is a good market but it is very competitive. I'd stay away from condos for cash flow because the condo fees will take over your cash flow normally.
I think you should look out of state instead. Then there are no condo fees and you will actually have positive cash flow.
Condos can be difficult to finance (more so cheap ones) because if the owner occupancy too low you have to buy them all cash.
I'd take a SFH/townhouse in the midwest over a condo in Stockton any day the week.
Zillow claims they have similar rents.... and this was 5 min on redfin as a example.
Hey Cody, I’m late to the party but want to echo everyone and say you should stay away from condos. The cash flow may be there in the short run, but you’ll encounter problems like increasing HOA fees, slower appreciation, and difficulty selling or renting out the home. California as a whole is peaking, so you should definitely look out of state. Let me know if you need some help with going out of state!
Just in case the previous posters didn't convince you... seriously... no condos. Generally try to avoid ANYTHING with an HOA/management fee, but the higher the HOA the harder it is to cash flow... and these things tend to increase over the years as well. With very few exceptions, condos are also more difficult to rent out.
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