I am considering an off-market 8 unit complex in San Jose, CA for fair value. The property needs work but has good bones. I would buy immediately if I wasn't worried about buying at the top. Any insights/suggestions about buying in the bay area now or should I hold off for the next correction which will come eventually?
that's a broad question and each investor will have a different take on that. I suppose the question is, how good of a deal is this? You mentioned fair market value, but with the work you'd need to do to it, is there some lucrative upside to increasing rents and value? What's the area like? Is this an up and coming, gentrification play? And lastly, how much do you need to put into it, and what would the returns on the improved property be?
What the overall market will be like is up for debate and speculation. But how this specific property performs is really up to your creativity and the nature of this deal. If you can share more details on this, you may get more specific feedback.