Anybody investing in Bakersfield, ca ?

Question

Anybody have any experience with rental properties, house hacking in Bakersfield ca? Thank you !

Gene Hacker · Answer

Hi @Isaac Jimenez, There are quite a few active investors in the Bakersfield area here on Bigger Pockets.  One thing you can do is search "Bakersfield" here on Bigger Pockets and you will find a lot of posts (some pretty recent).  You can also set up an email alert for Bakersfield so you hear of new threads.  I personally invest in the Kern River Valley which is about 40 minutes east of Bakersfield.  I do home inspections in Bakersfield so I work with a lot of investors.  Also, check out the local meetup "Bakersfield Real Estate Investors Networking Group".  If you want a link to the networking group message me and I will send that your way.

Isaac Jimenez · Answer

@Gene Hacker thank you so much sir !! Appreciate it and I look forward to investing near that area too! Northwest Bakersfield is really nice thank you !!

Marc A. Thurston · Answer

Alberto - Welcome to Bakersfield.  About 60% of the multifamily investors in Bakersfield are from out of the area.  Here are some first quarter stats that will help you learn more about the market.

The 2021 Bakersfield multifamily market started off sluggish in January and February as the average price per unit declined 5.9%.  Despite a low inventory of properties to purchase, the market in March had a phenomenal rebound as the average price per unit rose 7.42%.  The average price per unit in Bakersfield now stands at $98,832/unit which is 94% of the all-time high price established in 2007.  The citywide vacancy rate is 1%.

One interesting stat I discovered is that 53% of all listings are going into escrow within the first 30 days of being on the market. Those deals ultimately are closing escrow at a price of 102.94% of the list price.  The remaining 47%, which take longer to sell, are closing at only 96.77% of the list price.

January – March Sales Volume - $32,594,800 (31% of the total volume in 2020)

Number of units sold – 352 unit

Average price per unit - $98,832 (94% of the all-time high price in 2007)

Average Gross Rent Multiplier – 10.63

Citywide Vacancy Rate – 1%

Average Rent Growth  - .67%

Good Luck in your investing.

Carlos Sotelo · Answer

@Gene Hacker hi Gene, can you send me the link to this group as well? I own 3 rental properties in Bakersfield and would love to join sometime soon. Thanks in advance

Sunil Mirpuri · Answer

Hi @Gene Hacker, would you be able to send me the link as well since I recently started investing in Bakersfield?

John Phong · Answer

Hey fellow investors, I’m currently from LA & may be moving to Bakersfield in the near future. I have family there. I have done a few wholesale deals and successfully flipped a property earlier this year. I am looking to connect with investors in Bakersfield. Does anyone have a recommendation on GC, landscaper, & a pool builder?

John Phong · Answer

@Gene Hacker hey there, I have family in Bakersfield and possibly may move there and am looking to invest there. I don’t know any investors or have any connections. I am currently in LA area and have done few wholesales deals and last year flipped my first successful property. I Would love to connect with someone from Bakersfield & see how I can add value to their business. Could you send me that link to the networking group? Thanks In advance!

Alberto Cruz · Answer

Marc

Wow!!! Thank you for the warm welcome! I appreciate the time that you took to share those numbers with me, very powerful insight. I value the experience that you bring to BP. I look forward to sharing my next moves in my real estate journey with you.

Alberto Cruz · Answer

Hey Isaac Jimenez,

I my self have been looking at deals in Bakersfield, Listening to the BP Podcast have me looking to invest in my own "backyard". I live in Burbank and I figure I would rather learn and make mistake close to home so that I may be more able to learn from the process. I'm excited for your future as mine. Best of luck!

Gene Hacker · Answer

@Reyna Montoya, No problem, I will send it as a message.

Anybody investing in Bakersfield, ca ?

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