All Forum Posts by: Gene Hacker

I am not sure how likely this is to pass but it is worth watching for anyone that invests in California or may wish to invest in California in the future. 

Basically, it looks like it is meant to target anyone buying and selling single family homes that they hold for less than 7 years.  

It is also worth noting that the additional tax would even apply to exchanges so it looks like 1031 exchanges would not offer protection from this new tax. 

Bill Text - AB-1771 The California Housing Speculation Act: income taxes: capital gains: sale or exchange of qualified asset: housing.

Bakersfield prices are up 23.6% YoY, I would not really call that slow and steady appreciation. It has been pretty crazy lately with low inventory and multiple offers. In terms of cash flow, the low fruit of a few years ago is long gone.  But I still see investors taking down impressive deals. 

Oil is having a nice run but there is no way of knowing if this will be short lived or an ongoing and sustainable trend. The good thing is Bakersfield's economy is diversifying away from being oil focused.  It is becoming a major logistics hub and that trend is likely not going away anytime soon. 

Bakersfield is experiencing more growth than other areas of the state which I think is a good thing.  It is harder to get cashflow than in the past, but I still see serious investors taking down some really good deals. 

@Claire Pedregon, I have not heard from anyone that has used them. At this point our house cleaner can handle everything but we are adding units and we will need a system soon.  

@Harpreet Singh, Absolutely! We have 13 confirmed on our meetup page. 

Our group is a great place to meet other investors and real estate professionals for our monthly networking meetup.

Rusty's Pizza (Laurelglen location - corner of Ming and Ashe)
6675 Ming Ave, Bakersfield, CA 93309
The meeting room is a separate entrance to the left of the main entrance.

About our group: People in our group, network and do deals with each other, and make a lot of money! Our group is all about networking with others. If you have an interest in real estate investing, flipping, wholesaling, buy & hold rentals, building wealth, loaning you own money, partnering with others, or just want to learn from other locals, this group is for you!

We openly welcome everyone and encourage everyone from newbies to seasoned pros to attend our meetings!

Bring a friend and pass this invitation along to anyone that could benefit from networking with others about real estate investing.

Our meetings are always free. There are no speakers selling expensive training or pushing products.

Our group is a great place to meet other investors and real estate professionals for our monthly networking meetup.

Rusty's Pizza (Laurelglen location - corner of Ming and Ashe)
6675 Ming Ave, Bakersfield, CA 93309
The meeting room is a separate entrance to the left of the main entrance.

About our group: People in our group, network and do deals with each other, and make a lot of money! Our group is all about networking with others. If you have an interest in real estate investing, flipping, wholesaling, buy & hold rentals, building wealth, loaning you own money, partnering with others, or just want to learn from other locals, this group is for you!

We openly welcome everyone and encourage everyone from newbies to seasoned pros to attend our meetings!

Bring a friend and pass this invitation along to anyone that could benefit from networking with others about real estate investing.

Our meetings are always free. There are no speakers selling expensive training or pushing products. 

@Jose Solis, Welcome to Bigger Pockets. I have rentals east of Bakersfield and we do a ton of inspections in Bakersfield.  I am part of a real estate investing networking group that meets  at Rusty's pizza once a month.  It is free, other than ordering food and drinks from the venue. If you are interested send me a message and I can share how to sign up.

Hi Dwight, 

Yes, we meet the third Thursday of each month. Our last meetup was last night.  If you want a link to get email notifications, send me a private message and I can get that over to you.

Gene