Posted by lauren on September 21, 2005 at 15:46:20:
thanks for responding. i’m in santa cruz, CA. there’s lots of competition, and i’m willing to look elsewhere, but it is a little scary doing sight unseen stuff, especially because i’m newer to this. i’m really excited about this site, however, and i’m looking forward to networking with as many people as possible. we’ve got to help each other out!
Need tips for investing in hot market - Posted by lauren
Posted by lauren on September 21, 2005 at 09:59:51:
so - i’m all for investing, however i really can’t see very many ways to make it work where i live and the median price of a home is 750K+. I’ve got a lease option idea for someone that is tapped out on equity, but still needs payments to cover his 500k loan…that’s still a ton of money! should i just be focusing my efforts on forclosures? or, do i just need to find some better deals? is perserverence really the key? anyone else live in a hot market that has some strategies? thanks.
Re: Need tips for investing in hot market - Posted by Brad (CA)
Posted by Brad (CA) on September 25, 2005 at 12:51:18:
I would be weary of lease-optioning in CA right now. I think we are approaching or are at the height of the market here.
Check outside your immediate area, there must be areas within 10-50 miles which have lower prices but still are good areas to live. I am in SoCal, and in my immediate area the houses range from $500K-1.5mil. But, I know of areas within 20 miles that have prices from 300K+. But, I am not buying in CA now anyway, unless I just can’t refuse the deal.
But also, keep in mind, the higher the prices, the more the potential profits!! I know of people in West Hollywood, bought a house for $1,825,000, put a few hundred thousand into it, now selling it for high 2 millions. Ok, I am not suggesting to do anything like that, but just an example.
you can always just find the deals, put them under contract, then assign them to another investor with deeper pockets.
Re: Need tips for investing in hot market - Posted by Mary in CA
Posted by Mary in CA on September 21, 2005 at 15:26:43:
I’m in the same boat. Everyone says to look elsewhere (Phoenix, Tucson, Las Vegas, Atlanta, etc.) but that’s hard to do when I’ve never been there.
I look for odd situations . . .
I was lucky when I found a SFR in our hot market on a multifamily lot - paying asking for the SFR = $90k discount from lot value as MF.
Such deals are far and few between.
Where are you?
Mary Nichols
Stockton, CA (36+% predicted; but -0- CF)