No, I don’t have experience buying long distance. Yet, trying to find properties that fit my investment objectives in California has made me think of that alternative. Problems are knowing market conditions in FMV and rent rates, finding properties, subject property values once you do find them, local laws and business practice, and the physical distance to name a few obsticles. You would have to take a couple months and go to the area and do your investing. Maybe if things were going really good, you might make a permanent move. As for me, I have a good job here and that’s not an option right now. But I have a 22 yr old son working with me who is free, and I’m considering using him to do a lot of things that I can’t. Yet I’m not considering going too far yet. I live in Modesto, which is really a Seller’s market and overpriced right now. So I’m checking out other areas within 50 miles and also considering doing Lonnie deals on Mobile homes as an alternative to SFH short term business until I find an angle on the market here. I’m looking more at multi unit and apartment investments to get away from the emotional real estate marketplace.
The management company idea might have potential, yet still you would need to work directly with them for a while before you turn them loose. You would need to have some confidence that they would do the purchases and management in the manner you require.
I am new to real estate investing and am looking for advice/opinions. I live in Orange County in Southern California. As everyone knows real estate prices are sky high here. Looking at rental rates in my area of $1500-$2000 for a modest single family home, it seems impossible to purchase property with little or no money down and have a positive cash flow. The price of homes right now is $300,000 - $400,000 in my area. Financing all or a large portion of the price and adding other expenses will far exceed the rental income. Any advice from SOuthern California investors would be appreciated.
Re: New investor in Southern California - Posted by Juan Escobar
Posted by Juan Escobar on January 09, 2003 at 02:13:38:
Invest outside your area for better returns and easy of entry into real estate investment. Try the central valley of california like Bakersfield-Fresno-Modesto – prices for investment property run from 65K to 200K on homes, and units are running from 125K to 300K. YOu can do deal here and make some money as opposed to doing nothing at all in LA or Orange County.
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You might be better looking into Mobile homes in your area. There must be a lot of people somewhere near your area that can’t afford those prices. Read “Deals On Wheels” by Lonnie.
Hi! I am also a new investor in southern california and would like to get some insight on Re investments here…what is your contact no or e-mail…are you an active investor.
Do you have any experience with buying investment property long distance. Another option I am considering is investment property in Bosie, Idaho. Prices are much cheaper than here in SoCal. I have relatives there who can help with good areas vs bad areas but not with doing the deals. I would not be able to go there often (limited travel funds). I have been looking into management companies there and possibilities of them helping with purchase and management. Any thoughts.