Investment Group in Monterey County
I've recently come across an opportunity to invest with 3 other people to do a project in Monterey County(Which would be my first real investment in Real Estate). I have every intention of taking advantage of this opportunity as a way to get my foot in the door so I can continue to invest in Real Estate in the future. The goal is to acquire a house that is in need of renovations, do all of the construction work within 6 months, rent the house out for a year, and then sell the house. The reason for holding onto the property is to get myself in a position to qualify for more and more easily obtain financing based on my payment history. All of that aside, I have no idea how I'm going to find a deal that will even break even in my area cash flow wise for a year. Salinas typically does not have a best Single-Family rental rates and that's where a lot of the listings in our price range are. I would start trying to market ourselves to generate some deals but I'm not in a position to know whether or not the partnership will last past the first deal and I will even be able to handle more than one deal coming my way in the near future. All that being said, does anyone have any ideas on how to start looking for a deal off of MLS? Should I start marketing and figure it out as I start finding deals? It has been just over a week since the proposition and financing fell into my lap and I'm trying to find the best way to go about this so I do not fail on my first flip like so many do. Thanks for Reading!
Most Popular Reply
Just my 2 cents but you may want to consider selling right away so that your renters don't thrash the place just after remodeling. Also, the finishes you choose should be based on the neighborhood it's in - whether you're selling to a homeowner or another investor that will rent the place out. You could also move into a beautifully remodeled house, live there 2 years, then sell with no taxable event. Just throwing some ideas around.
TJ
Do you still have that off-market MFR? I used to work in Soledad; haven't made it out there for awhile....I miss going to the Windmill!
TJ