Investor · Yucaipa, CA · Member since 2020 · 3 posts · 0 votes
6y
Bought a nice duplex in Yucaipa back in May that's been doing well for me! Looking to buy again in a month or so. Market has been pretty dry when it comes to deals though as far as I can see, especially multi-family.
Investor · Yucaipa, CA · Member since 2020 · 3 posts · 0 votes
6y
Bought a nice duplex in Yucaipa back in May that's been doing well for me! Looking to buy again in a month or so. Market has been pretty dry when it comes to deals though as far as I can see, especially multi-family.
Property Manager · San Bernardino, CA · Member since 2014 · 473 posts · 238 votes
6y
I grew up in Yucaipa. Multifamily is pretty sparse in general in Yucaipa and Redlands, and even more so finding a good deal. I purchase most of my multifamily in San Bernardino. We just purchased a 6 unit last year and we were able to basically double rents before new state rent control laws kicked in. I stick mostly to commercial now because of residential rent control. I’m usually looking for pretty extreme value-add deals and multifamily with existing tenants is pretty much a no-go for me now. I do see some vacant multi-units occasionally here or there such as when the owner occupies one unit but is selling so they can move out.
I’m always looking for good multifamily deals, so if you ever find one, but can’t take it on due to capital restraints or whatever reason, let me know. I do syndicate larger deals with multiple investors as well.
Investor · Yucaipa, CA · Member since 2020 · 3 posts · 0 votes
6y
Do you guys have a lot of section 8 tenants? And do you have a lot of issues with tenants down in SB? I always see a lot of multifamily inventory down there, but have always been scared by the the quality of tenants.
Real Estate Agent · Redlands, CA · Member since 2016 · 14 posts · 9 votes
6y
I run my Agent business in Redlands and have one duplex that I bought in 2015. I have a few clients that found good Redlands deals last year (2019), but they are difficult to come by. Yucaipa deals tend to be sparse because the rent gap is larger than the purchase gap IMO...In other words San Bernardino has really good ratios compared to Redlands compared to Yucaipa. If you're looking for BP recommended ratios, it's very unlikely due to current pricing in our area.
If you need a multifamily MLS alert for Yucaipa or surrounding areas, please let me know I'd be happy to help with that.
Property Manager · San Bernardino, CA · Member since 2014 · 473 posts · 238 votes
6y
We have one section 8 tenant that we kept when we purchased a multi unit in San Bernardino. Her rent is higher than everyone else's and it's almost guaranteed. She also keeps the place clean so it's no different to me. Other than that, most of my tenants are responsible, hard-working people. Inevitably when you manage so many units, you're bound to get a bad apple here or there, but I've had no major issues that I think sets San Bernardino apart from any other surrounding city. Most people's fear to even research San Bernardino as a possible place of investment has given me great returns over the years.
That being said, if you don't know what areas are better or worse than others, you're likely to overpay for multifamily in San Bernardino. I recommend you analyze some deals out there for practice and maybe you'll end up liking one of them.
Investor · Yucaipa, CA · Member since 2011 · 162 posts · 232 votes
6y
Thanks for your reply's, I am just starting to look for deals again. @David Friedman thanks for letting me know about the new rent control laws in CA. I have a 3 unit in Apple Valley.
Recently accessory dwelling unit laws have changed as well. You no longer have to pay school fees or development fees in CA. There are still city / residential guide lines that you have to follow and square foot requirements to avoid the fees. I checked with the city of Yucaipa and basically you could turn a residential property into a 3 unit if you have enough space on the land.
I am looking for a deal for my family to build an extra unit or 2 on the property while we live in the house. I have always been interested DIY and construction / rehab projects. Good luck with your investing.