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Updated about 8 years ago on . Most recent reply

User Stats

227
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35
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Jonathan Perez
  • Realtor
  • Jacksonville, FL
35
Votes |
227
Posts

Riverside CA

Jonathan Perez
  • Realtor
  • Jacksonville, FL
Posted
I'm currently living in Columbia SC, but just got hit with a potential opportunity to move to Riverside CA. Just want to hear what people that live in Riverside think about the market it there. I'm looking to get into multifamily. What's the market like currently, how has it been in the past and where does it seem to be heading? How the jobs out there? Downtowns? Would love to hear what's going on out there.

Most Popular Reply

User Stats

242
Posts
80
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Omar Ruiz
  • Investor
  • Anaheim, CA
80
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242
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Omar Ruiz
  • Investor
  • Anaheim, CA
Replied

I've been a property manager in Riverside since 2007 and buying multifamilies since 2010 and experienced the housing recession first hand. The window of opportunity to cashflow in Riverside multifamily has closed as the market has recovered. It's in the later stages of expansion in the market cycle and considered a sellers market. You may be able to cashflow in the mid-single digits. Deals seem to be trading from 6-7cap. If you see an 8 or 9 cap, be cautious - do your numbers accurately and visit the neighborhood. 

Multifamily and apartments are a desirable asset class, that tends to have buyers overpay. Yesterday an agent emailed his listing that sold for $103K per unit in San Bernardino - they were mostly bigger 3 bed units built in 1987. I sold a sixplex last year of all 2 beds for $83k per unit in San Bernardino, built 1957. The last multifamily purchase I did was in 2013 and it was shortly thereafter that values spiked. Since then I've been buying out of state. 

  • Omar Ruiz
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