Real Estate Agent · Sacramento, CA · Member since 2020 · 3 posts · 0 votes
Hi BP community,
I’m 23 years old and want to invest in real estate. Finally starting to have a nest egg of 20k. Looking to buy a multiplex in greater Sacramento area preferably a foreclosed Four plex sub 400k. (I am aware there are no more foreclosures till the end of the year)
Where and what should I be putting my focus on and get ready to invest?
Real Estate Agent · Member since 2019 · 285 posts · 149 votes
6y
@Mark Wille congrats on saving a significant amount of money, I would continue saving while analyzing as many properties as possible. I'm assuming that $20k won't go very far in your market, however I would still consider other options besides foreclosures. How do you plan on doing the repairs?
Investor · Roseville, CA · Member since 2009 · 1k+ posts · 583 votes
6y
@Mark WilleI looked on mls today and saw that there are zero 4 plexes for sale under 400k. In order to find a 4plex under 400k, you will need to find a off market property. If you want to find a off market property, pick the zip codes with the lowest prices. for example 95815. and start sending direct mail marketing to absentee owners to see who will sell you their property at a discount. If you ever have other questions, you can send me a pm.
Thanks for the vote of confidence on my other post.
Loopnet Commercial Sacramento.
Address 7210 Greenhaven drive, $350k, office/live in, 4 offices. Do a Hack.
Forget whether this fits your bill or not. Approach it with a thought to buy. Go through the process. Basically sharpen your pencil and your skill sets, for the deal you finally go through with.
Don't know how you plan to finance coming from $20k. This has an existing revenue stream. Also you have BP group to pose the thought to.
I sent you a request to connect, the main issue you have is that $20K isn't much of a downpayment. I would probably stick with a 2-4 unit and go FHA on a fixer-upper. You would have to be able to carry the monthly payments on your own until you find qualified renters who won't stiff you with all that's going on, which is no easy task. Feel free to contact directly to brainstorm and see what we can make happen.