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Updated over 5 years ago on . Most recent reply
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Cash flowing properties in Stanislaus/Merced/San Joaquin County?
Hello,
My name is Kevin and I just joined BP last week. Excited to be here! My wife and I live and Turlock and looking to start our REI. We have a primary residence at this time only. Currently pre-approved for a loan and looking for properties in Stanislaus, Merced, and San Joaquin Counties. Looking at SFH and small multi-unit properties.
I am learning that the prices around here are pretty hard to cash flow after expenses. It seems the only way will have to be finding off market properties. Went and looked at some places in Merced but they were south of 99. Rough neighborhoods to be in. Also looking at stockton but not too familiar with the area.
I have not been interested in flipping but maybe its the only way to get started here? I found a property but had two cash offers sight unseen by the time my realtor called.
Anyone able to use BRRR strategy in our area? If you are from here an investing elsewhere in the valley where are you investing? Would love some guidance from current investors! I am willing to learn and work with folks if necessary,
Also, I own a handyman business and do work after my day job and weekends. Not the cheapest but am all about being trustworthy and having integrity. I also return phone calls which I am learning people have a problem doing.
Thank you!!
Most Popular Reply
Originally posted by @Kevin Moules:
@Jean Marx, I know folks who invest there and I have looked there but again it seems that there is no cash flow unless you put a large down payment. I could be wrong as I did not spend too much time looking there and moved on. As l go deeper and deeper into this thing it really seems that you are going to have to find off market deals to make something work and it has to be a killer deal. Even a flip home in my area will not cash flow at 20% down at the pre-rehab purchase price. That's why my wife and I are going to pursue flips here and do buy and holds elsewhere. Even Fresno places on MLS are hard to cash flow. I see you are originally form God's Country! I LOVE Montana! My father in laws entire family is from there and I visited for the first time 3 years ago. Its sooo beautiful. From a little town called Fishtail.
On another note there is a meetup once a quarter in Lodi that I try to make. Mike Kistner puts it on. Its a nice time to hang out with other investors. Hope to run into you there soon.
Re: Merced - We came to the same conclusion. The numbers just didn't work for what we were trying to accomplish at least not without more off-market effort than we were willing to put in. Our buy and hold focus has been in Little Rock, AR. We have an partially accepted short sale offer there now - Fingers crossed!
Re: Montana - I am! It's a fabulous place :) The closest I've been to Fishtail is Red Lodge. Nice area. I'm from Hamilton, MT (on the western side of the state in a gorgeous valley south of Missoula).
Re: Lodi Meet-up - We'll have to check it out. Almost all of the meet-ups I've been too have been in Sacramento. It would be fun to branch out. I noticed the last one just happened, so I'll keep my eyes out in a few months.
-Jean