All Forum Posts by: Candy Geo

You might want to consider certain areas of East Bakersfield and Downtown, as there is improvement happening in these neighborhoods. I live in East Bakersfield myself and I love it but I am a bit bias since I was raised on this side of Bakersfield. There are still pockets I would not recommend, especially since there is crime, lower rents, and high turnover. I am not too familiar with Oildale, but I have heard of other investors having success with rentals in that area. What particular size of property are you interested in purchasing? 

That is so awesome and inspiring, love that you guys kept the home's vintage characteristic! Thanks for sharing your first flip journey! 

You have done so much already and you did right by notifying the tenant's father/co-signer that the problem is "beyond our expertise". In the past, as an Onsite Manager at an 18-unit building we constantly got complaints about how slow or non working the Wi-Fi/Internet was, luckily every tenant was responsible for setting up their own internet provider/services. If you are dealing with an entire building, it may just be that this specific tenant lives in a unit that has low internet, which is often the case according to many internet providers. It seems you have already stated in the lease that though you offer WiFi, it is not guaranteed, so you should be fine, you have gone through more than you need to, which is excellent your behalf. Hopefully your issue can be resolved soon! 

• Do you live in California?  YES!
• Have you lived in California in the past 5 years? Raised here 27 of my 28 years!
• If so, where? Raised in Bakersfield, lived in L.A. for 8 years, and recently moved back to Bakersfield to be close to family and for affordability options.
• Will you be staying or leaving? Most likely staying, possibly moving around CA or abroad in the future.
• Why? The opportunities and amenities are abundant in CA. Especially in my little big city we are seeing big improvements due to its affordability in comparison to other cities in CA. The outdoors in CA are also amazing! 
• What is your full time income producing job? Freelance Art Director in the film industry, though recently moving towards pursuing real estate investing especially since I have moved away from the film industry hub of L.A.

Thanks for continuing to inspire us! Awesome job on your development project!

Forced Appreciation in Bakersfield, California

NEED: Rehab Lending 

Wife and I are looking to Flip in the Eastside Country Club area of Bakersfield and need a money partner to complete the Reno Costs. We have negotiated with the property owner to purchase the property for $230k and have lined up hard money for the purchase. House is smallest in the neighborhood (1,645 sq/ft) with a double the average lot size (23,000 sq/ft) allowing for appreciation through addition of living space. We have talked to Contractor and bid is $60,000 for the addition of a 2-car Garage, indoor laundry, expansion of Master Bed/Bath, expansion 2nd bath and expansion of Kitchen. Addition of sq/ft totaling to about 600 sq/ft, moving the property to comparables of $350,000.

Missing Links:

-Rehab Costs: $65,000

-Down Payment: $46,000 (20% of $230,000 Hard Money Loan)

Key Attributes:

-Trusted General Contractor: Contractor is family member with over 20+ years experience in Construction both Residential and Commercial.

-Professional Interior Design: Candy G. (wife) experience as a professional designer for Interior design and Home Staging.

 -Familiarized with Local Market

-Hard Money Loan: $230,000 (minus down payment of $46,000)

-Seller's Real Estate Agent: Established relationship with Real Estate Agent with 3+ years experience.

If you are interested in this opportunity, please DM on BP or give us a call at 213-361-1508! 

Thank you for your time and we look forward to being in touch soon!

@Joe H. Awesome job bringing a historic building back to life! Your story is very inspiring especially after all the obstacles you faced, you still made it happen! These are the type of projects I aim to accomplish in my hometown where several building sit vacant and neglected. Thanks for sharing and happy investing!

We currently have this great little fixer upper under contract and ready to assign! The property is a small 2/1 Single Family Home with detached Garage sitting on a large lot and currently rents for $500/month to 2 tenants. Located near a highway, railroad, and industrial zones in East Bakersfield, CA. The area is undergoing city developments including transportation systems. If you are interested, please feel free to call 213-321-2810 or email [email protected] and we will send you more information and photos. Happy Investing!

@Sean Welch Yes the seller knew I was wholesaling and felt good about my ability to find a cash buyer to purchase his property. It also helped to let him hold on to my earnest money deposit until the transaction was completely done. I did my best to communicate to the seller every step of the way and also footed the bill for some of the expenses he acquired, after all it was most important to me to look out for the seller and get him out of his difficult situation. As they always say "transparency is key!"

@Sean Welch Thank you! My back up plan was to buy the property myself to fix & flip it if I could not find a buyer. I let the original buyer (2nd wholesaler) know my intent of wholesaling the property. I am not certain if the actual end buyer knew what the 2nd wholesaler was doing, but my guess is he was well aware, since he is an experienced fix/flip investor. I was never able to have direct contact with the actual buyer on this deal, which is where the lessons learned came into play, but overall still a good experience and the deal closed. Happy Investing!