All Forum Posts by: Bruce May

@Karen Margrave  looks like a really nice place. FYI, I tried to go to your website but the link didn't work.

@Adam Nash welcome to Bigger Pockets. Since one of your goals is to buy your own residence and investment property might I suggest you do both by buying a duplex or a property you can live in and has a rental unit attached. If I were young and starting over with my first property this is exactly what I would be looking for.

@Breanne A.  maybe you can put this together if you used just a little creative financing. You said you have some money but not 20% for the down payment. Let's say you have 10% to put down and can get bank financing on the rest and the owner carries a 10% 2nd trust deed. That's one way. You might also find that the owner doesn't need 20% down if they really want to sell and do an owner carry back. Either way, think outside the box and I wish you the best of luck.

@Sid Hattangadi  welcome to the site and welcome to Oceanside. I'm very active in the local market and can help you find some resources here if you need them. I'm also on the board for the real estate investment club in Oceanside and would like to invite you to our meetings. Let me know if you'd like to attend by sending me a colleague request.

@Chris C.  welcome to the BP site and best of luck to you on your investing career. I'm up north in Oceanside so let me know if I can be of any help to you.

@Justin R. I don't think we've met, but you might also search for good contractors at the local REIA meetings. I know there are contractors there who work for investors and do good work.

Welcome aboard.

@Kamisha F.  you're welcome.

@Kamisha F. welcome to Bigger Pockets and North County. I'm former USMC and have been here since 1984. I'm very active in the area so if you have some questions about areas you are looking at let me know and I can help give you some insight.

In addition to looking at Oceanside take a look at Vista. There are some really cool areas there and some good buys. Your money will go further in Oceanside as well as Vista. Carlsbad has already reached a miserably low affordability level but there are some deals still to be had there.

I too would be very concerned about the population in the area and what housing options are available. To fill the 23 vacant lots could cost you a significant amount, but if you are able to bring in newer homes it could be the key to your success at filling the park, but find out from where you are going to get these homes.

A quick down and dirty formula for purchase price would be 15 (homes) X 140.00 (lot rent) X 70 which gives you a purchase price of $147k so the asking price given the factors you presented seems like a fair price.