All Forum Posts by: Frank Lienert

Thanks @Account Closed I'll post there as well. 

As the title says I am looking for an appraiser in the Sacramento, CA market. I need an off market appraisal for a SFR and would prefer an appraiser who leans more on the conservative (lower) side in their appraisals. If anyone has any recommendations please message me. Thanks.

-Frank

@Penny Clark thanks for bringing this back up. With the recent approval of increased water service in Sacramento don't you see more landlords making the renters pay directly for water/sewer/garbage even in spite of the possibility of liens? 

Ditto on @Wes Blackwell comments. Oak Park is incredibly street by street. 

The gentrification has started and is radiating out of the west end of Broadway. The area north of Broadway is the best section of Oak Park. Immediately south of Broadway is good. The further south of it you go the more sketchy areas are and the more selective you'll need to be. There's still much development to be done in this area so I'd say buy as close to this part of OP as

Much of Oak Park's resurgence stems directly and indirectly from Mayor Kevin Johnson's involvement in redevelopment. Since he won't be running for reelection (sex scandal) I could very well see him returning full time to community redevelopment in Oak Park. He has significant real estate holdings in the area and since he's dead politically it would make sense for him to parlay his political connections into more. 

Del Paso Heights would also be a good play. While you're getting less "help" in that area I think the portion closest to downtown/ midtown is a solid play.

TLDR: In either Oak Park of Del Paso the areas closest to downtown are most likely your best bets. 

@Derek Jones I've noticed overpriced multifamilies as well. Judging by some of the MFH I've seen in the Sac region it seems they're only good for those interested in house hacking. Even then the numbers aren't great.

Hey there Wes.

I'm from, and currently in, Sac. Hoping to close on my first property (primary residence and soon to be rental) by summer and pick up another property in the fall.

If you're open I'd like to pick your brain a bit about picking up distressed properties as that's something I'm not familiar with.  

Joshua I'm going to have to echo the sentiments of @Brad S. The bulk of proerties  you're looking for don't pencil out. That's not to say they don't exist but it will take a good deal of hustling to find and get them.

In some areas in the region you can see signs that prices are leveling off. 

I have to agree with @Derek Jones on paper it doesn't look pretty. Im in East Sac, so right next door to Land Park. Long Term 5-10+ years this is a solid, solid bet. As for building a RE portfolio I think it'll hinder you You're making good money for the Sacramento area and are young so, without knowing your profession, I'd imagine your earning will only increase. 

If it were me I'd look elsewhere for a multi-family cash flowing property to house hack. Utilize that cash flow and your salary to purchase more properties. 

In short if you're looking for a singular investment-long term- this will pay off nicely. If you're looking to break into RE investing and build a portfolio this probably isn't the best purchase to start out with. 

Derek,

It really depends. When I had my first (and so far only) physical inspection some years ago it was rather informal. Inspector came in and looked around, gave me some grief over the water heater and signed me off. I think like most inspections it really depends on who you get and their mood that day. But since you're above and beyond I wouldn't worry.

The self certification or self inspection that you'll get to do once you pass your first physical inspection is a total joke. It's a form and a fee. That's it.

Thanks  @Peter Mckernan and @Joe Villeneuve I appreciate what you guys are saying. Perhaps in my eagerness for feedback I posted this under the wrong sub.

Pete, I have contemplated selling and reinvesting in another property though at this point Im against it. Im not sure I could find another property in such a hot neighborhood that would cash flow. In my mind I've got quite a trifecta: appreciation, cash flow and minimal property tax ( <3 Prop 13).