Whatever you do, don’t just buy to buy. Study the habits of the local renters. Is there some major employer nearby? Is there public transportation nearby? People who rent TEND to live near their employers and TEND to use public transportation. At least that is my experience. The further out you go, the less of each you have, a downside for me. PLUS, why are all the income properties for sale? If it’s so good, people won’t sell. On mobile homes, I bought the Lonnie Skruggs course in mobile homes from this site and found it to be pretty good. I used it and did some “Lonnie deals”. I found that the time spent doing a Lonnie deal was nearly the same as a SFH deal, so as long as you have the money, do SFHs. If you are new to the field, don’t rush. Look around. Do your homework. Find the good neighborhoods that renters WANT to live in. Are the schools good? Is there nearby shopping? Are there employers nearby? Those are the things that attract renters and keep properties occupied. Don’t forget… every month a property sits vacant because you can’t find a renter, you have to cough up a grand or more just to stay even with the house. Not good. Find the properties where you have a steady stream of good prospects ready to rent and you’ll do well. Stay in touch.
Anyone using CS program techniques in Riverside County California? - Posted by Aaron Tiffany
Posted by Aaron Tiffany on June 18, 2000 at 18:19:54:
We just bought the course and are planning to invest in this area. We have read some negative info from investors on the list about southern california and how it is difficult to make the program work out here. Has that been everyone’s experience? Please respond! We would like to know what we’re up against…We plan on trying the Riverside County area…
The Riverside area, also part of the Inland Empire in California, CAN be very good. I got my start a little bit north of that in Rialto and Fontana, but I invested heavily in that area as soon as I was able and have done very well. Be selective. Not every “no money down” property is a good one, especially there. You either have to be able to rent it out at a good price or buy for resale at a VERY good price to make it worthwhile. Most of my holdings in those areas were concentrated around the military bases that folded up and the Sunnymeade area (great houses but too far from LA… people bought, got tired of the drive and gave the houses away when the market declined). Look for a gimmick and dig in. Be VERY careful in places where the highest paid guy in the area is the 7-11 manager, and those do exist there. If you want any specifics, give me a shout.
thanks for the advice! Good to know that you’re having so much luck in the area. What are your thoughts about the Hemet/Perris area? There seem to be
lots of income properties for sale down there…also what about Murietta/Menifee/Temecula areas? Would you invest there?
Also, I worked in Fontana this past year for SB County Mental Health as a therapist at their clinic there…lots of mobile homes…have you dabbled
in that market?
Specifically in regards to Riverside, what areas would you recommend staying away from? Is the Sierra area nice? Any specific advice is welcome! We’re so new to the field that we don’t want to make any costly mistakes right off the bat!