California, Part II - Posted by J.C.


#1

Posted by Richard on December 04, 1998 at 24:26:15:

I am up here in Chico (north of Sacramento for you
non CA people!) and have been buying, fixing, landlording, etc for about 14 years almost full time.
You Bay Area folks might be amazed what houses and
units are selling for around here. Take a look at
the local paper classifieds at www.chicoer.com
I’d love to be involved with a ‘local’ investors
group. Please e-mail me.
Thanks… Richard


#2

California, Part II - Posted by J.C.

Posted by J.C. on November 20, 1998 at 09:25:55:

I can empathize with the gentleman wondering about doing CRE in California. My husband & I are in the northern part of the state, in the most expensive housing market in the country. [Or sometimes it seems like it!] Has anyone on this board been successful in doing CRE deals in our part of the state?

Thanks!


#3

Re: California, Tim Conde & JC - Posted by Deborah

Posted by Deborah on November 22, 1998 at 21:28:19:

Hi again Tim Conde and JC,

Tim, you have valid points in expanding the horizons for property finding. However, for my first few I would like to keep them close in since my “feel” for the neighborhoods is much better having lived here 20+ years.
I have also learned tips from a contracting friend that by locating properties that have had notices of default go out, many times you can approach the desperate owner and work out a situation where you take over the payments and they stay on as a tenant, or, of course, you can find a new tenant at your discretion. Another tip from the same individual was property about to go to probate sale, this person actually located family members who inherited these properties and did not want them and were more than willing to sell at 20% or more below market!!!

I would like to know if you purchased your first properties in your neighborhood/city at first before branching out.

Thanks again for the tips on Modesto, Stockton,Sacto, the Southern part of CA and properties out of state.(I would think you have a management co. who takes care of the properties-is it your own, or what is the name of it?)

Best regards,
Deborah


#4

Re: California, Part II - Posted by Tim Conde

Posted by Tim Conde on November 22, 1998 at 24:38:18:

Just because you live in No. Cal. (like I do, too), doesn’t mean you have to spend all of your money here. Actually I own very few properties in the “Bay area”, but lots in Modesto, Stockton, and Sacto, plus southern California and out of state. Set your sights on making money and not on one particular place.

Tim


#5

Re: California, Part II - Posted by Deborah

Posted by Deborah on November 21, 1998 at 05:25:33:

Like you, I live in N.California, Pleasant Hill area of Contra Costa County. Yes, our home values up here are high.
Coming out of some financial difficulties I am gearing up to investing myself in the next year or so.
Because of the values the way they are and from my real estate background I know it takes some work to locate propeties that are valued significantly below market.Some excellent resources are at your local courthouse, a friend was looking for some bargain property and we actually located a family who had been willed a condominium(it was one of those Probate sale situations) in the Martinez area but they did not want the property due to their financial predicament and the fact that it takes so long to sell property up here anyway. We visited them at the property and there were a few others making offers, my friend did not get that property, but it was definitely about $20K below market because of the seller’s urgency.
If you are in my area I am interested in discussing property investments up here and possibly forming a contact network so we can exchange info and assist one another.
Hope to hear from you soon!

Best regards,
Debbie


#6

Re: California, Part II - Posted by Cimone

Posted by Cimone on November 23, 1998 at 16:36:50:

Debbie;
I’m new at the CS game. I have extensive RE knowledge. I was once a licensed realtor. I’m having a difficult time locating properties in this area. I would appreciate any courthouse search advice you might be willing to share.

Thanks.

Cimone


#7

Re: California, Part II - Posted by Deborah

Posted by Deborah on November 23, 1998 at 19:33:43:

Cimone and others reading,
Go down to the court house where you live and ask the clerks to help you locate the foreclosure judgement appeals by the attorneys representing the banks with the loans as well as the probates as they come up!!!

I am a California Real Estate Licensee also, though not active currently.

These methods all require many hours as well as constant trips and sifting through many unsuitable properties!!!

Oh, well, as the saying goes you gotta kiss a lot of toads to find your prince!!!

Please keep in touch, I would like to get a group of us networking in the Contra Costa Area!

I also have the Carleton Sheets program for 98!

Bye for now!
-Deborah