Posted by Chris on March 17, 2001 at 11:27:01:
I am interested. I live in Southrn California and won two houses and a rental unit attached to my present house. Since I have lost my butt in the Stock Market, and I don’t want to work until I am 60, I need to find a way to earn extra income. Any info will be helpful.
Chris
creative buying in So Cal… - Posted by DocFranco
Posted by DocFranco on March 16, 2001 at 15:13:42:
I am just starting to learn about REI, but i live in So Cal which has very inflated realestate prices. My question is "do most of the creative techniques work the same just with bigger numbers? Most if not all of what i read here on the postings deal with 150K to 50K properties. A median price home near my area runs 350,000. And these are not the nice ones!!! Would I be better off looking 30 mi from my area to start off? I currently have and am reading for the second time CS course. But all the numbers that are mentioned are in the sub 150K range. Any help would be great, thanks.
Re: creative buying in So Cal… - Posted by Dave
Posted by Dave on March 16, 2001 at 21:47:45:
For the most part the deals do work out the same, with
bigger numbers, because you also have the corresponding
high numbers with rents and with the ability of people
(buyers) to qualify for the higher payments.
One advantage you do have is the ability to make a much
larger profit on 1 deal that might take 2 or 3 deals to
make in other parts of the country. Sure, there are
obstacles or “challenges” to overcome, but there are
just as many people that NEED to sell their $300,000
house in a hurry as there are in the lower end range…
the trick is to find them because they also have more
alternatives to choose from, being more knowledgable and sophisticated to the market and money matters in
general. I’m in the So. Cal. market myself, but in the
more affordable area (Inland Empire), but if you do come across any worthwhile deal email me if you need some help or a partner. I have a great lender that will
go up to 70% of future-value if you are interested.
Dave