DOES IT WORK IN THE BAY AREA (SAN JOSE, CA) - Posted by DOMENIC

Posted by Michael on July 18, 2002 at 17:07:37:

San and the surrounding area may be a very difficult place to invest in fixers for re-sale. I myself have a large amount of cash to invest as well but have found it very difficult to find properties. The market is very hot and most sellers will list with the MLS. I have tried direct marketing but most generally find that sellers know that they can sell their home very quickly if they list it, regardless of the property quality or situation. I have made many offers but fixers are usually selling at close to ARV and getting multiple offers.

DOES IT WORK IN THE BAY AREA (SAN JOSE, CA) - Posted by DOMENIC

Posted by DOMENIC on July 17, 2002 at 19:42:25:

HI IM A NEW INVESTOR LOOKING TO BUY FIXERS IN THE SAN JOSE, CA AREA. I HAVE LOTS OF CASH, AND IM WONDERING WHETHER OR NOT FLIPPING HOUSES CAN BE DONE IN THIS DESIRABLE LOCATION.

Re: DOES IT WORK IN THE BAY AREA (SAN JOSE, CA) - Posted by Ed Garcia

Posted by Ed Garcia on July 18, 2002 at 10:03:11:

Domenic,

In the future please don’t type with all Capital letters. On the net it’s considered shouting.

Thank you

Domenic,

You don’t tell us much other than you’re in San Jose and that you have some money for down payment.

To answer your question heads up, YES, you can flip any where on the planet. As a matter of fact I’ve had some investors from San Jose and surrounding areas attend my workshop and they have done quite well.

First of all the term flip, can be used in many different ways. An investor can buy, fix and sell and that is considered a flip. An investor can also buy or tie up a property and flip it without even closing using very little money, so it can be done in different manners.

The key is to know your market, how to structure the deal, and to have more then one exit strategy. If you don’t, then you will be putting your money at risk.

Ed Garcia

Re: DOES IT WORK IN THE BAY AREA (SAN JOSE, CA) - Posted by alan

Posted by alan on July 18, 2002 at 09:50:29:

Dominic,

You have to ask yourself a number of questions before you take this type of “plunge”.

If you have a 8-5 (40 hr a week type job) WHEN are you going to do this work?

Have you done plumbing, heating, air conditioning, carpet, and carpentry work, before. And I am not talking about taking a run down to Home Depot to buy some PVC for more sprinklers, either.

Do you have a family? If so, are they going to “help” you or are they going to be upset that you are gone all the time “fixing” up that house.

I knew of a gentleman that did fixers. He lived alone and stayed in them 7/24 while he was working on them. He did well, but it was/is an AWEFUL lot of work.

Bottom line: Yes it can be done (ANYWHERE), but you have to be willing to dedicate a LOT of time and effort to the project.

Alan