Posted by Nat on December 14, 2000 at 09:41:28:
Dear AG,
I understand where you are coming from. I am in the same area as you, familial position etc… you posted last year, you probably won’t even read this.
NE
San Francisco Bay Area and Carleton Sheets - Posted by AG
Posted by AG on August 05, 1999 at 20:16:10:
I received the CS No Money Down course on July 24. I have watched some of the videos, read about 7 chapters in the manual, and listened to the corresponding CDs. I’m still working on studying the course. I also read articles here at CRE Online and on other RE sites. I live in the East bay here in California. I have looked at real estate for sale ads in several different local papers for 2-3 bedroom, 2 bath single family homes. I was a bit dispappointed in seeing no indication of motivated sellers in the ads, (except for one which I called, asking price was $120K, and I found out from the broker who answered the phone that there is a $107K lien against the owner, so I had to say goodbye). Moreover, almost all, if not all, of the ads had the phone numbers of RE agents and brokers, not the owners themselves. In addition, the lowest prices in the ads for 3-BR single family homes are in the high $200K range, and go up to $300K+ to $400K+ in several cities within the Bay area. I have not seen any ad for distressed property, handyman special, or those other kinds of properties that the CS course mentions. The ads mostly describe recently renovated properties, ready for move-in. Is there anyone out there who can give me some comments or feedback, whether or not you have had experience in CRE in the Bay Area. I need to know how I can go over this obstacle of not being able to find the right homes via classified ads. I don’t have much extra time for farming the neighborhood since I am a full-time student and don’t really like knocking on other people’s doors. I also want to find out the best resources for finding buyers (cash, if possible), since I haven’t had any luck in that either. Lastly, I’ve been calling on a local RE investment club for info on how to join and I never get a return call. I called on another local RE investment club and they charge a $100-300 annual fee for single membership or couples membership. I don’t know of any other local RE investment club or where to find them. Please don’t hesitate to write back. I’ll greatly appreciate your input.
AG, CA
Re: San Francisco Bay Area and Carleton Sheets - Posted by JohnWe (NoCA)
Posted by JohnWe (NoCA) on December 17, 1999 at 21:11:57:
I live in the Bay Area, and I know what you’re going through. With the wealth of money in the area, it’s tough to find motivated sellers - not to say they’re not out there. There are good deals here (as anywhere), but you need to get your financing squared away. No money down deals are hard to come by in this area. Not only that, but the prices of homes around here are very high. I have financing setup for rehabs where I only need 15% in, but on a $200K rehab job that’s $30K. That’s no small change, but then again look at the profits. When that $200K house with another $30K in rehab costs sells for $350K, you’re not doin’ so bad.
BAIES is the only real estate club in our area (worth anything). They meet religiously every first Tuesday of the month in San Francisco. It’s a pretty decent group of folks, and a good way to meet some contacts in the business as well as fellow investors. They’ll charge you $20 per person per meeting, or $295 per year per couple. We’re members, and I think it’s worth it.
Hope this info helps out. Good luck!
San Francisco Bay Area and Carleton Sheets - Posted by Debbie
Posted by Debbie on October 08, 1999 at 21:56:16:
AG, as Tim Conde and a few others have mentioned you may need to “branch out” a bit and make those long drives to find those super low priced properties for example. I am well aware of the markets in the Contra Costa area as well as the conditions impacting them, please E-mail me at the above as I do have the Carleton Sheets course/others and would be interested in forming some sort of informal network/club in our area of interested parties so that we can truly begin. Maybe due to the constraints of time/obligations it could be an e-mail type discussion list with agreements between the members to meet at intermediary places such as the Martinez county recorder’s office, Libraries, or Title Companies as needed to assist one another in the process of working within a typically high-priced marketplace which is greatly divergent from the rest of the US due to the wealth in our area[which can be a creatively good thing, financially speaking in finding OPM].
I’m glad you posted here and that you are still visiting as evinced by your post of 10-6-99!
Looking forward to your reply and getting started!
Best regards,
Debbie
Re: San Francisco Bay Area and Carleton Sheets - Posted by Ramsey R. Smith
Posted by Ramsey R. Smith on October 06, 1999 at 12:27:46:
Move! If you are not catching fish in one spot, would you stay there forever?? Find where the fish are biting and move there for 1-2 months (not too hard if you are a student). You are trying to moose hunt in down town NY, with no guide. Find out where they are biting!!
Re: San Francisco Bay Area and Carleton Sheets - Posted by Tim Conde
Posted by Tim Conde on September 15, 1999 at 13:19:59:
I have been involved with the Sheets course for nine years now and have done quite well, but haven’t invested much in the bay area, even though I live in the south bay. As someone else recommended, look in the lower cost areas, like Sacto, Modesto, Stockton, etc. I’ve done very well in those areas. I just came back from Oakland where I bought two houses this morning. Perhaps not anyone’s idea of dream homes, but good, serviceable properties that will, with a little work, offer good returns over the long haul. The vast majority of my holdings are in Southern California, and to a greater extent, out of state.
Tim
Re: San Francisco Bay Area and Carleton Sheets - Posted by Jacob U(CA)
Posted by Jacob U(CA) on August 26, 1999 at 02:48:42:
Have you tried the PennySaver www.pennysaverusa.com or the Recyler www.recylcer.com. I have had better success finding FSBO ads in those papers here in L.A. vs. papers like the LA Times, ect. Another thing you might try, as some people have suggested in newsgroup I is to find a realestate agent who will search the MLS with keywords such as “handyman special” ect.
Re: San Francisco Bay Area and Carleton Sheets - Posted by ajd
Posted by ajd on August 12, 1999 at 12:13:31:
The Bay area is not the best place to try to find a good deal. A suggestion though: I myself am a student and just starting out with the course. Try an area with a lower cost of living and not much competition for property, like Sacramento. That’s where I got my first income property. From there you have equity and a little cash in your pocket, then you can start looking at some Bay area property.
Re: San Francisco Bay Area and Carleton Sheets - Posted by rjb
Posted by rjb on August 07, 1999 at 20:59:11:
i have just started the carleton sheets course,
i have not started on anything yet.
but if you hang in there i will be willing to
trade information with you in the near future.
i am also from the san francisco bay area
and i know what you mean about the high cost out
here and the newspaper adds.
ill keep you informed.
Re: San Francisco Bay Area and Carleton Sheets - Posted by AG
Posted by AG on October 06, 1999 at 22:11:03:
Moving seems like a very easy solution and I would have done it a long time ago only if… But I haven’t, and it’s not because I’m stupid but because I have obligations here such as my academic program in my school, my husband’s job, and my daughter’s schooling. I can’t just move like a nomad, I do have a life here and a family to care for. things are not as easy as you may think. There are much much better options out there for me and I will get to them at the right time. I have to put my priorities in proper order, in light of my current situation.
Thanks but no thanks,
AG
Re: San Francisco Bay Area and Carleton Sheets - Posted by AG
Posted by AG on September 01, 1999 at 24:11:20:
Thanks for the info, Jacob. I’ll try to get a hold of those and see.
AG
Re: San Francisco Bay Area and Carleton Sheets - Posted by AG
Posted by AG on August 08, 1999 at 24:02:47:
Thanks, rjb, for your reply. I think its great to exchange info with fellow RE newbies. I appreciate it. If you learn of any viable RE investment club/group in the area, could you please let me know, and I’ll do the same for you. Thanks!
AG, CA