First Timer In California High Desert
i am looking for purchasing our first investment property in the california high desert areas--victorville, apple valley, barstow etc.
could any of you who have previous experience advice on
--real estate agents
--property management companies
--good rental income potential areas in above cities
thanks
Out of curiosity.....why come to CA? Your market is less expensive and every bit as hot if not more.
Actually, I live near LA and work in Chandler, AZ. We attended few Marshall Reddick seminars that advocate Phoenix area investments. But I have also heard from other investors that Phoenix & suburbs are oversaturated as a rental market .There is a huge rent war going on, people have to give "no first month rent" move-in specials, etc. We can not afford to purchase investment property near/in LA, so after reading a lot of posts on the net, and talking to other people we decided that high desert is a good place.
Make an offer with a clause that the amount you are offering is contingent on an inspection. Ask for a reasonable amount of time to inspect (10 days, 30 days, whatever is reasonable for you, bearing in mind that the seller wants it as short as possible). If the offer is accepted, do your inspection.
I am a newbie. This is the strategy that I have gotten from the books I read. More experienced members may give you different advice.
Worth much more than two cents, thanks! :-D
How far away are you talking? Is it a cheap flight away? I am in southern California and am seriously looking at Idaho. The problem is that there are no direct flights and to get there will take a full day.
I live in wa state and invest in va. the best piece of advice I can give you is find a partner. I tried it without a partner and almost bought something that I later found out was not nice. the realtor said it was, but he was wrong. nothing in my area will cash flow either, unless you put 20 percent down. and then you have to fight with so many other investors to get something decent. so I started with a partner in va. I own 2 sfrs that cost 30k each. one rents for 400 and the other 500 a month. I also bought 1 duplex for 57k that rents for 800 a month and another fixer duplex repo for 42k that will rent for 900 a month. when I tell people around here about what I bought for how much and they cant believe it. they are profesionally managed and fully rented (except for the fixer which should rent no problem once its done). so in my experience it can be a VERY good idea to invest elsewhere, just do your homework or get a partner. good luck.
All great advice, thank you!