I Am Brand New To This Site And Love It Already I Need Help Witha Rehab Please!
I want to do a rehab so badly i can taste the process but i have no experience and all my knowledge is theoretical due to lots of reading. I beleive that education is very important but books always sell dreams. i need some real help from real people with experience in this field. I am in san jose CA and the market for homes is outrageously expensive so i want to start rehabing somewhere else. WHERE SHOULD I GO ??? I WOULD SO APPRECIATE ANY REPLY I REALLY WANT TO MAKE THIS HAPPEN BUT I NEED A GENEROUS PERSONS HELP PLEASE!!!!!!!!
Not real clear what you are really asking.
This may help
http://www.thecreativeinvestor.com/residential/modules.php?name=Articles&file=article&articleid=838
At some point you have to put the books down and buy something. Highly reccomend to start attending your local real estate investor club, if a mentor is what you truly require to act, you can probably find someone there.
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HEres my situation,I live in sunnyvale CA, I have saved up 30K and want nothing more than to do a rehab. Ihave read many books on how to get started with this business but I live in the most expensive area in the world in terms of property i cant afford anything without a conventional bank loan. all the books that i read on rehab are talking about 50-100K properties in other states, I really want to know what city i should look into doing my first rehab. if i do it here where i live then i would need a big cash loan in order to get anything at a deal. please someone tell me where to get in and what to do for the first time.
Concentrate on finding deals. SPend some money advertising, postcards, letters, bandit signs, etc, network with people from your local investor club. hard money lenders go by appraisal value so if you can find a good enough deal, you can get into the deal for little money out of your pocket, or partner with someone that wants to earn a good return on their money. Apply the knowledge that those books you read are preaching! Good luck
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I would not suggest going out of state, you would be at the mercy of the unscrupulous. How long would it take to figure out the true valuations? the best areas for resale etc..
I am a big fan of investing where you live.
If you were going to relocate that would be something altogether different.
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stockpro i have read some of your answers to others and noticed that you are very knowledgable in this business. I have a couple of questions for you if you do not mind. I live in Sunnyvale CA which is in the center of the bay area. the bay area property is so expensive right now and so popular that i do not know what to do here. you cant even buy a house without a bidding war and finding people to sell their homes well below market value is almost insane considering everyone knows that they can get a fortune for even the worst condition homes. WHat should i do in this high price market. I really want to do a rehab and I know that it is the perfect job for me. please give me some advice
mkguyverboy
I my self live in Almaden(San Jose), so I do understand your troubles, and my family owns property in Cupertino. I my self have about as much as you do to invest, but I am thinking about going north about 200 miles (Eureka), I think the properties there are priced reasonable (200-350k) and after a little research I think you can find properties being undersold.
What do you think? If your intrested contact me via-email and we can maybe head up their and do some research.
California is not the State for the small investor,not any more. If you are already thinking of moving out of State Atlanta Georgia maybe a good place to consider or nothern Florida. Both states have bargain fixer uppers. You can start by buying something to fix up while you live in it and while you go through the learning phase.Just make sure foundation, drainage,roof, electrical wiring and boxes and water supply to service rooms are all in good condition so you can move in right away to start making your dream come true. Do not confuse the making a place looking better with the functioning of the place. Here in the East we have basements and all services start there, I call it The Boiler Room, like in a ship. Atlanta is a going fun place to live, I often thought of re-locating there from Connecticut. I lived in California years ago, sold 2 houses in San Diego and La jolla, both now in access of several millions, yes you guest it I sold for nothing those years. To me California is a "shaky" state so get out while you can.
I live, and invest in Portland., Ore..well try too anyway. Here is the truth about Portlands market...VERY VERY HOT !! Heavy, heavy compitition !! I have found that I seem to be ending up out of town ..ALOT . However one just needs to create multiple offers, and keep on moving forward...the deals definately do come.[ Edited by peteolake on Date 08/19/2005 ]