Sub 2 More DIfficult In California?
I've read a few places that "creative investing" is more difficult (if not impossible) in California. Can someone explain to me why that perception is so pervasive and if it is an accurate one?
I don't invest in California - but I do personally many creative investors in the state. Anyone who tells you "it doesn't work here, it doesn't work there, etc." simply does not have the desire, willpower, dedication, or the heart to make it happen. It's that plain and simple. These ideas work ANYWHERE.
Granted they MAY be more difficult in California for the reason that it is an insane buyers market ,appreciation is through the roof there and prices are very high. With that being said I personally know investors that have made it happen there. Less deals are out there but every deal there is worth about 2 or 3 in my area.
So to answer your question - CREI works everywhere. Where there is a will there is a way. Enough said.
Oh as a sidenote I thoroughly enjoyed my local REI club where I tried to tell people how to structure a sub2 deal and most of the people told me it couldn't be done. It's great when people don't think something is possible either because they haven't done it or they never thought of it / learned it anywhere. I just tell them to bring all these "impossible" deals where owners don't have equity my way.
Ryan J. Schnabel
I live in CA, there are foreclosures and distressed properties in CA , except you may not want to live there let alone visit at night.
This however may be same/similar other states too. There are investors I can attest to this since I just came back from a RE Club in Sacramento.
Things are different in CA that is for sure.
Laura,
Granted Real Estate Investing is more difficult in California (due to price nothing more) . Unfortunately, it is going to get more difficult than easier in the future year to come.
You need to stay FOCUS with your Business Plan (goals). What are you trying to accomplish and how. It is very hard if your are trying to follow the Investors based on their success stories. That is their Business Plan or they got lucky.
If you are doing SFH pick a technique follow it (you are exposed to many here) and make adjustment depending on the circumstances. Then learn another technique to invest in SFH etc..
I am able to invest in SFH at approximately $200,000 (Flip, breakeven or cash flow/monthly) in Southern www.California.They are not foreclosures or distressed houses.
The key is not Real Estate Investing it is Creative Real Estate Investing. It comes with knowledge and experience, not necessarily yours.
Taiyo
Hi Laura,
If you live in Bloomington, you're literally surrounded by at least 4-5 distinct areas that are exploding right now. All of which are less than a hour drive from you. And for a lot of reasons, I believe they're going to continue this trend for awhile. Yes, certain approaches or strategies may be more difficult, but it could be well worth the extra effort.
Good luck!!!!
TAIYO, well it really looks like you know what you are talking about, so I hope you can reply to my question. I live in lake elsinore where you are probably familiar with and by the way my wfe's family lives in your city, well as I was saying I am trying to buy a home but loan officers keep telling my that I will not be able to afford it and I make ok money too? I dont understand I have came upon so many great deals where so much money can be made but I lack the $$$$$ but not the motivation. Taiyo can you be of some assistance? I am from Riverside California and I find so many potential deals, but no $$$$$ What should I do?
Taiyo said it.
It's not real estate investing, it's creative financing in real estate.
Within this statement is the key motivation, and the truth to solving an inordinate number of buy/sell scenarios.
Develop your bread-and-butter moves, as I say to martial arts students, and variations of these. In RE, learn Sub-To, law, L/O, owner carry, assignments, short-sales, rapport building- afew of these and get good (as Bobby Fisher once said: After a few years of studying chess, around age ten. "...I just got good."
You'll make plenty of money and never have to "peak" to be successful.
You will, however, need to remain a joyful student experiencing and appreciating each day and every person.
Alan
e4rr23,
I need clarification.
Are you trying to buy your own residence or investment house?
Loan Officers say you can’t afford and you make OK money?
It may not be a lack of dollars but more of Creativity
If you want PM or Email me.
Taiyo
Well Taiyo, I am trying to by my own house but at the same time i am trying to invest in another property as well. But first yes I am trying to buy my own property to OOC it for a year and rent it, and at the same time trying to invest in a property.
Yes, I spoke to a loan officer and she said that I cannot afford it based on my debt to income ratio. Which I can afford it though but based on there ratios I dont qualify.
Creativity? I understand what you are trying to say, but still uncertain?
I am unable to get to your profile can you email me? **Please See My Profile** Thank you!
www.e4rr23-at-yahoo.com
**Please See My Profile**[ Edited by e4rr23 on Date 05/24/2004 ]