California strategies

Hey Wagenman,
I'm up San Jose and also getting started. With the cost of properties in the Bay Area, I decided to start off over in the Stockton area. The market there is much lower and easier to get into.
I am trying to finance my first flip with two family partners, and a line of credit.
With no money and no credit you should start sourcing some investors to get you started.
Best of luck!
JV

JV,
What methods are you using to find properties in Stockton? Or are you driving out there?
I'm down in Hollister. Home prices have come WAY down in this town. Thing is most people are so upside down it's not even funny.

Any one have any suggestions for that one? What do you do when the house is worth 200k but has a mortgage of 300k or 400k. Look else where?

Thanks for the words JV, best of luck to you too. Let me know if you want to try and team up down this way.

Wagenman (Name's Josh by the way)

You may want to also find a local real estate investing club in your area. As you network with other local investors you may be able to determine the areas that investors are targeting. You can then form an action plan and decide what may be the ebst area and the best strategy such as assignments, targeting short sales or lease options. The more information you gather, the better off you may be with formulating a plan and exit stratgey. Good luck with real estate investing. Believe and Achieve! - Joe

Joe has a great point about meeting REI club investors. If you don't want to get involved doing the short sales yourself since they are already specializing in it they are happy to bird dogs. From what I've been told banks to not have the time to teach someone how to go through the process. We are working with a short sales investor who is the end buyer which makes it easier in the end for the deal to go through. We will split 50%-50% with him for bringing him cash buyers or 1st time homeowners looking for a lease option.

I wish you the best in REI!

Lea
SPR Property Solutions, LLC

Appreciate the advice Joe and Lea. I will look for an REI club.
Josh

I've noticed the low prices in the Stockton area too. I'm up here in the Oakland area. I made an offer on a house in Stockton but it was already pending.

I have been doing all of my searching remotely. I drove out to Stockton a few times and spoke with a few agents that I now talk with regularly to get info on properties that I come across.
Most of my searching is on the state HUD site, zillow.com(very inaccurate info), or on the mls directly through this agents website http://latkinson.prucalifornia.com.
It's tricking not being there in person, but not impossible. I am still trying to get the last of my financing together so that I can start making offers.
PM me if you want to talk more.
Jesse

Hi Josh,
Here's one in Morgan Hill.

South Valley Real Estate Investment Club
Contact: Aytch "H" Roberts
Telephone: (408) 966-9682
When: 4th Thursday of each month, 6:15pm to 9:00pm
Where: Golden Oak Restaurant, Morgan Hill

I sent you a message as well. Let me know.
V