Any one investing in California?

[niravmd]

prices will come back in CA. but along with drop in prices, rents usually fall too.
if you're negative now, you'll be bankrupt then.

better to move your wealth out of state now and come back in 3-4 years.
no point holding on to a depreciating asset just to watch it come to break even in
6-8 years.

[cainvestor]

Anyone can commend on pro and con between say Dallas and Tucson investing?   I know TX has high prop. tax 3% which I don't like.  

[niravmd]

texas has a property tax of 3%.
over the past 25 yrs its appreciated 89%. not enough to keep up with inflation.

i've started hearing things about Tucson, but i haven't done enough research to
make an educated decision. so i'll stick to my favorite places for now.

if you want some info on victorville, i have a 3/2 SFR which i bought a little over
a year ago. my payments are around 800/mo and its section 8 at 1200/mo.
its appreciated nicely and i think we'll still see another year of appreciation. let
me know if you're interested in it.

[xxemoxx]

Hi ALL!!!!

I'm new here from cali, My name is matt.  I live in bakersfield, i just moved here 6 months ago from vegas, and sadly it was harder for me to get a loan at a decent rate then i had thought so i missed the boat in vegas.  BTW the facts i saw realized the other day for vegas where a 31.8% annual increase in the cost of homes in las vegas!!

DAMN!!!  Anyway i am looking into investing in real estate here because this point all my cash is doing nothing else.

Can someone please help point me in the right direction maybe someone local can give me a few points on being successful on my first deal

Thanx matt

[niravmd]

matt,
that depends on many things.
1. how much $$ are you willing to spend.
2. how much free time do you have.
3. how's your credit
4. are you looking for an investment or a real estate job[rehabbing can become a full-time
job]
5. and most imp. do you have the patience to stick with it????

[xxemoxx]

I have money i want to keep my monthly payment around 1250 or so p & i and everything.

My credit is a 580

I work like a real job 25 hours a week and make more then enough.

Investment or Rehab project either will work

I have patiences to do anything when it involes $$$ in my pocket

[aak5454]

Regarding tax sales...

A partner of mine has purchased several and it
seems to go as follows.

Most all of the properties that aren't down
a very long dirt road (close to nowhere)
are redeemed at the last minute.

The ones that do go to sale often have heavy
bidding from deep pocket experienced investors.


Have any of you seen something different?


Bukzin

Bukzin,

I've had the same experience; been going to Tax sales for a few years and never bought a darn thing.  Stuff that was worthwhile gets way over bid.  Why pay 90% FMV in cash?  I only do a few deals a year and only when I know I can make money (a have a "regular" full time job).  I have looped back to check on some property sold a few years back at TSs.  Ou t of the 3 I checked, all were still in crappy shape.  Clearly bought by people in over their head.

I watch the tax sales more for entertaiment and the outside possibility of finding a diamond in the rough that gets over looked(probably not possible with  the huge influx of new folks lookin' for "deals")

BigMike