Home Buying in Fremont>Question Details

gaytrik, Home Buyer in Fremont, CA

Hi, I am looking for decent positive cash flow properties in Bay area preferably around fremont or Pleasanton area.

Asked by gaytrik, Fremont, CA Sun Jan 13, 2013

I am looking for $300-350K range with 25% down. I will also be open for tracy, mountain house area for good deal. I will be working on this very aggressively and intent to close the deal in next 2 months. Looking for a very motivated and expert realtor toward achieving my goal.

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Dean Paul Dominguez’s answer
If you're going to do a long hold and want higher cash returns, I would direct you to fourplexes/multifamily in Oakland. While about 50% of Oakland's inventory are fixer uppers which would turn away your financed offer, the other half are in better condition and can accept your financed offer. Dollar for dollar Oakland offers a good cap rate.
0 votes Thank Flag Link Mon Jan 14, 2013
Hi Gaytrik,
This price range is one of the most competitive, as it lines up perfectly with families that have been renting, and are now looking to buy. The PITI on this price range is almost the same as a comparable home for rent.

I'm guessing you already know the competitive nature of this area and price range.

My suggestion, is to look for 'really' distressed homes in this area. Not just homes under financial distress (Short Sale or REO), but properties that need some rehab work. Typically, lenders don't want to lend on properties that are in very poor condition, which means they're usually scooped up by all-cash buyers. Most first time home buyers shy away from these properties as well.

Talk to your lender about securing a 'rehab' type loan, where you can finance the cost of repairs/upgrades into the purchase loan. I've had good success helping my buyers through this process. If your lender doesn't have a program like that available, contact me, I'll be happy to refer some that do.

Once you've finally secured your investment properties, you'll need to find some quality tenants. We do property management as well.

Michael Koenig
Michael@CalPacBrokers.com
DRE# 01362225
Web Reference: http://www.cpbpm.com
0 votes Thank Flag Link Mon Jan 14, 2013
Hi Gaytrik,

I have helped many investors (including myself) purchase property in that price range, and less, for investment rentals. Although inventory is low, there are at least 10 in the Fremont tri-city area I saw that might work. As well as a few in the Tri-Valley area.

Feel free to include myself in your interview process for your next Realtor.
Good luck,

Brian Ripp, CRS, GRI
Broker, Notary
Check my web site: http://www.BrianRipp.com
Real Estate Market Weekly Update Webcast: http://realtytimes.com/REUv/BrianRipp
About me: http://client.rw.imprev.net/81/281/11768/index.ipv
510-710-4905 cell
510-794-9006 wk
Realtor since 1985
DRE Lic. 00886348
DOI Lic. 0G82194
0 votes Thank Flag Link Sun Jan 13, 2013
I think with your price range it will be good investment in tracy and mountain house provided you find rental.You may want to check with property management company for rental demand in these area.I can refer you to the local expert agent if you like.Good luck!!!!
0 votes Thank Flag Link Sun Jan 13, 2013
I worked with investors around Fremont. Your approach is solid, but it's also very common. So, getting into a decent deal within 2 month is tough and closing within 2 month is nearly impossible. But, if you're willing to overpay up to $400K and accept lower investment returns, then you might be able to achieve those goals.
Web Reference: http://www.archershomes.com
0 votes Thank Flag Link Sun Jan 13, 2013
Hi Gay,
I would suggest you consider Livermore as well - rents are going through the roof, I helped 1 investor buy several last year (1 ea. in Union City on Fremont border, San Ramon, and Livermore). You also might want to consider raising your ceiling to near 400k with 20% down - more options if you can go a bit higher.

Please call me if you want to talk. I can give you good strategic advise.

Will Bateson, Broker, MBA
Sidewalk Homes
925-455-0845
will@sidewalkhomes.com
0 votes Thank Flag Link Sun Jan 13, 2013
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