california is definitely a tenant's state. I bought a triplex at trustee sales recently. 2 units were occupied and 3rd one was vacant (was told by neighbor) by the time I got trustees deed and recorded. some one had moved in and demanded cash for keys and so did the others ( rediculous amount otherwise I would have payed out). in california tenants get a 90 day notice before you can even begin eviction process. I will not buy rent controlled real estate , that is another ball game
so any how , got an eviction lawyer working on it.
3 units 1B - 1B each, 2000sqft , 10,000sqft lot
plan A
Rehab them completely. refi and hopefully get all my investment back while generating about $1000.00 a month.
plan B same as above but add another unit. zoning and lot size allows it. need to work out numbers w architecture and $$$ / sqft etc....
I got a pretty decent deal so I think there is enough room to get all of my initial investment and I'll do 90% of the work my self.
It is really hard to get to get a deal at auction like todd said. people are paying market value and above at times. A lot of Hedge fund money out there, I hear.
If you know the game and stay persistent it pays off. hoping to get out there again soon. just not to sure where market is going and don't want to get caught at the peak of the " W "
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