Right from day 1 I employed property manager, they are mainly acting as first line of support, legal real estate consulting and to oversee minor fixes. Owner become the primary person to work.
Definitely, I agree on getting home within short driving distance so that we can have complete control when there is critical situation.
Even though I know about Sacramento, I did not buy as I need to travel 3 hours and it is too much to cover. Buying within one hour from my house is perfect choice to me too.
Fresno will be a good place to diversify from SFBA. Not dependent upon silicon valley and mostly agricultural. Like with any other investment in real estate, look for costs and look for good cap rate
And they all want to move into your backyard.
BA is paradise compared to a shithole like Fresno. My best friend in Tahoe is a Fresno refugee. Hates the place.
Fresno may have some high cap rate multi family opportunities for investors. In fact over the years I have reviewed deals there. But high caps often mean bad neighborhoods with a lower probability of actually collecting rent. In fact Fresno used to have some of the lowest rents in the country. Which to means it is one of the most least desirable places to live. Plenty of better places to invest. Even Stockton is a better investment and is certainly much closer to where BA investors live.
Fresno is the 12th worst city in CA.
High crime. Low rents. Hard to collect rents. Gang activity. Low growth in wages. Agriculture pays low wages. Is subject to lost jobs due to increased farm mechanization and drought restrictions on irrigation. Stay away
True, but the Fresno does not have abandoned homes. I am sure there are some landlord. And there are people paying rents. Rent collection might be an issue just as is drugs and gang problem. Personally, I would not like to deal with it, but there are people who do not mind doing all that. Those are the people who own such properties. How is it different from rough areas of Oakland?
Oakland is close to BA investors. Look…desirability is measured by rents. Oakland has much higher rents. Fresno is more comparable to Detroit rents. Have you ever been there?
Fresno is so bad they vacation in Stockton. At least Stockton has the delta and great boating.
Fresno has nothing to offer.
Ok, given that Oakland is close to BA, then is Fresno an OK investment for someone living in Clovis, or Bakersfield if the investor is willing to deal with problem that comes with investing in rough areas?
This is a BA forum. Oakland rent is $2700. Compared to Fresno and Detroit at $1200 average. I don’t understand why people invest far away. Just buy a REIT. No problems with collecting and crime. Had a friend buy in Atlanta. No one told him 10% of the tenants didn’t pay rent. Similar problems in Dallas. One apartment a year was torched and burned up in her 200 unit complex. I am just responding to an inquiry with the knowledge I have. If you have specific knowledge about Fresno, share it. Otherwise why not recommend Clovis or something else better than Fresno.
Rent is only one part of equation. How much do you have to invest to get that rent and how much risky the rents are. You investment includes the down payment, sweat equity, and the risk (rents you do not get paid). Then only you can do a true comparison between Fresno and Oakland. BTW, Fresno is only 3 hours drive from South Bay, where as Oakland is about an hour. Sounds like one of the biggest risk to your rent is the state of California that can stop your payments at will.
Been in the business for almost 50 years. Location is all that matters. Still own land in Bakersfield that is worth less than 15 years ago.
Buy a multi family REIT. New or used house doesn’t matter. Tenants are the problem not home maintenance.
