Wow!!
Here is the first house I bought without partners. …A one bedroom shack, in the middle of the google street picture. The tiny shack you can barely see… in the 70s for $53k…I lived there 3 years…Sold it for $82k…ten percent down…made 600% return…I was hooked on flipping houses
Now worth close to $700k…unbelievable. I should have never sold anything, Including that piece of crap…
At the time the market was unbelievable, too…Multiple offers…There was a garden shed in the back…One buyer was planning to put his kids in there…Meanwhile cities have been restricting building and created the worst housing crisis ever…
Ok, yeah. Nice area, actually. I am in the same zip but slightly South and technically below 580 which of course usually means less but even there the homes are moving at decent prices.
I bought the cheapest house in a primarily white neighborhood at the time…My buddy bought 10 blocks away closer to 580 in a black neighborhood and paid $5k…His house has probably gone up in value at a much higher clip…
When I go to my building ever so often to take care of stuff or just to empty out the full coin op laundry machines, I do find it fairly peaceful and quiet over there. Granted, nicer areas always attract the criminal element. I try to hit up any open houses nearby just to get a feel of who is looking, and yeah, mostly young couples. Yes, Sacramento pricing is attractive and crime is fairly low but the commute is not for everyone.
Why not just let a concession run your machines…They give me 50% of the gross and I don’t have to deal with it…I make $100/m with 8 units one washer, one dryer…Brand new machines…no maintenance for me
You know, I was going to look into that but why share the profits? Now, keep in mind “only” 4 units so less headaches generally speaking and I got some decent, cheaper older machines. Yes, can be a PITA if broken down and of course no one remembers to let me know. Honestly, that is the least of my headache chores (rolling quarters)…
A lot of work for maybe a $25 profit
Remember, no PM, so I am there anyway and usually the coins I collect maybe every other month.
Collection is fun…Answering phone at night to fix the machines is not…On my SFHS the tenants have there own machines…
Wow, prices really are going up…
There is nothing worth buying now, time to take a break from real estate