Profile picture for hogbygardd

Buying in Bakersfield, California,Living and working overseas, Help?

My teenage son has started attending High school in Bakersfield and living with my sister there, We want to buy a 2nd home there. We own a house in Sweden and work in Norway. My wife`s bank and the loan are in Sweden and my bank is in Norway. We are earning in the 62-65k USD yearly after taxes and debts. I`m a US citizen but have lived overseas for 15 years and have no clue as to what my credit would look like in the US now, Any thoughts?

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January 06 2008 - US
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Replies (7)

Profile picture for jimmy57

horbygardd: I'm in Europe myself at the moment (so am awake) but live in California.  I wouldn't like to advise you directly -- others will be willing -- but you should know that Bakersfield is in an area considered vulnerable to depreciation in the near term, following the recent housing boom.  Buying at this moment might be dangerous from an investment point-of-view, so be cautious.

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January 06 2008
Profile picture for Karlophonic

The Bakersfield real estate market is in free fall at the moment.  At this point, I wouldn't offer more $125 per sq ft on a house here.

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January 12 2008

Just rent brother.

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January 12 2008
Profile picture for hogbygardd

we have a line on a property with 2 houses that are long term rented and the asking price is 159,000. the houses rent out at 1200 a month total. well taken care of property and all upgrades and maintainance are up to date and professionally done. what would be a reasonable starting point for offers, we`ll be putting around 30% down

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January 13 2008
Profile picture for LongIslandBubble

the houses rent out at 1200 a month total.

 

How much do they get rented out for during a depression?

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January 13 2008
Profile picture for hogbygardd

650 for 2bed/1 bath 1 car garage, 550 for the 2 bed`/ 1 bath carport.

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January 13 2008

When the steel mills closed down on the rust belt of PA and Ohio, rents were 600 here in calif, but my grandparents recieved no rents on their rentals in Youngstown. The people paid what they could. The official charge was 50/mo. In fact, the waitresses did not recieve minimum wage, only tips. This remained a depressed area for generations, pretty much until this current boom.

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January 13 2008
 
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