New Member Long Beach California
Hello all. My wife and I started listening to podcast a little while back. I accidentally found biggerpockets doing random real estate research.
So my name is Chris Cafferty. I live in Long Beach California. I am married and have a beautiful 4 year old daughter. Our main goals are to acquire more property to hold long term. I am a complete newbie for the most part. We do have one condo that we rent and that has positive cash flow (@ 1.5%). We also own and live in a townhouse that has a bit of equity but would have almost no cash flow if we rented. Since I have listened to BP podcast I have thought about lease to own on this property amongst other possible exit strategies. But values have been rising here so now it seems wise to hold. Rent won't catch up on this property for a few more years.
Now that I have been sponging up BiggerPockets I have changed my attitude on where and why to buy. For one Los Angeles is cutthroat (at least from what I have seen) in creating cash flow without tons of capital. I always thought one should live close to the property they own, but the numbers just don't equate here in Long Beach/Los Angeles unless you sit on something for a long period of time. Our condo took a bit of work and stress to get to the cash flow we currently have. Long story short the process can not nor would I want to duplicate it.
So I guess I'm itching at the idea of finding a duplex or similar rental in a far less expensive land. The idea of not being close scares me as I can ride a bike to our rental if I had too. But at the same time, the numbers do not work here for me at this time with my limited experience and knowledge. Mistakes here are expensive, which really pushes me to getting to invest outside of California. I am a small fish in a gigantic ocean.
Anyways, hello to all! Love this site. Enthralled to be part of this now! I have bunches to learn and really trying to be patient. I am a professional graphic artist and set designer in the entertainment industry. I love my job, but really want to think about gaining financially security in the future and realize real estate is the last frontier in holding a piece of the fading middle American dream. So this is sort of my long term retirement plan.
Any advice would be helpful. To invest here or elsewhere; that is the question. I think I am realizing the answer but would still love angles from different perspectives and greater experience. Also, maybe I am not seeing hidden potential in Los Angeles that an experienced investor here knows about. Let me know local geniuses! Coffee is on me. I can do concept and architectural renderings as a trade for some insight knowledge!