Redwood City, CA · Member since 2022 · 16 posts · 4 votes
Hi! I live in Silicon Valley and am looking to purchase a first rental-first purchase ever! Need to be creative, use No Money Down Method. Anyone have any strategies for doing this in Silicon Valley? Thank you!
Realtor · Oklahoma City · Member since 2020 · 258 posts · 139 votes
4y
@Victoria R Moos congrats on deciding & wanting to start w/ investing in rentals. Definitely a big & hardest first step is getting into it.
Hopefully you’ll be able to connect with a lot of other investors within Silicon Valley, attend groups & leverage their connections, partners/vendors & relationships as you build your own!
Biggerpockets has a ton of resources on no-money down strategies & techniques that I’m sure your familiar with..? Can work a lot of different creative financing depending on potential deal & people, other investors & sellers.
The biggest thing would be connecting with those people, then also finding solid deals within the market out there in order to get started. Whether that’s doing your own marketing, having good relationships with other investors, or other key people that can connect you to a deal, etc.
@Victoria R Moos congrats on deciding & wanting to start w/ investing in rentals. Definitely a big & hardest first step is getting into it.
Hopefully you’ll be able to connect with a lot of other investors within Silicon Valley, attend groups & leverage their connections, partners/vendors & relationships as you build your own!
Biggerpockets has a ton of resources on no-money down strategies & techniques that I’m sure your familiar with..? Can work a lot of different creative financing depending on potential deal & people, other investors & sellers.
The biggest thing would be connecting with those people, then also finding solid deals within the market out there in order to get started. Whether that’s doing your own marketing, having good relationships with other investors, or other key people that can connect you to a deal, etc.
thank you for these tips. I’ll look at these suggestions and see where To get started with these connections. Thk u so much! Quote from @Chase Busick:
@Victoria R Moos congrats on deciding & wanting to start w/ investing in rentals. Definitely a big & hardest first step is getting into it.
Hopefully you’ll be able to connect with a lot of other investors within Silicon Valley, attend groups & leverage their connections, partners/vendors & relationships as you build your own!
Biggerpockets has a ton of resources on no-money down strategies & techniques that I’m sure your familiar with..? Can work a lot of different creative financing depending on potential deal & people, other investors & sellers.
The biggest thing would be connecting with those people, then also finding solid deals within the market out there in order to get started. Whether that’s doing your own marketing, having good relationships with other investors, or other key people that can connect you to a deal, etc.
Investor · AZ · Member since 2022 · 5 posts · 3 votes
4y
I’m also relatively new to real estate investing but I’ve done a lot of research and have been educating myself in real estate for the past year.
What I would say is to also be open to investing out of state. You can do this by hiring property management companies or doing things remotely as I can share the challenges of the insane home prices where you are. Silicon Valley is one of the most expensive cities and California in general is also not the most friendliest state for landlords. Good luck!
Lender · San Francisco · Member since 2019 · 113 posts · 49 votes
4y
@Victoria R Moos No money down will be quite difficult to achieve as a first rental. Most lenders would want to see experience and track record to remove your need for skin in the game. Have you considered house hacking a sfh home here/rent out rooms? You could get by with less than 5% down with conventional pricing, which is incredibly close to No Money down
I'd be happy to discuss further. I'm also based in Redwood city :)
I’m also relatively new to real estate investing but I’ve done a lot of research and have been educating myself in real estate for the past year.
What I would say is to also be open to investing out of state. You can do this by hiring property management companies or doing things remotely as I can share the challenges of the insane home prices where you are. Silicon Valley is one of the most expensive cities and California in general is also not the most friendliest state for landlords. Good luck!
Thank you for your thoughts. This is all true! I am starting to work with a realtor/friend. We're just starting to talk- so, wanting to hear her thoughts. I am open to outside of the state as well. Thank you for the insight!
@Victoria R Moos No money down will be quite difficult to achieve as a first rental. Most lenders would want to see experience and track record to remove your need for skin in the game. Have you considered house hacking a sfh home here/rent out rooms? You could get by with less than 5% down with conventional pricing, which is incredibly close to No Money down
I'd be happy to discuss further. I'm also based in Redwood city :)
Hi Kushaall, thanks for this info. I have not considered this. Thank you! I will talk with my realtor friend. We definitely should talk once I've decided on a sensible move forward. By the way are you a part of any local Meet up groups here in RWC. Real Estate investing groups. I'd be interested in meeting people, more people, in this area, to get my feet wet.
Real Estate Agent · Kansas City, MO · Member since 2020 · 95 posts · 119 votes
4y
It took me over a year to find my first property. Many people I knew who were in the same boat said “I’m just going to wait until the market cools down” and are sitting on the sidelines still. Cannot stress how important patience and consistency is.
@Victoria R Moos congrats on deciding & wanting to start w/ investing in rentals. Definitely a big & hardest first step is getting into it.
Hopefully you’ll be able to connect with a lot of other investors within Silicon Valley, attend groups & leverage their connections, partners/vendors & relationships as you build your own!
Biggerpockets has a ton of resources on no-money down strategies & techniques that I’m sure your familiar with..? Can work a lot of different creative financing depending on potential deal & people, other investors & sellers.
The biggest thing would be connecting with those people, then also finding solid deals within the market out there in order to get started. Whether that’s doing your own marketing, having good relationships with other investors, or other key people that can connect you to a deal, etc.
Did I respond to this??? not sure. Just wanted to thank you for the great advice. I'm working towards making connections with those in my area and believing that the next small steps will bring clarity.Thank you!
It took me over a year to find my first property. Many people I knew who were in the same boat said “I’m just going to wait until the market cools down” and are sitting on the sidelines still. Cannot stress how important patience and consistency is.
Hi Alex... patience and consistency... good! Thank you!
I’m also relatively new to real estate investing but I’ve done a lot of research and have been educating myself in real estate for the past year.
What I would say is to also be open to investing out of state. You can do this by hiring property management companies or doing things remotely as I can share the challenges of the insane home prices where you are. Silicon Valley is one of the most expensive cities and California in general is also not the most friendliest state for landlords. Good luck!
I realized I responded in the wrong reply box! Thank you for this info and I am open to out of state. So sad, CA is not the friendliest state to do any type of biz. Bummer!
Real Estate Agent · San Luis Obispo, CA · Member since 2021 · 50 posts · 57 votes
4y
Hi Victoria,
I would advise you to consider aligning yourself with people who have done it themselves and are continually doing it. A team of seasoned pros who are heavy in the investor world will take you farther and faster for sure.
Rental Property Investor · Queens, NY · Member since 2021 · 35 posts · 6 votes
4y
@Victoria R Moos Hey I would recommend learning all you can about the specific avenue you want to pursue in real estate. Look into business credit and using OPM. Consider risk management along with understanding how to run your numbers. Calculating ROI and COC are crucial. Also continue building quality relationships with all RE like minded individuals. Best wishes!
Redwood City, CA · Member since 2022 · 16 posts · 4 votes
4y
Hi Darius, some great tidbits here! These are some key details I am learning about- so it helps me to feel i'm moving in the right direction. Thanks so much for taking the time to share this advice. Victoria
I would advise you to consider aligning yourself with people who have done it themselves and are continually doing it. A team of seasoned pros who are heavy in the investor world will take you farther and faster for sure.
Jen
Hi Jen, that's true! I'm in the process of this- so thank you. It is affirmation that I'm taking steps in the right direction.
@Victoria R Moos Hey I would recommend learning all you can about the specific avenue you want to pursue in real estate. Look into business credit and using OPM. Consider risk management along with understanding how to run your numbers. Calculating ROI and COC are crucial. Also continue building quality relationships with all RE like minded individuals. Best wishes!
Darius, this is a good set of hot tips. Thank you. I'm finding this group to be extremely helpful! Thank so much Darius!
Hi Victoria! I am also located in Silicon Valley and I am completely new to real estate investing (REI). As you have seen through the replies on your post, a great way to learn about REI is by connecting/networking with other local investors. The same advice has been given to me too on multiple occasions. There are local meetups that happen here in the area that you can find either by looking on the various social media platforms. A very popular one to find local meetups is on meetup.com. I went to my first one just yesterday and it was great! Search for "The Barstool Investor Bay Area" on meetup.com to find out when the next event is. Hope to see you there soon!
Realtor · Oakland, CA and a Real Estate Investor with Multi-Family Units and a Self Storage Facility · Member since 2016 · 2k+ posts · 2k+ votes
4y
If you or your spouse are military veteran's then you can use a VA Loan and it is ZERO down. That's what I did.
If not, then go FHA where you can put as little as 3.5% Down. If you are trying to go 100% Zero Down using OPM then let us all know if you find out anything. In the early 2000's if you had good (I didn't even say great) credit and a pulse, I know of banks that were giving 100% mortgages left and right. If you had really good credit, had been working at your job for at least 2 years and could spell your name (mostly) correct on the mortgage application then I even saw 103% mortgages. NONE of those banks or lenders are even in business anymore and it is (partially) what led to the mortgage crisis of the mid 2000's.
Investor · San Diego, CA · Member since 2016 · 1k+ posts · 975 votes
4y
@Victoria R Moos I would reach out to the David Greene team in that area. They work with a lot of clients in that area to find creative solutions that help get folks in homes, like house hacking, etc.
Redwood City, CA · Member since 2022 · 16 posts · 4 votes
4y
First of all, thank you to all who replied. Such great advice and I'm definitely taking it one step at a time. I wanted to also thank Mohammed Nasser and Brian Garlington. Didn't get a chance to give them a 'shout out'- so thank you gentlemen! And again, thanks to everyone else. Sincerely,
Redwood City, CA · Member since 2022 · 16 posts · 4 votes
4y
Anyone, or any of you, know how to purchase foreclosures, auctions, and wholesale homes in Stockton, California? Looking to do some investments and sales in my former home town. I love that town and want to do business there, as well as see how I can help families in that city (as well as Lodi, Woodbridge, Tracy). Thanks for the advice and/or connections!
Anyone, or any of you, know how to purchase foreclosures, auctions, and wholesale homes in Stockton, California? Looking to do some investments and sales in my former home town. I love that town and want to do business there, as well as see how I can help families in that city (as well as Lodi, Woodbridge, Tracy). Thanks for the advice and/or connections!