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Randall Pomeroy
  • Folsom, CA
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Buy and Hold in Los Angeles - Newbie

Randall Pomeroy
  • Folsom, CA
Posted Feb 5 2016, 14:34

Hello BP,

I'm just starting out in real estate investing and while I've been lurking on this site for a bit, I've yet to really join the discussion (or even sign up for an account). But now's the time and I'm glad I found such a great resource.

I've been researching for over a year to find a property (or properties) to buy and hold, as that's my intended strategy. I'd like to replace my wife's income eventually so she can focus on the career that she loves, but doesn't pay consistently. Also, I'd love to create enough passive income to retire early down the road.

I'm 32 now, have a toddler and another baby due in March. I greatly enjoy my full time job, and the idea of building my portfolio in my spare time.

Living in Los Angeles, it's extremely difficult to find properties with good cashflow and those that do typically have a lot of other offers to compete against. But the main reason this doesn't appeal to me is the high cost to entry. I've got a good amount of savings, but the more I researched and visited properties and learned how to analyze the deals, the more against 'putting all my eggs in one basket' I became.

So I'm realizing I need to look into other markets. Markets I know nothing about.

I, unfortunately, don't really know where to look.

Any other L.A. based REIs out there with some sage advice?

Any good L.A. based REI clubs that I should be aware of?

I'm not into the idea of paying for advice, but I will read anything and am looking for a community of people who have been there before. That's what brought be to BP in the first place.

As I big proponent of the learn by doing philosophy (it was literally the motto of my university), I'm ready to jump in, just not sure where to jump.

I'm looking forward to joining the community.

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