Those dang Newbies!!!

12 Replies

Hello there everyone! 

I first want to start out here by saying that BP is an awesome platform and it seems that a lot of really smart, kind, and interesting people are on here, and BP has already helped me with so much research, its just a really bad A site!!! Sorry, but it is true that this community is pretty cool! Anyways, I'm trying to figure out what I should do. I am 35 yrs old and wanting to get into REI. I live in a very small town (12 K) population in Oregon, The Dalles =(. I have been saving up to try and get my first home to do a BRRR, but I now have an opportunity to use that money to move to Roseville Ca where I have lots of family, and some better paying jobs and more people to possible to network with. But the pickle is I will be losing all my savings to move to CA, and I have no idea how I would ever get into REI. I want to get into REI, because its actually working towards my own dreams and not working in a factory setting ( I build and repair government UAVs...drones) for someone else's dreams. My really long winded question is...What would you do to get into REI? Should I try to land a job with a flipper in Roseville? Or should I just keep saving and try to get my own property? It would have to be a real fixer upper due to my salary and being a single dude. Also, this town is really small, not a lot of people to network with. I have a huge family in CA and they would eventually want to flip or BRRR with me...the (Capital) aspect. Are there any flippers that would actually hire Newbies? I did get my RE license in Oregon, but its hard to keep my W-2 job and sell RE.

Anyways, sorry for the long intro and question, I do not have too many people to bounce these ideas off of. 

Thank you in advance! 

Ryan W. 

The Dalles, Oregon and yes it is actually a town with "The" in the name.

Do the Financial Freedom video course. It's in the Education tab as "Free Course." You don't have to make all those decisions without a basic introduction to the many different aspects of real estate investing.

Hi Ryan,

Do you see yourself staying in The Dallas OR and becoming a real estate investor there in the future? Is that where you want to be?  Will you reach your goal if you stay the same path? Sounds like Roseville will offer you a bigger and more lucrative opportunity.  Can open up more doors for you? 

Sometimes in life, you have to take one step back so you can take two forward.  Every few years the universe offers someone a chance to change their lives forever. That chance comes and goes fast.  It is up to the person to recognize that opportunity to jump on it and go for it.

You might want to get a job lined up before you move.  It is hard to live and invest without a monthly income. After you have a income, you can do side jobs like looking for fixer upper houses and build up a savings account until you have enough money to buy your own property. The lowest priced homes are 200k around sacramento so if it is a fixer upper, you will need a 10% down payment to buy it. 

Ryan, if youre going to get into real estate youre going to want a larger population surrounding you... youre in the boondocks. Roseville would be the way to go. This MLS covers 9 counties so its a vast territory with a much, much larger population. It sounds like from everything youve mentioned, it would be worth the risk moving here so long as you can afford to live here. More and more people are moving from the San Francisco Bay Area out this way, so prices are going up... but still much more affordable and you can find deals here. If you have employment here, youll be able to survive while working part time with a flipper for free...and learning from the process. Just make yourself valuable to them and it will pay off. In fact, maybe work for free in exchange for a small portion of the overall profits! Surely someone would be able to use your talents and your drive if you put your energy into it.

@Ryan Wood

I am biased, but I think there are few areas in the country that have more real estate upside than the Sacramento area over the next decade.

Sorry all for the delayed response, been pulling a 60 hr week at my current W-2. Anyways, wow lots of awesome replies. I knew BP would help with my questions and concerns.

Jim K. I will watch the "free Course" today. Thank you for that!

Frank Wong, I really don't see myself living in this The Dalles, much longer. The town seems just too small, and I haven't been able to meet any Investors, and there is zero REIAs here. I feel like I have more connections in Roseville, but I probably couldn't buy a house there by myself. I could buy a house here in The Dalles in a few months, but being a single guy I only have 1 stream of income and I wouldn't want to stay here too much longer. There is a really nice town about ~18 miles away called Hood River. I almost positive there is investors there. The homes are double what they are here in my town. But again the inventory is small about (13k pop). Also no RIEAs there either. I have to agree with you, that Roseville might open more doors. I have played with the idea of just buying a flip somewhere in the south and just move to an up and coming town, due to my ability (no wife or children...yet) to move at a short notice. But then I think that I need to focus on one area and pull the trigger for Roseville. Again Frank, thank you for your input!!!

Gordon Cuffe, I will definitely line a job up before I head down there, very good point and the side job is a must! My cousin might be able to find me a cheap place to live for a while, so that might help out a lot. And thank you for the PMs it helps out a ton!

Chad D. I agree 100% Roseville is sounding like the way to go. I will look for a P/T with a flipper for free for sure! I would love to do that and just learn anything about REI. Great reply, and thank you!!!

Joe Bertolino, I have thought of that as well. I have played with the idea of using my capital to buy in a cheaper, but a more upside town, and just moving there while I fix it up. What area were you thinking of? That is something that I'm willing to do. Unless you were thinking about something else? Thank you for your help! 

Thank you all for the replies. You guys definitely know you stuff!!! 

Ryan Wood

Hi Ryan, I am a general contractor that lives in Hood River. I am looking to start investing in real estate in The Dalles area because it is so much cheaper then here. It sounds like you might have already made your mind up to move to Cali and that might be what's best for you but if not let me know and maybe we can team up on something around here. I'm pretty new to rei but have been educating myself for the last year in preparation. Get ahold of me if you want to meet up some time and good luck with all your future investing!

@Ryan Wood , have you considered house-hacking as a "best of both worlds" scenario?  As a single person, it would seem to be an ideal fit for you.  Find a duplex/triplex in Roseville, live in one unit and rent out the remaining.  This has a couple of different benefits: 

1) You'd get a discount on the loan, as it would be owner occupied.  

2) Your tenants would pay a large majority of your loan while you (hopefully) build equity.  

3) When you do move from there, you'd have another unit to rent out.

4) You'd get to live where you feel is best for you.

Good luck to you!

Ryan

you should move here to Puerto Vallarta Mexico, buy my condo and rent it out for $2500 a month then move to Fort Lauderdale florida and start working magic in real estate.

Originally posted by @Mathew Taylor :

Hi Ryan, I am a general contractor that lives in Hood River. I am looking to start investing in real estate in The Dalles area because it is so much cheaper then here. It sounds like you might have already made your mind up to move to Cali and that might be what's best for you but if not let me know and maybe we can team up on something around here. I'm pretty new to rei but have been educating myself for the last year in preparation. Get ahold of me if you want to meet up some time and good luck with all your future investing!

if you have tons of family in Sacramento I would get your license there and sell to your warm market.. you can do that part time that will help U save money up.. houses hack is the way to go on the West coast as a beginner that's my thought

Mathew  I built out the Village at Rand Road and about 5 other specs there in Hood River.. can you ping me I would not mind taking a look at whats happening there today.. not have a great GC has kept me out of the market.   

@Jay Hinrichs, Hi Jay I think you must have been here at the right time when things were a little more affordable. Being born and raised here I've seen Hood River go thru a lot of changes. It's gotten pretty ridiculous lately. Finding a lot isn't easy and if you find one it's probably running around $250k or better. Unless you have deep pockets it's tough to do any kind of specs around here. Remodeling has been mostly what I do lately. That's why I am looking towards The Dalles where things are still half way affordable. If you ever think about doing anything this way again let me know.

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