First step of action as a beginner

4 Replies

Hello, 

My name is Jimmy and I'm 26 years old. Currently residing in Orange County, CA and working full time as a front end developer, I'm looking to make good use of my savings. I have read the beginner guide from BiggerPockets and looking to study more before I take my first step to a deal. I have caught the RE investment bug and got a good amount of questions I hope you guys don't mind me asking.

My goal is to purchase a duplex or triplex using a FOH loan in the OC as a starting goal and rent out the other unit(s). My problem is property in the OC is quite high and I don't have the funds for a 3.5% DP for a multi family property. Asking family for funds is out of the question as I'm helping my parents pay the bills leaving me with little savings. By not having too many people to rely on funds and living in a high cost area, how were you able to complete your first deal if you were in a similar situation?

Would you recommend purchasing a place out of state instead? (I'd like to live in California so won't be able to use FOH)

What are your recommendations on some books or information and how did you know you were ready to take your first step to a deal?

Would love your feed and response. Thank you!

@Jimmy Yoon

Depending on how much money you have, investing out of state can be a much better option. I’ve spoken with a California investors that invest in my market (Memphis) all the time.

As far as education BP has a book on long distance investing that’s phenomenal. Also l can’t stress enough podcasts podcasts podcasts! In the car, in the gym, even at home. You’ll learn so much so fast just by soaking in podcasts throughout your day. BP podcasts and others too, @Antoine Martel for example has a really good podcast and he’s a California investor that buys out of state.

Hope this helps!

Originally posted by @Alvin Sharp Jr. :

@Jimmy Yoon

Depending on how much money you have, investing out of state can be a much better option. I’ve spoken with a California investors that invest in my market (Memphis) all the time.

As far as education BP has a book on long distance investing that’s phenomenal. Also l can’t stress enough podcasts podcasts podcasts! In the car, in the gym, even at home. You’ll learn so much so fast just by soaking in podcasts throughout your day. BP podcasts and others too, @Antoine Martel for example has a really good podcast and he’s a California investor that buys out of state.

Hope this helps!

Thank you Alvin!