Starting out in real estate world!

Starting Out
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Starting out in real estate world!

Pei Lin
Rental Property Investor · Los Angeles, CA · Member since 2019 · 11 posts · 3 votes

Hello everyone!

My name is Pei and I am interested in investing in real estate. I am still a senior in college and my dad wants me to invest in real estate. My dad has a lot of properties in Taiwan, so he wants to sell some and invest in California. He wants me to look into properties in Southern California, LA and OC area, and look for rental property.

So my strategy is this: I would buy foreclosure homes, buy them at auctions so I can get a good deal. Then turn those properties into rental units. Do you guys think is a good strategy? And can someone recommend me a good real estate agent from LA or OC area?

Thanks for your time,

Pei Lin

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Steven Foster Wilson
Rental Property Investor · Columbus, OH · Member since 2017 · 3k+ posts · 3k+ votes
6y

@Pei Lin great strategy. Its nice that you'll have your father as partner both monetarily and experientially! I too am a senior in college and am currently investing in Columbus OH rental properties. Buying foreclosures can be a good strategy, however at the current moment I believe all foreclosures have been postponed (at least here in ohio they have been) until the COVID 19 pandemic starts to clear.

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  • Steven Foster Wilson
    Rental Property Investor · Columbus, OH · Member since 2017 · 3k+ posts · 3k+ votes
    6y

    @Pei Lin great strategy. Its nice that you'll have your father as partner both monetarily and experientially! I too am a senior in college and am currently investing in Columbus OH rental properties. Buying foreclosures can be a good strategy, however at the current moment I believe all foreclosures have been postponed (at least here in ohio they have been) until the COVID 19 pandemic starts to clear.

    3Reply
  • Account Closed
    Kingsland, TX · Member since 2018 · 164 posts · 86 votes
    6y

    Hey, @Pei Lin! Welcome to BiggerPockets! Sounds like a good strategy. Take a look under the Network tab at Real Estate Agents to find agents in your area that are on BiggerPockets. Best of luck!

    1Reply
  • Robert EllisBusiness Member
    Developer · Miami, FL · Member since 2014 · 3k+ posts · 1k+ votes
    6y
    Originally posted by @Steven Foster Wilson:

    @Pei Lin great strategy. Its nice that you'll have your father as partner both monetarily and experientially! I too am a senior in college and am currently investing in Columbus OH rental properties. Buying foreclosures can be a good strategy, however at the current moment I believe all foreclosures have been postponed (at least here in ohio they have been) until the COVID 19 pandemic starts to clear.

     From my understanding this is true, still plenty of bank owned properties on the market in columbus though 

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  • Pei Lin
    OP
    Rental Property Investor · Los Angeles, CA · Member since 2019 · 11 posts · 3 votes
    6y

    @Steven Wilson thanks for the advice, I’ll definitely look more into i!

    1Reply
  • Pei Lin
    OP
    Rental Property Investor · Los Angeles, CA · Member since 2019 · 11 posts · 3 votes
    6y

    @Lauren Juarez thanks for the help, I’m looking into investing for buying and holding rental properties too.

    1Reply
  • Remington LymanBusiness Member
    Real Estate Agent · Columbus, OH · Member since 2017 · 6k+ posts · 7k+ votes
    6y
    Originally posted by @Robert Ellis:
    Originally posted by @Steven Foster Wilson:

    @Pei Lin great strategy. Its nice that you'll have your father as partner both monetarily and experientially! I too am a senior in college and am currently investing in Columbus OH rental properties. Buying foreclosures can be a good strategy, however at the current moment I believe all foreclosures have been postponed (at least here in ohio they have been) until the COVID 19 pandemic starts to clear.

     From my understanding this is true, still plenty of bank owned properties on the market in columbus though 

     I agree! I get lists from wholesalers all the time

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  • Bud Gaffney
    Rental Property Investor · Boston, MA · Member since 2019 · 2k+ posts · 1k+ votes
    6y

    @Pei Lin Hi Pei! Welcome. Awesome to get started and have your mindset so young. I would do a house hack. Buy a 2 3 or 4 Family. Live in 1 unit and rent out the other units. Here’s my advice to you...most people in your life won’t get what you’re doing or why you’re doing it. Be kind and respectful always, but GO FOR IT. Don’t take advice from people who haven’t/aren’t doing it :)

    0Reply
  • Greg DeBruin
    Contractor · Hudsonville, MI · Member since 2019 · 9 posts · 4 votes
    6y

    @Bud Gaffney 100% agree! People don’t get it, it doesn’t make sense to them. You get raised eye brows an weird looks from people who aren’t in real estate. It is awesome, the people that are in real estate think that’s so smart.

    1Reply
  • Bud Gaffney
    Rental Property Investor · Boston, MA · Member since 2019 · 2k+ posts · 1k+ votes
    6y

    @Greg DeBruin Absolutely Greg! Keep on pushing through, never give up, and ALWAYS believe in yourself!

    1Reply
  • Pei Lin
    OP
    Rental Property Investor · Los Angeles, CA · Member since 2019 · 11 posts · 3 votes
    6y

    @Bud Gaffney thanks for the advice, I definitely look more into it!

    0Reply
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