Looking For a Mentor or Friendly Advice

Classifieds
3yFollow

Looking For a Mentor or Friendly Advice

Anthony Perry
Member since 2022 · 16 posts · 4 votes

Hi Folks!

It's a humbling thing to do, asking for help! My wife and I are brand new to real estate investing(the extent of our real estate experience is buying the home we live in) and are finding quickly that we don't know anyone in our families or friend groups that are into real estate. So we're feeling a bit lost/stuck on how to begin, particularly because we live in a market(Southern California) that isn't financially feasible to invest in. So local meet-up groups, etc don't seem to have the same value as they might elsewhere.

We've identified a few affordable markets in CA(Sacramento, Fresno, etc) that are interesting, but they're limited. And we've run the numbers on a TON of listings, and the cash flow just doesn't seem to be there. Maybe we're being too conservative with our reserves/expenses, but still. 

All of that said, I would love to connect with anyone that has experience investing in affordable California markets and/or investing out-of-state while living in California. Anyone that would be kind enough to bestow their wisdom to a few rookies :) We've poured through the BP forums and posts, and there's a lot of great stuff, don't get me wrong. But nothing beats connecting with someone directly! 


Thanks in advance!

-Anthony

2Reply
16 views

Most Popular Reply

Travis Biziorek
Investor · Arroyo Grande, CA · Member since 2014 · 1k+ posts · 1k+ votes
3y

Anthony, where in SoCal are you? I'm in the Central Coast but own 12-doors in Detroit. Happy to chat about that either on the phone or grab coffee if we end up being close enough.

I'm heading down to Oak Park this weekend so we can visit the in-laws and I'd love an excuse to... well, not spend so much time visiting :-)

1Reply
See this reply in the discussion

20 Replies

Jump to latestLatest
  • Amber Forkey
    Property Manager · Watertown, NY · Member since 2021 · 141 posts · 78 votes
    3y

    Welcome @Anthony Perry! One of my biggest pieces of advice is to find yourselves a mentor that you can align with. Maybe that's someone in your area doing what you eventually want to be doing. Read books, all of them haha. The important part to keep in mind is when you're consuming information, don't forget to place it into action or else you'll get stuck in what they call, "analysis paralysis".

    Good luck and reach out to me anytime! 

    0Reply
  • Taylor L.
    Rental Property Investor · RVA · Member since 2016 · 5k+ posts · 4k+ votes
    3y

    I invest out of state while based on the opposite side of the country. A few comments:

    - Your network is critical in real estate. Investing your time at networking events with active investors who are based in your area is a great way to expand your network and grow your knowledge. I'd say stick with the meetups.

    - You're looking at listings, which is a problem. Cash flowing listings are incredibly uncommon in most of the country, let alone higher priced states like CA. Off market deal flow is what you need.

    0Reply
  • Anthony Perry
    OP
    Member since 2022 · 16 posts · 4 votes
    3y
    Quote from @Amber Forkey:

    Welcome @Anthony Perry! One of my biggest pieces of advice is to find yourselves a mentor that you can align with. Maybe that's someone in your area doing what you eventually want to be doing. Read books, all of them haha. The important part to keep in mind is when you're consuming information, don't forget to place it into action or else you'll get stuck in what they call, "analysis paralysis".

    Good luck and reach out to me anytime! 


     Appreciate the note, Amber! That's the purpose of this post, honestly. I'll look for folks in my area, but I'm interested in talking to folks on BP since it includes a broad range of investors. I've spent the last 5-6 months on the site, listening to the podcast, etc. Definitely some paralysis! But I feel like I have a pretty clear view of how I want to invest, the implementation of it is where I'm stuck. Particularly the mechanisms for finding off-market deals and building out-of-state teams.

    0Reply
  • Anthony Perry
    OP
    Member since 2022 · 16 posts · 4 votes
    3y
    Quote from @Taylor L.:

    I invest out of state while based on the opposite side of the country. A few comments:

    - Your network is critical in real estate. Investing your time at networking events with active investors who are based in your area is a great way to expand your network and grow your knowledge. I'd say stick with the meetups.

    - You're looking at listings, which is a problem. Cash flowing listings are incredibly uncommon in most of the country, let alone higher priced states like CA. Off market deal flow is what you need.


     Thank you for taking the time to respond, Taylor! I'll keep that in mind, to try to network locally even though I won't be investing locally(average home price is well over $1M). 

    Your second point is a big reason why I'm looking to connect with folks. I'm a bit stumped on where to begin finding off-market deals. There are quite a few posts on BP about mailers, cold calling, etc. Which I can understand; sourcing your own off-market deals seems to be the most profitable way to do business. But I'd be curious about your, or anyone's for that matter, success in working with realtors or wholesalers to find deals. To at least get some momentum moving forward. 

    0Reply
  • Samuel Toma
    Livermore, CA · Member since 2018 · 38 posts · 24 votes
    3y

    Hey Anthony,

    I’m still new myself and also live in an expensive part of CA (Livermore). But I’ve purchased two investment properties in the past couple years and one was out of state (Las Vegas) and one was in Fresno, which you mentioned. I would be happy to chat if you have any specific questions!

    1Reply
  • Travis Biziorek
    Investor · Arroyo Grande, CA · Member since 2014 · 1k+ posts · 1k+ votes
    3y

    Anthony, where in SoCal are you? I'm in the Central Coast but own 12-doors in Detroit. Happy to chat about that either on the phone or grab coffee if we end up being close enough.

    I'm heading down to Oak Park this weekend so we can visit the in-laws and I'd love an excuse to... well, not spend so much time visiting :-)

    1Reply
  • Anthony Perry
    OP
    Member since 2022 · 16 posts · 4 votes
    3y
    Quote from @Samuel Toma:

    Hey Anthony,

    I’m still new myself and also live in an expensive part of CA (Livermore). But I’ve purchased two investment properties in the past couple years and one was out of state (Las Vegas) and one was in Fresno, which you mentioned. I would be happy to chat if you have any specific questions!


     Hi Samuel! Thanks for the note. Yeah I'd love to chat some more, if you don't mind. Particularly about how you sourced those deals and set up your teams. Especially the one in Vegas. You mind if I shoot you a direct message to connect?

    0Reply
  • Anthony Perry
    OP
    Member since 2022 · 16 posts · 4 votes
    3y
    Quote from @Travis Biziorek:

    Anthony, where in SoCal are you? I'm in the Central Coast but own 12-doors in Detroit. Happy to chat about that either on the phone or grab coffee if we end up being close enough.

    I'm heading down to Oak Park this weekend so we can visit the in-laws and I'd love an excuse to... well, not spend so much time visiting :-)


     Hey Travis! Thank you for the response. I'm not too far away, actually. I say SoCal broadly, but really I'm on the Central Coast too, in Santa Barbara. So you'll be driving right through our neck of the woods this weekend! Of course it's the one weekend in months that we're going to be out of town; we're taking our 6-month old daughter to Mammoth to see the snow!

    Would definitely love to grab coffee or lunch at some point soon. Maybe we could chat on the phone initially as well, whenever you can spare the time! Last thing I want to be is a time-suck! But I'd love to hear about your approach, how you settled on Detroit, how you built your team out there, that sort of thing.

    0Reply
  • Travis Biziorek
    Investor · Arroyo Grande, CA · Member since 2014 · 1k+ posts · 1k+ votes
    3y
    Quote from @Anthony Perry:
    Quote from @Travis Biziorek:

    Anthony, where in SoCal are you? I'm in the Central Coast but own 12-doors in Detroit. Happy to chat about that either on the phone or grab coffee if we end up being close enough.

    I'm heading down to Oak Park this weekend so we can visit the in-laws and I'd love an excuse to... well, not spend so much time visiting :-)


     Hey Travis! Thank you for the response. I'm not too far away, actually. I say SoCal broadly, but really I'm on the Central Coast too, in Santa Barbara. So you'll be driving right through our neck of the woods this weekend! Of course it's the one weekend in months that we're going to be out of town; we're taking our 6-month old daughter to Mammoth to see the snow!

    Would definitely love to grab coffee or lunch at some point soon. Maybe we could chat on the phone initially as well, whenever you can spare the time! Last thing I want to be is a time-suck! But I'd love to hear about your approach, how you settled on Detroit, how you built your team out there, that sort of thing.


     Funny! My wife is a Gaucho so she'd love to hear that. I'll shoot you a message and we'll find a time to chat!

    1Reply
  • Anthony Perry
    OP
    Member since 2022 · 16 posts · 4 votes
    3y
    Quote from @Travis Biziorek:
    Quote from @Anthony Perry:
    Quote from @Travis Biziorek:

    Anthony, where in SoCal are you? I'm in the Central Coast but own 12-doors in Detroit. Happy to chat about that either on the phone or grab coffee if we end up being close enough.

    I'm heading down to Oak Park this weekend so we can visit the in-laws and I'd love an excuse to... well, not spend so much time visiting :-)


     Hey Travis! Thank you for the response. I'm not too far away, actually. I say SoCal broadly, but really I'm on the Central Coast too, in Santa Barbara. So you'll be driving right through our neck of the woods this weekend! Of course it's the one weekend in months that we're going to be out of town; we're taking our 6-month old daughter to Mammoth to see the snow!

    Would definitely love to grab coffee or lunch at some point soon. Maybe we could chat on the phone initially as well, whenever you can spare the time! Last thing I want to be is a time-suck! But I'd love to hear about your approach, how you settled on Detroit, how you built your team out there, that sort of thing.


     Funny! My wife is a Gaucho so she'd love to hear that. I'll shoot you a message and we'll find a time to chat!


     Love it! That's what brought me down here and I just never left, 14 years later!

    0Reply
  • Drew SygitBusiness Member
    Property Manager · Royal Oak, MI · Member since 2012 · 12k+ posts · 9k+ votes
    3y

    @Anthony Perry if you're looking at properties on the MLS, you won't find cashflowing deals unless:

    1) You make a 100 low offers, with a purchase price that does cashflow, to get ONE accepted

    2) You only make low offers on properties with DOM of 90+

    3) You make offers on properties that need work or can be repositioned.

    [email protected]248-209-6824
    Logical Property Management4.9451 Reviews
    WebsiteView Page
    0Reply
  • Anthony Perry
    OP
    Member since 2022 · 16 posts · 4 votes
    3y
    Quote from @Drew Sygit:

    @Anthony Perry if you're looking at properties on the MLS, you won't find cashflowing deals unless:

    1) You make a 100 low offers, with a purchase price that does cashflow, to get ONE accepted

    2) You only make low offers on properties with DOM of 90+

    3) You make offers on properties that need work or can be repositioned.

    Hi Drew, appreciate the response! That makes sense. Where have you found the most success sourcing off-market deals?


    0Reply
  • Takeel Cannon
    Investor · NASHVILLE · Member since 2022 · 2 posts · 0 votes
    3y
    Quote from @Travis Biziorek:

    Anthony, where in SoCal are you? I'm in the Central Coast but own 12-doors in Detroit. Happy to chat about that either on the phone or grab coffee if we end up being close enough.

    I'm heading down to Oak Park this weekend so we can visit the in-laws and I'd love an excuse to... well, not spend so much time visiting :-)


     man i wish you were here in Nashville lol.

    0Reply
  • Travis Biziorek
    Investor · Arroyo Grande, CA · Member since 2014 · 1k+ posts · 1k+ votes
    3y
    Quote from @Takeel Cannon:
    Quote from @Travis Biziorek:

    Anthony, where in SoCal are you? I'm in the Central Coast but own 12-doors in Detroit. Happy to chat about that either on the phone or grab coffee if we end up being close enough.

    I'm heading down to Oak Park this weekend so we can visit the in-laws and I'd love an excuse to... well, not spend so much time visiting :-)


     man i wish you were here in Nashville lol.


     Phones are a magical thing, my friend.

    1Reply
  • Takeel Cannon
    Investor · NASHVILLE · Member since 2022 · 2 posts · 0 votes
    3y
    Quote from @Travis Biziorek:
    Quote from @Takeel Cannon:
    Quote from @Travis Biziorek:

    Anthony, where in SoCal are you? I'm in the Central Coast but own 12-doors in Detroit. Happy to chat about that either on the phone or grab coffee if we end up being close enough.

    I'm heading down to Oak Park this weekend so we can visit the in-laws and I'd love an excuse to... well, not spend so much time visiting :-)


     man i wish you were here in Nashville lol.


     Phones are a magical thing, my friend.

    PM sent
    0Reply
  • Drew SygitBusiness Member
    Property Manager · Royal Oak, MI · Member since 2012 · 12k+ posts · 9k+ votes
    3y

    @Anthony Perry networking with other investors!

    Are our answers worth a vote?

    [email protected]248-209-6824
    Logical Property Management4.9451 Reviews
    WebsiteView Page
    1Reply
  • Baird KingPro Member
    Investor · Santa Barbara & Ventura · Member since 2020 · 227 posts · 65 votes
    3y

    Hi @Anthony Perry. I host a monthly meetup for investors of all experience levels in Santa Barbara.  There are loads of folks (myself included) who would love to pass along some knowledge and talk about our experiences.  Next one is this Thursday. You can search for it in the BP events page.  Feel free to reach out to me directly as well if you have any questions. Hope to see you Thurs.

    0Reply
  • Anthony Perry
    OP
    Member since 2022 · 16 posts · 4 votes
    3y
    Quote from @Baird King:

    Hi @Anthony Perry. I host a monthly meetup for investors of all experience levels in Santa Barbara.  There are loads of folks (myself included) who would love to pass along some knowledge and talk about our experiences.  Next one is this Thursday. You can search for it in the BP events page.  Feel free to reach out to me directly as well if you have any questions. Hope to see you Thurs.

    Hi Baird!

    Thanks for the note! That’s really cool to hear; I’m out of town through this Friday, but I’d love to catch the next one in March. 

    In the meantime, if you’d be open to a phone call or cup of coffee, I’d appreciate the opportunity to pick your brain about how to get started. What you did to get REI rolling, things you’d have done differently, etc. Also happy to wait until the March meet up to chat about that stuff, I don’t want to be a time thief! I know you’re busy. 

    -Anthony 
    0Reply
  • Baird KingPro Member
    Investor · Santa Barbara & Ventura · Member since 2020 · 227 posts · 65 votes
    3y

    @Anthony Perry - definitely happy to chat or meet up before the next event!  Shoot me a DM and we'll figure something out. I'll also start tagging you in the event notifications.

    0Reply
  • Anthony Perry
    OP
    Member since 2022 · 16 posts · 4 votes
    3y
    Quote from @Baird King:

    @Anthony Perry - definitely happy to chat or meet up before the next event!  Shoot me a DM and we'll figure something out. I'll also start tagging you in the event notifications.

    Will do, thanks Baird! I’ll shoot you a message. Looking forward to connecting! 
    0Reply
Join the conversationCreate a free account to reply, vote on answers and follow this thread.
Log InJoin for Free