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Noobie investor, california

Posted May 24 2022, 14:30

Good afternoon all,

as the title states I'm a noobie investor, zero doors as of today. Im looking to invest out of state as I do not know how I can break into the market around me. I'm an air force veteran, and civilian side I do commercial refrigeration. Wondering who all is in the area that has had success and wouldn't mind having a coffee

San Jose, California

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Julio Gonzalez
  • Specialist
  • West Palm Beach, FL
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Julio Gonzalez
  • Specialist
  • West Palm Beach, FL
Replied May 25 2022, 02:51

Hi Zachery, welcome to BiggerPockets!

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Corby Goade
  • Investor
  • Boise, ID
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Corby Goade
  • Investor
  • Boise, ID
Replied May 25 2022, 04:17

Welcome!

Thank you for your service!

Side note- there are tons of websites and podcasts specifically guiding vets on investing, you might do some digging. 

If you are open to house hacking, MAYBE moving to a different area, you have one of the best tools available to any investor- a VA loan.

I would entertain the idea of house hacking a small multi every year for at least the next 5 years- live in one unit, rent out the others and repeat annually. In CA you'll probably max out your VA benefit on each purchase, so you'll need to refi before you move out, but not having to put anything down on each deal gives you a huge jump start.

Best of luck!

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Justin Windham
  • Solo 401k provider
  • Denver & Hilton Head
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Justin Windham
  • Solo 401k provider
  • Denver & Hilton Head
Replied May 25 2022, 05:06

@Zachery Angus harden

Welcome to the BP!

This is a great forum with very knowledgeable members that will help to guide you in the right direction.

If you are looking to connect with other members near you, or want to learn from people in a specific area you’d like to invest in, or have a desire to find people interested in certain topics, you could use the search feature here: https://www.biggerpockets.com/search/users


I really like the alerts feature that can quickly guide you to current topics that might interest you: http://www.biggerpockets.com/alerts

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Stephen Brown
  • Real Estate Agent
  • Toledo, OH
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Stephen Brown
  • Real Estate Agent
  • Toledo, OH
Replied May 25 2022, 05:06

Welcome Zach. I'd love to chat about multifamily with you sometime. It's a great area to be in.

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Andrew Garcia
  • Lender
  • Silver Spring, MD
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Andrew Garcia
  • Lender
  • Silver Spring, MD
Replied May 25 2022, 11:13

Hi, @Zachery Angus harden, welcome to the community, and thank you for your service.

I am excited to see your journey in real estate.

Since you are a veteran, you have a great tool at your disposal, the VA loan.

You can buy a primary and live in it then after a year or two, you can rent it out and use your remaining entitlement to purchase another home.

If you do not have enough entitlement, you can refinance into a conventional and free up your entitlement.

Hope this helps! Let me know if I can be of any assistance.

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Replied May 29 2022, 19:20
Quote from @Julio Gonzalez:

Hi Zachery, welcome to BiggerPockets!

Thank you, hope to learn all I can

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Replied May 29 2022, 19:21
Quote from @Corby Goade:

Welcome!

Thank you for your service!

Side note- there are tons of websites and podcasts specifically guiding vets on investing, you might do some digging. 

If you are open to house hacking, MAYBE moving to a different area, you have one of the best tools available to any investor- a VA loan.

I would entertain the idea of house hacking a small multi every year for at least the next 5 years- live in one unit, rent out the others and repeat annually. In CA you'll probably max out your VA benefit on each purchase, so you'll need to refi before you move out, but not having to put anything down on each deal gives you a huge jump start.

Best of luck!

I'm definitely not against it, only thing is I have to stay in this area as I work in a trade and if I move to a cheaper area unfortunately my pay will drastically decrease.

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Replied May 29 2022, 19:23
Quote from @Justin Windham:

@Zachery Angus harden

Welcome to the BP!

This is a great forum with very knowledgeable members that will help to guide you in the right direction.

If you are looking to connect with other members near you, or want to learn from people in a specific area you’d like to invest in, or have a desire to find people interested in certain topics, you could use the search feature here: https://www.biggerpockets.com/search/users


I really like the alerts feature that can quickly guide you to current topics that might interest you: http://www.biggerpockets.com/alerts

Thank you for the info I'll check out the alerts and stuff, I'm using the app through my phone as I don't really have space to access a computer ATM 

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Replied May 29 2022, 19:25
Quote from @Andrew Garcia:

Hi, @Zachery Angus harden, welcome to the community, and thank you for your service.

I am excited to see your journey in real estate.

Since you are a veteran, you have a great tool at your disposal, the VA loan.

You can buy a primary and live in it then after a year or two, you can rent it out and use your remaining entitlement to purchase another home.

If you do not have enough entitlement, you can refinance into a conventional and free up your entitlement.

Hope this helps! Let me know if I can be of any assistance.

You seem to know a bit more about this process than I do, I am definitely looking to do this, currently waiting for things to come on market. 

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Replied May 29 2022, 19:27
Quote from @Stephen Brown:

Welcome Zach. I'd love to chat about multifamily with you sometime. It's a great area to be in.


 Is there multifamily in the area? I know what my loan can go up to and what I can personally afford. Have you done this? And what has your experience been?