Realtor · Los Angeles, CA · Member since 2013 · 54 posts · 19 votes
Hi there!
My name is Brenda and I'm new to real estate investing and I'm looking forward to learning as much as possible. The only real estate experience I have is an REIT index fund I purchased a few months ago.
I would love to be a part of the buy and hold community with a focus on single family homes and small multifamily properties (perhaps even live in one of the units).
It would be nice to find a deal in California, but I'm open to markets outside of California, for obvious reasons. Market is bound to go down again, right? I'm beginning my search in Virginia, Texas, Indiana, and Georgia.
Thanks for taking the time to read my little introduction. I'm excited to be here!
Turn key provider · San Jose, CA · Member since 2010 · 4k+ posts · 3k+ votes
12y
@Rosalina Brenda Berk Atlanta is really played out. The equity funds have pushed prices up too much. Texas has a great economy but they also have high property taxes and insurance rates which eat in to your cash flow. Avoid choosing a market just because you have relatives there. Unless they are professional property managers, they're not going to be of any real help to you. Choose a market based on it's economic fundamentals and returns. I wrote a report on how to choose an investment market. I'll be happy to share it with you if you'd like.
Rental Property Investor · Oakland, CA · Member since 2011 · 3k+ posts · 2k+ votes
12y
Hi Brenda, and welcome to BP! I’m a ‘fix and hold’ investor from the Bay Area in CA, and loving it! But you’ll find a variety of every type of investor on the site, and everyone is amazingly helpful. Some pointers for you: The "Learn" link across the top navigation bar has lots of great info, and so do BP members! You can click on the ‘vote’ button if you like someone's post or is helpful, and there are ‘awards’ to earn on your profile. And you can tag people by typing @ before you type their name, then clicking their name at the bottom of the message box. Welcome to the site, and good luck in everything!
Realtor · Los Angeles, CA · Member since 2013 · 54 posts · 19 votes
12y
@Patrick D. Hi there.
I started considering Indiana because I know one investor who is into turnkeys at the moment out in Indianapolis. I haven't done much research on turnkeys, but it's something I might consider.
Virginia is also a consideration mostly because my in-laws are in Virginia Beach and I've had the opportunity to visit (over the holidays) and see what is currently selling. Since the Navy is well established throughout that area, my idea is that you would have tenants that would pay on time.
Texas and Georgia are possibilities only because that's what I've heard other investors talk about, but I wonder if those markets haven't blown up a bit. In other words, I wonder if I'd qualify for anything in those markets.
Thanks for taking the time to ask. It's nice to build rapport.
Check out the free BiggerPockets Podcast - A weekly podcast with interviews and a ton of great advice. And you get the benefit of having 50 past ones to catch up on.
Locate and attend 3 different local REIA club meetings great place to meet people gather resources and info. Here you will meet wholesalers who provide deals and rehabbers.
Consider checking out HUD homes for small multi's owner occupied gets first crack.
You might consider Niche or Specialized Housing like student housing or vacation rentals. Rents can be 2-4 times more. Remember you don't have to own a property to control it.
Go to IREM.org search for ARM certified property managers call 5 ask them what parts of the city they like/dislike and why. Ask what they see them selling for per unit and expenses running by category. Ask them if they know any properties coming up for sale.
Turn key provider · San Jose, CA · Member since 2010 · 4k+ posts · 3k+ votes
12y
@Rosalina Brenda Berk Atlanta is really played out. The equity funds have pushed prices up too much. Texas has a great economy but they also have high property taxes and insurance rates which eat in to your cash flow. Avoid choosing a market just because you have relatives there. Unless they are professional property managers, they're not going to be of any real help to you. Choose a market based on it's economic fundamentals and returns. I wrote a report on how to choose an investment market. I'll be happy to share it with you if you'd like.
Glad to hear that you want to get started in real estate investing outside of the expensive coastal California markets. It is very expensive and hard to cash flow. Besides, there are so many great opportunites with better returns in other growth markets.
Turn key provider · San Jose, CA · Member since 2010 · 4k+ posts · 3k+ votes
12y
@Rick Baggenstoss I didn't say Atlanta wasn't worthwhile.I just don't see it as the best choice however for someone just starting out and looking for a long term buy and hold. There's no denying that prices have been pushed up and CAP rates have been squeezed by the equity funds. Some people still prefer Atlanta for it's appreciation potential, however that's possible in very select areas. Thanks for checking out our website though.
Sherman Oaks, CA · Member since 2013 · 3k+ posts · 2k+ votes
12y
Welcome Brenda. Sounds like you got a good plan. I personally like in state syndication and Colorado for buy and hold. The LA area is better than gold if you happen to come across one. I have found BP to be a great resource for all my questions. It would be hard to mess up on a deal if you check with the bpers first. They have seen it all and will have insightful realistic feedback.
Real Estate Investor · Brooklyn, NY · Member since 2013 · 120 posts · 14 votes
12y
@Rosalina Brenda Berk How're you doing Brenda? I'm a Newbie as well but what i can tell you is to download that biggerpockets App & listen to the Podcasts. You learn more than you could've imagined. TRUST ME!!! They're the real deal!!!!