New Investor near Los Angeles

New Member Introductions

New Investor near Los Angeles

Real Estate Investor · Ventura, CA · Member since 2013 · 5 posts · 3 votes

Hey everyone!

Like many people here, I'm new to investing in real estate. I found BP a while ago, but didn't really figure out the potential of REI until recently, and I'm hooked! Since then I've been reading as much as possible between BP, blogs, and whatever else I can find. I don't have a background in real estate, but I do work in finance, so I can at least follow the numbers and keep learning

My goal is simply long term financial independence, so I'm mostly interested in buy & hold options. With that I work a full time job in Southern California which limits my time and my ability to buy locally, so out of state turnkey investing seems like a natural fit. Midwest metropolitan areas seem to be a solid direction to start, but I still need to learn more in order to narrow down the search.

Well that's about it for now. I'm excited to get started, and to meet more of the community!

Alex

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Dave Olverson
Real Estate Investor · Durham, NC · Member since 2014 · 89 posts · 32 votes
12y
Welcome Alex! I am pretty much in the same boat as you are (except over on the other coast in NYC). The people on the boards have been great, so far. I am happy to discuss anything about turnkey investing and hopefully we can both learn a lot from BP!
0 Reply
Alex Moore
OP
Real Estate Investor · Ventura, CA · Member since 2013 · 5 posts · 3 votes
12y
@Dave Olverson Hey! I actually had seen you on here and thought the same thing. It's nice to meet you
0 Reply
Dmitriy Fomichenko
Solo 401k Expert · Anaheim Hills, CA · Member since 2012 · 18k+ posts · 6k+ votes
12y
@Alex Moore

Welcome to BP community! It is a great place to meet new friends and learn about various aspects of real estate and more. Here are a few recommendations for you:

Find and connect with other BP members that are in your area http://www.biggerpockets.com/meet

Set up keyword alerts to be notified of the topics that interest you: http://www.biggerpockets.com/alerts

Wishing you the best!
0 Reply
Dave Olverson
Real Estate Investor · Durham, NC · Member since 2014 · 89 posts · 32 votes
12y
Agreed - especially on the alerts. For potential investors like us, I recommend alerts for:

turnkey

turn-key

TK

and perhaps whatever market you are targeting.
0 Reply
Parul S.
New York, NY · Member since 2013 · 24 posts · 4 votes
12y
@Alex MooreGreat to meet other investors that are looking out of state. I am based in NY, work in finance, and also looking to invest in passive turnkey properties for cashflow.

@Dave Olverson - I noticed on another forum that you are looking at Indy, Houston, DFW and Chicago - those are very similar to the areas I'm looking at as well. I was just listening to a webinar on Indy organized by Maverick Investor Group, referred to me by @Ali Boone

I hear a lot of pros and cons about TK but I'm warming more to them everyday, given my own position and circumstances.

To be honesty, I would be most interested to hear about positive or negative experiences that investors have had with specific TK companies (beyond googling them, asking for references, or finding one-off anecdotes on BP). I see broad references to the TK industry but don't hear of many specific companies mentioned (Maverick is the first TK company I have gotten a positive endorsement on).
0 Reply
J. MartinPro Member
Rental Property Investor · Oakland, CA · Member since 2011 · 3k+ posts · 2k+ votes
12y
Hi Alex, 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!
0 Reply
Neil Hauger
Residential Landlord · Houlton , WI · Member since 2014 · 56 posts · 35 votes
12y
Welcome Alex! I am new to. Just got here tonight. Saw your comment about midwest. That is home for me so stay in touch. I live in Western Wi, just a short drive from Minneapolis/St. Paul. I am investing in my area of Wisconsin currently. Developing a good team of folks so if I can help with my limited advice, let me know!
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Marco Santarelli
Specialist · Orange County, CA · Member since 2008 · 2k+ posts · 623 votes
12y
@Alex Moore @Dave Olverson @Parul S.

Welcome to BiggerPockets!

This is a great community, full of information, knowledgeable people, and plenty of opinions to satisfy every investor argument.

I'm glad to hear you're all interested in building your real estate portfolios, but the common problem you all share is that you live in very expensive markets where the numbers simply don't make sense. With high purchase prices and low rent-to-value ratios, it's very difficult to find any "deal" that cash-flows and provides you an attractive rate of return.

If you're limited on time, expertise, resources, contracts, etc., then solid turnkey investment properties in growth markets may be a good option for you. I've been investing out-of-state since 2003 and have been very successful at creating systems that work.

As I say, "Live where you want. Invest where it makes sense!"

It's a great time to be building your real estate portfolio and there are many great investment opportunities around the U.S. today. Let me know if you have any questions, or post them here in the forums. Also...

Be sure to check out the Ultimate Beginners Guide as well as my 10 Rules of Successful Real Estate Investing.

Continues success!
0 Reply
Marcus Peterson
Homeowner · Chino, CA · Member since 2014 · 16 posts · 9 votes
12y
@Alex Moore

I am a new member from SoCal as well. Welcome aboard and good luck!
0 Reply
Alex Moore
OP
Real Estate Investor · Ventura, CA · Member since 2013 · 5 posts · 3 votes
12y
@Dmitriy Fomichenko @Dave Olverson @J Martin Thank you for the tips. Very much appreciated!

@Parul S. That seems to be the challenge. It's seems to be difficult balancing recommendations with advertising...

@Neil Hauger Hey thanks for reaching out to me and for offering advice. I'll definitely take you up on that if I end up looking around that area.

@Marco Santarelli I was hoping you'd pop up here. That is a fantastic saying, and it make so much sense that we invest where our $ can work the hardest. Hopefully we can connect in the future.

@Marcus Peterson Welcome to you too.

Again, thanks everyone for reaching out. I'm stoked to start building a network here. Time to start making great things happen!
1 Reply
Ali Boone
Real Estate Coach · Venice Beach, CA · Member since 2012 · 6k+ posts · 3k+ votes
12y
Hey Alex! Not far from you, in Venice Beach. I have only two words for you- "scary dairy". I recently found out about this and I'm pretty sure it's in Ventura? Have you heard of it? Really cool abandoned old dairy next to the mental hospital that you can go hike? It's in my very near future plans.

Good thoughts about out-of-state turnkeys. That is all I have bought myself and I wouldn't buy any other way. Let any of us know if you have any questions!
0 Reply
Parul S.
New York, NY · Member since 2013 · 24 posts · 4 votes
12y
@Alex Moore - Completely agree. I'm going to start a forum asking for specific TK recommendations from investors (NOT advertising) and will @ mention you. Lets see if that gets us anything.
0 Reply
Engelo RumoraBusiness Member
Investor · Toledo, OH · Member since 2013 · 4k+ posts · 2k+ votes
12y
@Alex Moore

@Dave Olverson

@Parul S.

Hey guys,

I hope your all well.

Its great to see you guys wanting to build your portfolios through cashflowing properties. I definitely believe that this is the best way to proceed.

After investing in real estate for the past 5 years and predominantly focusing on high cashflow deals it has led me to believe that the KEY to successfully investing in another state or country is not about the STATS or DEMOGRAPHICS of that particular area but rather the TEAM established on the ground. If the best house is bought in the best area but the property management company is INCOMPETENT money can be lost.
Also, investing should be based on the numbers in the deal and not "predictions" of capital growth. "Hoping" a property will go up in value is not a strategy. If the numbers make sense today and suit your end goal then this might be good investment to pursue further.

Too many investors get caught up on PREDICTIONS that one particular area will see more appreciation than the other.

Thanks for reading and have a great day.
Podcast Guest on Show #89
Oz Realty4.5368 Reviews
Website View Page
0 Reply
Dave Olverson
Real Estate Investor · Durham, NC · Member since 2014 · 89 posts · 32 votes
12y
Hey @Parul S. - I am in the same boat. I have been talking to a company called Vision Equity in Indianapolis and have heard good things on the boards (did a quick search) as well as from a referral outside of BP. Other than that, I am a bit clueless as well.

Thanks @Engelo Rumora - capital growth is definitely not part of my strategy. I think that's a great point you make. That's also an interesting point about making sure to do your due diligence on turnkey companies, not just on the side of their properties and location, but also vetting the property management side of their operation.
0 Reply
Parul S.
New York, NY · Member since 2013 · 24 posts · 4 votes
12y
@Dave Olverson - thanks for the heads up. I'll look into Vision Equity. My experience with Maverick Investor Group is very early stage, but nothing too report that has been either very impressive or unimpressive. I'll keep you posted on how it goes. Also, since you're in NYC, have you heard about the BP meeting up in NYC on March 11th at 6:30pm at Pranna (79 Madison Ave at 28th Street)? My husband and I will be attending and we hope to meet other like-minded individuals. All the best.
0 Reply
Account Closed
Denver, CO · Member since 2014 · 220 posts · 18 votes
12y
Welcome to BiggerPockets, @Alex Moore!
0 Reply
Dave Olverson
Real Estate Investor · Durham, NC · Member since 2014 · 89 posts · 32 votes
12y
@Parul S. - I did actually hear about that. I was considering stopping by. I hope to make it out and see you there!
0 Reply
Engelo RumoraBusiness Member
Investor · Toledo, OH · Member since 2013 · 4k+ posts · 2k+ votes
12y
Originally posted by @Dave Olverson:
Hey @Parul S. - I am in the same boat. I have been talking to a company called Vision Equity in Indianapolis and have heard good things on the boards (did a quick search) as well as from a referral outside of BP. Other than that, I am a bit clueless as well.

Thanks @Engelo Rumora - capital growth is definitely not part of my strategy. I think that's a great point you make. That's also an interesting point about making sure to do your due diligence on turnkey companies, not just on the side of their properties and location, but also vetting the property management side of their operation.

Thanks David.

Yes,

Make sure the PM is reputable and caters for the particular area the property is purchased in. In C class areas it takes a certain type of PM to hit the promised numbers on paper.

Also, A good idea is to ask what kind of after service is offered by the turn key provider. Most will just wash their hands and walk away once they sell you the house.

If someone is not wiling to spend 6 - 12 months educating an investor on the particular area and product they are selling I wouldn't be interested in working with them.

Thanks
Podcast Guest on Show #89
Oz Realty4.5368 Reviews
Website View Page
0 Reply
Alex Moore
OP
Real Estate Investor · Ventura, CA · Member since 2013 · 5 posts · 3 votes
12y
@Engelo Rumora Wow, great info. I will definitely keep that in mind.

@Account Closed Hey thanks!

@Ali Boone Haha I hadn't heard of it, but now I know what to look for this weekend. Anyway thanks for stopping by my post! I've been checking out your website and hopefully I can learn from your successes.
0 Reply
Ali Boone
Real Estate Coach · Venice Beach, CA · Member since 2012 · 6k+ posts · 3k+ votes
12y
Haha...maybe I'll run into you there!

Super cool, feel free to ask any questions.
0 Reply
Brandon TurnerPro Member
Investor · Maui, HI · Member since 2009 · 13k+ posts · 3k+ votes
12y
Hey @Alex Moore welcome to BP! Glad to have you!
Podcast Guest on Show #92
0 Reply
Jeff Greenberg
Real Estate Consultant · Camarillo, CA · Member since 2010 · 2k+ posts · 1k+ votes
12y
@Ali Boone the mental hospital is now a University so the tenants didn't change much. Lol

Been in vta county 35 years and never heard that one.

Welcome to BP. PM me for a RE club in TO. A group of BPers will be meeting on the 15th in Mar Vista.
0 Reply
James Wise
Real Estate Broker · Cleveland Dayton Cincinnati Toledo Columbus & Akron, OH · Member since 2013 · 30k+ posts · 20k+ votes
12y
@Alex Moore Welcome to the site.
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