Newbie from Bakersfield, CA

17 Replies

Hello All,

I was thrilled to find this community while doing a search of print resources for REI. My life has changed already since I decided to truly engage in learning to invest in RE only a few months ago. I can tell after reading some of the blogs and listening to a podcast that bigger pockets is an excellent place to be if you want to be involved in REI. I Iook forward to learning about all aspects of buy and hold and possibly flips (which I tried previously without great success - didn't have the right formula I guess). Financing is a subject I find particularly daunting, though my day job is in accounting support. Loans are a whole new animal, but I am determined to make the whole process second nature! I look forward to being involved in BP!

@Rachael Collins  

Welcome. Fill in the foundation below.

Check out the Start Here page http://www.biggerpockets.com/starthere

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.

Two Great reads, I bought both J. Scott The Book on Flipping Houses, The Book on Estimating ReHab Costs http://www.biggerpockets.com/flippingbook

Consider checking out HUD homes for small multi's owner occupied gets first crack.

You might consider Niche or Specialized Housing like student housing. Rents can be 2-4 times more. Remember you don't have to own a property to control it.

Download BP’s newest book here some good due diligence in Chapter 10. Real Estate Rewind Starting over

http://www.biggerpockets.com/files/user/brandonatbp/file/real-estate-rewind-a-biggerpockets-community-book

Good Luck

Paul 

Welcome to BP community @Rachael Collins   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

If you wish to tag someone in the conversation on the forum, type @ followed by their name and then select that person below. He or she will be notified of being tagged so that the conversation will continue.

Wishing you the best! 

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One thing I would recommend is feel free to ask questions and post it on forum. Many a times we are hesitant to post a question, but surprisingly you will find there are lot of ways to answer the question and its always to get to have multiple perspectives.

As @Ned Carey says - Just ask the questions and follow up with people, keep in touch

Also would recommend reading How do I find a Mentor?

Welcome Rachael! It sounds like you've got the determination to make your REI goals a reality. Be sure to check the "Learn" tab at the top of the screen as it contains some great resources. Best of luck!

Welcome to Bigger Pockets Rachael! I'm lucky that my husband loves and understands loans. but I'm sure you can learn it. Having a w-2 job helps. You should be able to get your first three investment loans relatively easy, then you'll need to get more creative. One thing you'll want to decide is if you will buy them in your name or in an LLC. Both have pros and cons. Stay active, find some local investors to invite to coffee.

Its good to hear from another Kern County investor.  I have rentals in the "Kern River Valley" but spend a good amount of time working in Bakersfield.  There is some area specific information that in the archives that could be helpful.   Welcome!

Welcome to Biggerpocket!

We are in Lemoore, a fellow Central Valley Investor. We are buy and hold investors. We have 2 property here in California and 3 back east. We self manage our properties back east from a distance.

Welcome! I'm down in Venice Beach. Yes, BP is a great place to use as a resource! Sorry to hear about the past flips. The good news is, the best way to learn is from mistakes! :) It's the hard way to learn, but still the best. But BP is nice because it lets you learn from other people's mistakes which is a lot less costly. 

Good to see so many Californian investors here. I'm looking to make my first purchase now that I'm working full time after completing school. I don't want to live off my work salary forever. I may look into out-of-state buy and holds though.

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Its a big county and there are several areas where low prices like that are possible.  In the Kern River Valley (Lake Isabella, Bodfish, Wofford Heights, Mt Mesa) it is very possible to still find houses in that price range.  

I did an inspection of a SFH in Onyx CA last week that was at the bottom of that price range so it is very much possible today.

I know where are still homes in that price range in many other areas of Kern County.  Some are in decent but very rural areas (as in very far from jobs), some areas are more likely to be war zones.  The best thing is to look online at properties that fit your figures then spend some time getting familiar with the areas.

Hey @Rachael Collins  welcome to BiggerPockets! It is great to have you and please feel free to jump in the community - there are certainly great people around here!

And oh, learn how to use BiggerPockets to grow your business by checking this quick guide: http://www.biggerpockets.com/biz

See you around!

Hello @Michele Fischer,

Thanks for the welcome!  Would you please explain why the first three will be easy due to he w2 job, as well as why it will be more difficult after that. Also I was planning to use a corp of some type when I buy for asset protection. Are LLCs most favorable for rentals? And why or why not?

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