New member from the South Bay, California

New member from the South Bay, California

Investor · Campbell, CA · Member since 2014 · 5 posts · 5 votes

I live in Campbell, California and have recently joined BP. Since joining a week ago, I have thoroughly enjoyed listening to a number of the podcasts on my daily commute. I have been investing for 4 years now and have acquired 6 SFR rental properties for passive income (3 in the Bay area, 2 in Las Vegas and 1 in Austin). I was fortunate to get these as REOs, Short Sales and through auction.

I am hoping to expand my understanding of other options and approaches to acquiring real estate.  I literally jumped in at the market opportunity after the crash with opportunities to acquire real estate at prices significantly below the replacement value on relatively new properties.

Going forward, I would like to: 1) participate in other markets that have lagged in the recovery - thinking about Atlanta and Milwaukee markets,  2) expand to multi unit, 3) partnering with other investors and 4) alternate sourcing of properties - from wholesalers/flippers or paying finders fee.

In addition, I want to get a feel for the forums before committing to the Plus/Pro option.

Looking forward to participating.

Regards,

Peter

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Investor · San Jose, CA · Member since 2012 · 2k+ posts · 3k+ votes
12y

Hi Peter,

Welcome to Biggerpockets. Nice town you have there. Wow, you jumped into real estate investment at the right time. No need to modest. You know about real estate investment than most of us. Based on what I heard from other investors, the ship has sailed in Atlanta. However, there's still opportunity in Milwaukee. 

You should get a Pro account because you sound like a Pro real estate investor. :0)

Best of luck. 

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  • Investor · San Jose, CA · Member since 2012 · 2k+ posts · 3k+ votes
    12y

    Hi Peter,

    Welcome to Biggerpockets. Nice town you have there. Wow, you jumped into real estate investment at the right time. No need to modest. You know about real estate investment than most of us. Based on what I heard from other investors, the ship has sailed in Atlanta. However, there's still opportunity in Milwaukee. 

    You should get a Pro account because you sound like a Pro real estate investor. :0)

    Best of luck. 

  • Investor · Campbell, CA · Member since 2014 · 5 posts · 5 votes
    12y

    Minh,

    My wife and I love the area, community and quality of schools for the kids. 

    Thanks for the feedback (to consider a Pro account and Atlanta recovery well under way).

    Looks like you have been very active participating in BP forums.  Which ones have you found most helpful?

    Regards,

    Peter

  • Real Estate Agent · Milwaukee County, WI · Member since 2009 · 3k+ posts · 525 votes
    12y

    Welcome aboard

    Ship has also sailed in Milwaukee 

  • Real Estate Investor · Redwood City, CA · Member since 2012 · 272 posts · 399 votes
    12y

    Welcome aboard Peter.  Sounds like you struck while the iron was hot.   Well played.  There are still opportunities out there, but tougher to find in some markets than others.  Regarding Atlanta,  while the bottom is in the rear view mirror their recovery started almost 2 years after that of the Bay Area and prices have yet to fully recover.

  • Investor · Campbell, CA · Member since 2014 · 5 posts · 5 votes
    12y

    Jeff,

    Thanks for the encouragement, I do have my eye on a multifamily unit that is well below market and with rehab would still allow me to acquire a fair amount below market.  I am working on getting comfortable with the neighborhood and rent amounts.

    Regards,

    Peter

  • Investor · Cincinnati, OH · Member since 2013 · 2k+ posts · 1k+ votes
    12y

    @Peter Presunka welcome to BP and love your intro - so clear, to the point and lists out exactly what you're focused on in the future. Props. It's great that you're looking at multifamily now because that seems to be the next natural progression for you. 

  • Investor · San Jose, CA · Member since 2012 · 2k+ posts · 3k+ votes
    12y

    Peter,

    When you're unemployed like me, you have all the time in the world to participate on chat forums. I don't have a particular favorite forum. I click on forums and just glance through the posts. Whichever one has an interesting topic/title, I click on it. 

    With your knowledge base, I guess you will like the multi-family, syndication and creative financing forums. 

    Best of luck. 

  • Solo 401k Expert · Anaheim Hills, CA · Member since 2012 · 18k+ posts · 6k+ votes
    12y

    Welcome to BP community @Peter Presunka  It is a great place to meet new friends and learn about various aspects of real estate and more. 

    Wishing you the best! 

  • Brett SynickyPro Member
    Solo 401k and SDIRA Consultant · Orange, CA · Member since 2013 · 873 posts · 498 votes
    12y

    @Peter Presunka Welcome to the best real estate website!

    Sounds like you're off to a good start.  Good luck moving forward!

  • Real Estate Investor · Federal Way, WA · Member since 2014 · 52 posts · 5 votes
    12y

    Welcome to BP!

    I love the Bay Area! 

    Well, I'm a little bias because I was born and raised there.

    Happy Investing!

  • Developer · Decatur, GA · Member since 2011 · 1k+ posts · 1k+ votes
    12y

    @Peter Presunka Welcome to BP.  

    Depending on where you look, Atlanta still has a ways to go to fully recover.  However, multifamily here is probably overly challenging for someone out of state.  There's a huge influx of new multi-family development.  

  • Investor · Arlington, VA · Member since 2012 · 84 posts · 27 votes
    12y

    Fantastic introduction Peter. It's great to see another Bay Area investor come aboard! Best wishes on all of your endeavours.  

  • Investor · San Jose, CA · Member since 2014 · 294 posts · 113 votes
    12y

    Welcome to BP @Peter Presunka Lots of great information here and even better people to help you get to where you want to go.  See you around the forums.

  • Investor · San Jose, CA · Member since 2012 · 2k+ posts · 3k+ votes
    12y

    Peter,

    We have a meet-up on 8/15 at Whispers Cafe & Creperies at 1085 E. Brokaw Rd in San Jose. It's free and a great place to network with other investors. @Johnson H. can fill you in on the details. @Kevin Young will also be there. Kevin invests in multi-family so he can share with you the ins and outs of it. Hope you can join us. 

  • Real Estate Consultant · Camarillo, CA · Member since 2010 · 2k+ posts · 1k+ votes
    12y

    Welcome from Southern Cal. You have found a great website to expand you RE knowledge.

  • J. MartinPro Member
    Rental Property Investor · Oakland, CA · Member since 2011 · 3k+ posts · 2k+ votes
    12y

    @Peter Presunka ,

    I usually don't trust people with alliterative names, but I'll make an exception for you! It sounds like you and @Account Closed 's meetup in San Jose that Minh put above. Great way to see what others are up to, network, hear about other markets, and make some connections for the future.. Always a good group of people..

    There are definitely some deals out there still (finished one last month, and in contract on another now). But there are less of them, and usually have some turnaround time, instead of just homeruns from day one like back in the financial crisis.. Hope to meet you soon!

  • Johnson H.Pro Member
    Investor · San Francisco, CA · Member since 2010 · 910 posts · 889 votes
    12y

    Hi Peter, welcome to the site. Take a look below in my signature line for the next meetup in San Jose.

  • Dave VisayaPro Member
    Moderator
    Audio Engineer and Investor · Cebu City, Cebu · Member since 2013 · 7k+ posts · 881 votes
    12y

    Hey @Peter Presunka 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!

    BiggerPockets
  • Brandon TurnerPro Member
    Investor · Maui, HI · Member since 2009 · 13k+ posts · 3k+ votes
    12y

    Hey @Peter Presunka thanks for introducing yourself! It's great to have experienced folks join the site! We always are looking for more help answering questions here in the forums, so anytime you can jump in and offer advice, we'd love it!

    Oh - and if you haven't yet- be sure to setup some "Keyword Alerts."

    Seeya around the site!

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