Newbie from Castaic, California (Los Angeles County)

New Member Introductions
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Newbie from Castaic, California (Los Angeles County)

Michael Stevens
Castaic, CA · Member since 2014 · 7 posts · 2 votes

Good Morning BP Veterans, 

My name is Michael Stevens and I live and work in the Los Angeles area. I am currently working full time for a company in Pasadena, I also own a window covering company that makes enough to pay bills and royalty payments, but not much more. I am dedicated, hardworking and love a challenge. I just know that I can build a successful Business as a real estate investor. I am eager to learn all I can. I have two teenage daughters both straight A students, I need to start making real money to afford Stanford. I have my real estate license but have not used it in 10 years.

I am interested in rehabbing. I want to get to the point of flipping 4-5 houses a month. I plan on having a successful Real Estate Business with multiple income streams. I just need help getting started.  I have about 50,000 cash of my own money but I know I need more to get started. Unfortunately, my credit is not the best. I am open to any advice, I really want to get started but I am unsure as to the best place to start.

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Paul Timmins
Specialist · Rockland, MA · Member since 2010 · 7k+ posts · 2k+ votes
12y

@Michael Stevens

Welcome. Time to build the legacy and foundation below.

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

Check out BiggerPockets Ultimate Beginner's Guide - A fantastic free book that walks through many of the key topics of real estate investing.

Check out the free BiggerPockets Podcast - A weekly podcast with interviews and a ton of great advice. And you get the benefit of having over 80 past ones to catch up on.

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

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 all the cash buyers (rehabbers) you will need.

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

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  • Paul Timmins
    Specialist · Rockland, MA · Member since 2010 · 7k+ posts · 2k+ votes
    12y

    @Michael Stevens

    Welcome. Time to build the legacy and foundation below.

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

    Check out BiggerPockets Ultimate Beginner's Guide - A fantastic free book that walks through many of the key topics of real estate investing.

    Check out the free BiggerPockets Podcast - A weekly podcast with interviews and a ton of great advice. And you get the benefit of having over 80 past ones to catch up on.

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

    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 all the cash buyers (rehabbers) you will need.

    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

    1Reply
  • Michael Stevens
    OP
    Castaic, CA · Member since 2014 · 7 posts · 2 votes
    12y

    Paul, 

    Thank you for the information, I already downloaded The Book on Flipping Houses I am about 1/3 the way through it. I will take your advice and look into the beginners guide as well as the podcast. I obviously have a lot to learn, I like your idea about rents by I thought you had to own a property to be able to rent it, see I have a lot to learn.

    Thanks,

    Michael

    0Reply
  • Mehran K.
    Investor · Wichita Falls, TX · Member since 2010 · 3k+ posts · 603 votes
    12y

    Big welcome to the site @Michael Stevens! Thanks for the introduction. I'm not too far down the road, here in Woodland Hills. 

    I know there is a lot of competition for flipping here in our local market. I've spoken with other investors who say the margins are getting much smaller. I don't do any flipping here so I can't attest to that though!

    See you around the site.

    0Reply
  • Joe Fairless
    Investor · Cincinnati, OH · Member since 2013 · 2k+ posts · 1k+ votes
    12y

    @Michael Stevens welcome to BP! I recommend finding a rehabber in your area and partnering up with them in some capacity. Once you have a good understanding of the entire process then do it on your own. The most important thing is actually doing it - either with or without a partner. 

    0Reply
  • Brandon TurnerPro Member
    Investor · Maui, HI · Member since 2009 · 13k+ posts · 3k+ votes
    12y

    Hey @Michael Stevens welcome to the site! Definitely start jumping into the community here! Be sure to read through The Ultimate Beginner's Guide to Real Estate Investing to help you get started.

    Also - be sure to check out the post "House Flipping: The Best of BiggerPockets." It's a collection of the best flipping info from the site.

    Finally -be sure to setup some keyword alerts - especially for "Castaic" so you can jump into local conversations.

    See you around the forums!

    Podcast Guest on Show #92
    0Reply
  • Brett SynickyPro Member
    Solo 401k and SDIRA Consultant · Orange, CA · Member since 2013 · 874 posts · 498 votes
    12y

    Hi @Michael Stevens !  Welcome to BP.  You're certainly in the right spot!  Good luck with your investing and definitely get out to some local meetups!  

    0Reply
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