Newbie from Jersey City, NJ Relocating to Los Angeles

18 Replies

Hi All, 

My name is Santiago Araujo, everyone calls me Santi though. I am a touring musician on the road to success with my band. I have worked hard for years looking to save up and invest in something. Within the past 7 months or so I have been put on to REI (thanks @Brandon Turner and Bigger Pockets) and have been reading REI books, blogs, forums, websites and listening to many podcasts to educate myself thoroughly.

I currently live in the NYC area Jersey City, NJ but am relocating to Los Angeles in a couple months. Needless to say I will not begin in real estate investing in the local LA market. I have the goal of accumulating a long distance Buy and Hold portfolio of positive cash flowing properties managed by local property management. Currently I am researching 3-4 markets to do so (Atlanta, Indianapolis, Memphis...) 

My long term goals are to create passive monthly income from the positive cash flow, gain equity and be able to use leverage to grow and expand my portfolio and accumulate wealth. I have always been a renter since entering my college career in Boston 2001. I have moved on average every 2 years. Since living in Boston I have lived in Philadelphia (where i grew up) and NYC area (Astoria, Queens and Jersey City) Every time I have been the one to find the apartment.

I researched the areas, rental inventory, compared prices and have learned a lot as a tenant which I now realized has passively taught me a lot about REI. I would like to connect with long distance investors here on Bigger Pockets, potentially some in NYC area for now and in LA in the future so I can gain some knowledge and learn from their experience.

I am so thrilled that there is a place like Bigger Pockets that allows investors to connect. I have to say that since stumbling onto REI, I am amazed at the enthusiasm and 'pay it forward' attitude most if not all Real Estate Investors have. This is certainly a community I am happy to join in and be a part of. Thank you to anyone taking the time to read this and Thanks in advance for any comments or replies left on this discussion post. Hope everyone is well and that you are making some great deals!

-Santi Araujo

Santi,

Like you, I found this site not too long ago and it has been great! 

I'm sure you've already listened but I always point friends (over and over again) to check out the podcasts - all of them if possible. I can't tell how many ideas can be ignited just listening to the various seasoned investors talk about their successes (and failures) that helped them get to where they are now. And the great thing for what you're looking for is that they're all active members here so you can seek them out as you grow as an investor.

If you don't already have this book, grab it for reading during your down time.

http://www.amazon.com/Every-Estate-Investor-Financ...

And finally, you forgot to tell us the name of your band so we can look out for you on your way to success!

All the best!

Francis

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@Santiago Araujo - I'm a New Yorker who relocated to LA and that's how I began my real estate, thus leading to the birth of BP.  Good luck to you as you embark on this new endeavor and don't hesitate to jump in and use all the tools that we offer here to help you find success.

@Santiago Araujo

Welcome Santiago! I moved from NYC to Fresno, CA about 5 years ago and have not looked back since. There are so many New Yorker's who participate in real estate here in CA. I think NYC prepares us well with an entrepreneurial spirit and it sets fire with CA real estate.

For me, I've gone from Long Island, to Baltimore, to Long Island, to NYC, to here in Fresno, CA.

You are in good company here!

Unfortunately, the pizza will never be as good..

@Santiago Araujo 

Hey Santi,

What kind of music do you play?

I've grown up a bit of Gypsy, living all over the place. I lived in Hoboken for a while before moving to Charlotte a little over 2 years ago.

I'm starting up too in REI and find myself thinking more and more about remote investing seeing as I move around so much.

Best of luck to you and don't hesitate to let me know if I can help with something.

Welcome to the BP family.   It appears most people who live in LA are transplants.  Use the keyword tool as well as explore the learn section that is available, there is a wealth of information in the archieves.  Good luck on your journey and good luck with your career.

@Bram Spiero  Hi, we play R&B funk music. I have been all around the country and definitely think the way to go is long distance for me. The LA market that im moving to is a bit unrealistic to start with and the more and more i read here and elsewhere remote/long distance investing is very feasible and can be successfully done. Continuing my research and happy to talk and connect anytime. 

Hello Santi,

Greeting from San Diego. I am trying to invest out of state too. I have two rental houses under contract in Memphis now.

Would like to compare notes with you for those markets research.

Welcome to BP.

Emma

Welcome Santi! I live in LA as well (which part are you moving to?) and have always bought out-of-state rentals. I bought mine in Atlanta a couple years ago, but if I were to buy today I wouldn't buy there again only because of how much the market has changed in the past couple years. Same with Memphis, and not as severe but a little with Indy too. All of those are okay markets to buy in, but I think there are some better ones out now. Either way, sounds like you are moving along the right track!

Enjoy our sunny weather once you get here! :)

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@Ali Boone  Hi Ali, moving to the valley area, not sure exactly yet but around encino, ive heard you cant really find rentals until about 30-45 days before move in date (Dec 1 move in) so i havent narrowed down a place yet. 

As for Indy, Atlanta, Memphis...I picked those markets as some to research first because ive heard so many things about them while ive been learning. Guess it sounds like Im a bit late to the party tho. Id love to connect with you and learn more. Ive seen you about on the site and see that you have very insightful replies and advice, and i thank you for your reply to my post. It seems like youre doing what I hope to accomplish, so Id love to hear more. I need to learn how to analyze markets and pick winners, sounds like you are doing just that. 

-Santi

Anytime! Just shoot me an email or message on here whenever. Those markets have definitely been the most talked about for sure, and I wouldn't necessarily say you are late to the game on those but they have definitely changed since everyone was talking about them. Well, late to the party but the party is still going. Just there are some bigger parties going on elsewhere now :) 

You're fairly right about not being able to find rentals before 30-45 days out. Encino is a cool area, if I were to move to the valley I'd head that way. 

Message me anytime! Will be cool to connect with someone in LA doing the same thing.

Awesome Santi. Looks like we will be neighbors. The 405 can be a challenge if you are going westside daily. If you can get your place so you can access 405 at Ventura blvd and avoid traffic bottleneck...it will make your LA life so much easier.

thanks, 

matt

Welcome to BP community @Santiago Araujo  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! 

@Santiago Araujo 

Here in L.A. things are super tight, unless you're a long term buy/hold investor. You may be able to dig up a deal here and there, but you will have to build out your team first to help you do it. Align yourself with experts in whichever market you plan on investing in and get your first few deals in. 

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