More than just a Newbie - Just outside San Francisco California

More than just a Newbie - Just outside San Francisco California

Real Estate Investor · Corte Madera, CA · Member since 2014 · 9 posts · 2 votes

Hi Everyone,

My name is Steve, I am a Computer Programmer living in Marin just outside San Francisco.

You are going to find me probably even more hard work than most Newbies because I am originally from England and have only been here in the CA for the last four years. So not only is the Real Estate game new to me - so is the entire process of buying a house in California (or any other State for that matter) and all the laws and terminology... You would think things would be somewhat similar but nope, nothing in life is so simple! 

I have always fancied buying houses to renovate and then re-sell (obviously at a profit :). I am also open to the idea of purchasing to renovate and rent out long term as a form of secondary income. I have a third option - a renovation property in a holiday / vacation location for short term rentals and personal use...

After playing with the idea, doing a bit of research and eventually finding and delving around in the State Controllers Office. I found the Public Auctions by County and had a good look around **********, I can see that there are some interesting properties and land parcels going up for auction (though I really don't have much interest in land). I also found my way to the HUD site, though I think that the County auctions would be my preferred route.

My problem is now understanding the process and the pitfalls - which is how I found Bigger Pockets (and a wealth of resources it is! Thank you!).

This is not a 'get rich quick' type of venture, i'm not the type of guy that believes in anything other than lots of hard work to make any kind of money. I am here because I fully understand that I have a huge learning curve to go through before I even dip my feet into the water. I want to primarily learn and become familiar with the process, the terminology - and the pitfalls.

Please be patient with me and thank you all for being good sports and sharing a wealth of knowledge based on experience.

Best Regards

Steve

2Reply
38 views

Investor-friendly agents in San Francisco, CA

See the agents BiggerPockets members work with in San Francisco, CA.

Most Popular Reply

Specialist · Kirkland, WA · Member since 2013 · 1k+ posts · 817 votes
12y

Well sir

@David C. holds a fantastic East Bay Meetup (set your Keywords up!)

@johnson h --- How am I not your colleague yet Johnson?  Anyway he does the Meetups in San Jose.  Welcome to the tribe.

See this reply in the discussion

13 Replies

Jump to latestLatest
  • Gordon CuffePro Member
    Investor · Roseville, CA · Member since 2009 · 1k+ posts · 587 votes
    12y

    where would you like to buy and flip?  It is pretty expensive where your at. You have figure out how your going to finance your purchase. Once you have done that . You just need to find a good deal. You don't have to find them at auctions. many auctions require cash purchases. you can network with wholesalers and real estate agents and tell them what you are looking for.

  • Real Estate Investor · Corte Madera, CA · Member since 2014 · 9 posts · 2 votes
    12y

    Hi Gordon,

    Thanks for the reply. 

    We are looking at Sonoma / Napa and Solano (which are all still expensive) for flips or long term rentals. Up or down the coast (Mendocino / Humbolt / Santa Cruz/ Monterey) and maybe into Tahoe or the Gold Country (Calaveras / Amador / El Dorado / Placer / Nevada / Sierra / Yuba)  but the price would have to be super right for these - for vacation rentals... 

    We did look at the areas around Clearlake and although you can pick up cheap property, getting a return on investment could be a huge problem....

    I am also researching REO (and HUD) properties....

    Best regards

    Steve

  • Specialist · Kirkland, WA · Member since 2013 · 1k+ posts · 817 votes
    12y

    Well sir

    @David C. holds a fantastic East Bay Meetup (set your Keywords up!)

    @johnson h --- How am I not your colleague yet Johnson?  Anyway he does the Meetups in San Jose.  Welcome to the tribe.

  • Real Estate Investor · Corte Madera, CA · Member since 2014 · 9 posts · 2 votes
    12y

    Hi Troy,

    Thanks for the networking leads and the advice :)

    Best regards

    Steve

  • Brian BurkePro Member
    Investor · Santa Rosa, CA · Member since 2012 · 2k+ posts · 7k+ votes
    12y

    Welcome to BP, @Steve Preston .  I'm just up the street from you here in Santa Rosa.  I do exactly what you are setting out to do in 13 northern California counties.  Don't believe the naysayers that say that it can't be done here (you'll run into them at some point!), I've been flipping here for 25 years and buying rentals since the market bottomed.  It's getting harder to buy rentals around here, but it's still not impossible.  It might get that way at some point, however.  Good luck!

  • Investor · Bay Area, CA · Member since 2014 · 207 posts · 190 votes
    12y

    Hi @Steve Preston , welcome to BP.  You can try propertyradar, it is a great tool to find and evaluate foreclosure deals.

     One thing that really helped me  with flipping was my experience working as a buyer agent.   I saw many houses and got to put myself in buyers shoes, so I can see things from their perspective.  Also, you will need reliable contractors as well.

    Good luck! 

  • Real Estate Investor · Irvine, CA · Member since 2014 · 59 posts · 20 votes
    12y

    Welcome to BP @Steve Preston !

  • Contractor · Modesto, CA · Member since 2011 · 18 posts · 3 votes
    12y

    Welcome and congratulations!  

    Sonya

  • Investor · Arlington, VA · Member since 2012 · 1k+ posts · 491 votes
    12y

    Welcome to BP @Steve Preston !  You are absolutely correct: this site has sooo much to offer!

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

    @Steve Preston 

    Welcome. Fill in the 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.

    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

  • Real Estate Investor · Corte Madera, CA · Member since 2014 · 9 posts · 2 votes
    12y

    Thanks to everyone that replied!

    @BrianBurke - Thank you, I do like to find out if a thing can be done myself. I am more than happy to listen to the voice/s of experience and learn from them but I will still go take a look and do my own investigations. Satisfy my curiosity, so to speak. With the price of property in the local area and still the not as local area, I do believe it will be hard to find rentals but if you are looking at every property with a view to flip - and the rental route in the back of your mind, surely you can't go too far wrong :)

    @DavidCheung - thanks for the property radar tip. As I said, i'm from England and have no experience of buying anything other than a car and a bike in this Country, so it's a big learning curve for me.

    @DavidFrol, @SonyaMorgan and @FrankieWoods - thank you for the very warm welcomes :)

    I am looking forward to learning the game and as many of it's pitfalls as I can find before the plunge - and then the adventures to come afterwards :)

    Best regards

    Steve

  • Investor · Bay Area, CA · Member since 2014 · 207 posts · 190 votes
    12y

    Check out these two threads from @Andy M & @Brian Burke. 

    http://www.biggerpockets.com/forums/223/topics/143...

    http://www.biggerpockets.com/forums/223/topics/133...

    @Andy M also posted how he lost money as well.  I really appreciate those guys sharing the reality of the flipping business.  

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

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

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

    Wishing you the best! 

Join the conversationCreate a free account to reply, vote on answers and follow this thread.