Newbie from expensive South Orange County, California!

23 Replies

Hello everyone,

I'm here in South Orange County, California (Lake Forest/Irvine area). Learned about BiggerPockets like many others have...through the podcasts. I'm very new to the Real Estate field and I'm in the "education" stage of it all. My degree is in Entrepreneurship and my current field of work is in Immigrations. 

I see myself as a buy and hold investor and as of now I'm just trying to gather as much information as I can. Taking a trip to Vegas in a little over a week to see if there are any potential investments over there for rental properties. In my area, I don't have a lot of options for the amount of capital I currently have. I'm not really looking at flipping until I get a very good understanding of real estate in general, so I figured I'd start with a buy and hold rental if I could and see where it goes from there.

My personality has always been over-analytical and I have ran into analysts paralysis many times when it comes to making decisions. I decided to jump on here and make an introduction post to take action, get the ball rolling and get committed to putting in more research each day.

I'm looking forward to being part of the community, learning from anyone I can and possibly meeting up with locals to learn and share ideas.  Keep an eye out for a post I'll be making later about questions regarding investing in Las Vegas!

Welcome @David Soria  

Sounds like we have similar backgrounds.  I moved from Irvine to Las Vegas about a year ago.  Couldn't believe the massive difference in prices.  

And like you, I tend towards over-analization :-)  BP can be a blessing and a curse for people prone to that.  So much great information and helpful people but there's so much information you can find yourself bogged down trying to learn everything.  

I'm getting over that and getting ready to jump in.  Get the basics down and then jump in when you're ready.  

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@David Soria  

Welcome to BP!

Here are my Quick Tips (If you're listening to the Podcasts, you'll understand the reference. If not...see Tip #2!!!)

1. Get involved in the forums. Offer what you can and absorb what everyone else offers.

2. Listen to as many Podcasts as you can. I am listening to all of them, some of them more than once. There has not been a single broadcast that has not provided me value or that I felt was a waste of my time. Great content!!

3. Download and read the free How-to-Guides, starting with the Ultimate Beginner's Guide to Real Estate Investing. http://www.biggerpockets.com/real-estate-investing

You could pay thousands of dollars for this information BP offers free. (I almost did!)

4. Set up some keyword alerts. It will keep you engaged in valuable discussions, while you're getting plugged in.

5. Get involved with your local REIA's. Real Estate is, as I'm learning, all about relationships and networking. Make it work for you!

The BP community is awesome, and you've taken a great first step!

If there's anything I can do to help you get started, please don't hesitate to reach out!

@Bill R.  

I'm using this to sort of change that part of myself. Make more "action moves" instead of researching endlessly. Just spend over a month researching just which smartphone/plan to buy! Picked it up today finally. I'm looking at it in small steps, but going to force myself to actually take those steps instead of just looking from where I'm standing.

@Hattie Dizmond  

Thank you for the tips. I started by listening to all of the "beginner" in chronological order, skipping any I didn't think applied to my goals. Then I went back and listened to the rest just to hear the information and hopefully learn at least 1 thing from each.

I have already read the Ultimate Beginner's Guide to Real Estate Investing. I wanted to finish that before making my introduction post actually. I have a lot more books on my list next.

Welcome @David Soria  !

As a fellow Californian who is also looking to invest in vegas currently, I can't help but feel that I've somewhat "missed the boat" in term of timing. It seems like that properties that were 110k - 120k 2 years ago are now 160-180k while rent has stayed somewhat stagnant. It was pretty easy to get 7-8% cap rate in vegas back then. Currently, the cap rate seems to be mostly 4-5% for properties in desirable SFR neighborhoods like summerlin, henderson and silverado ranch. I'm sure that great deals are still to be had if you look hard enough.

You should connect with @Phillip Dwyer  , he is active in the vegas market and has a lot of great insights.

@Clarence Huang

I saw your intro post and was going to follow up with you to see what you have learned about Vegas. I'll definitely put in some more research and was planning on contacting Phillip Dwyer later this week.

@Joe Homs

I actually took a look at that meetup when I first joined this site a couple months back. I live right up the street, so I am definitely interested in stopping by sometime. I'll be in Vegas this round of the meetup, but I hope to join next months with some more knowledge.

@David Soria  , Welcome to BP.  I live in Santa Barbara so I know how hard it is to find cash flow in CA.  I am currently investing in Kansas City.  The cash flow there is higher than Vegas.  Vegas has potential for more appreciation but I just can't get over the feeling that investing in Vegas right now for appreciation is kind of like gambling, the markets swings.  I have a great guy in KC who helps me find deals in the suburbs and get them rehabbed, let me know if you are interested in his contact info.

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@David Soria  

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

While you are waiting to determine when you will enter the world of REI I suggest crunching numbers on properties in the area you are looking. It gives you a good feel for the numerical flow of the anticipated areas.

Welcome to Biggerpocket!

This is a great place to grow and learn. We are also out of state investors. We have found buying more expensive class A property while having smaller margins have allowed us to do very well because our vacancy, management fees and repairs fees are very low. Our goal is to use the cash flow to fund early investment in 15 years.

Definitly check out the blogs,podcast and forums. Another great source of information is individual blogs found in peoples signatures. Many of us including myself right about our niche. The one thing we all agree about is investing in Real Estate beyond us we have many different style and modes of investing. My blog/website is about long distance self management, landlording, investing in class A investments, investing in a transient lifestyle, etc.

Look forward to seeing you around the board!

@David Soria  - Welcome. I'm from CA and am in a similar position. Definitely

 in the analysis stage right now as well. Finding BP was such a great help in boosting my knowledge and confidence. Hope it serves you just as well. 

@Paul Timmins

Thanks for the info. I'll have to check out those books and read up on specialized housing as well.

@Brant Richardson

How did you get over to Kansas City for investing? Was it something that you researched and then followed, or do you go out to Kansas City regularly? 

@Phillip Dwyer and @Mark Kemp Sent a connection request

Welcome! I'm north of you up in Venice and can't buy for cash flow up here either. I've always bought out-of-state. And don't feel bad, I understand the over-analytical. I have an engineering degree ;)

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