Hello BP! REI knowledge and rolling up my sleeves from Oakland, CA

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Hello BP! REI knowledge and rolling up my sleeves from Oakland, CA

Eddie V.
New to Real Estate · Austin, TX · Member since 2015 · 14 posts · 3 votes

Hello BiggerPockets community and hello to the East Bay REI community!

Two interesting things have happened to me recently that have led me to BiggerPockets.

For one, my wife and I just got married and so we are in the whole house buying process.  We are but in the initial stages of planning and budgeting, so not too far along.  Yet it was enough to trigger an obsessive interest in real estate investment, something I studied in college but never practiced.  So I'm back to learning about real estate investment, specifically residential rentals and fix-and-flips.  

The second event comes from a career change that has been in the works for a while.  I've been in accounting for 6+ years and have been looking for a way out, I just didn't know what I wanted to transition into.  After working with a career coach, taking some classes in interested subjects, and meeting with people in other careers I settled on something along the lines of like a residential construction manager for remodels or fix-and-flips.  Why? Because I enjoy the planning and coordination, I enjoy design and building, I want to be out in the field often, and I believe I'd excel at it. So I'm starting to look around for investors/employers looking to bring someone on like myself.

I look forward to reading about and learning from your experiences and engaging in discussion with the community.

Regards,

Eddie

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Juan Diaz
Flipper/Rehabber · Emeryville, CA · Member since 2015 · 158 posts · 124 votes
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Hi Eddie!

Did you go to school to be a construction project manager? Do you have experience working in construction? Those are probably the minimum qualifications to be a project manager in the field, guys who are doing that sort of thing usually have at minimum five years of experience and could operate as a residential general contractor on their own. 

To really be involved in the design and building of the house, you'd likely either need to be an architect or be the self-employed flipper who's partnering with an investor to use their money to carry out the flip.

With your background, there is probably a natural fit in the flipping field as someone who tracks the numbers for these properties, but also coordinates things administratively as well.

Best of luck,

Juan

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  • Juan Diaz
    Flipper/Rehabber · Emeryville, CA · Member since 2015 · 158 posts · 124 votes
    11y

    Hi Eddie!

    Did you go to school to be a construction project manager? Do you have experience working in construction? Those are probably the minimum qualifications to be a project manager in the field, guys who are doing that sort of thing usually have at minimum five years of experience and could operate as a residential general contractor on their own. 

    To really be involved in the design and building of the house, you'd likely either need to be an architect or be the self-employed flipper who's partnering with an investor to use their money to carry out the flip.

    With your background, there is probably a natural fit in the flipping field as someone who tracks the numbers for these properties, but also coordinates things administratively as well.

    Best of luck,

    Juan

    1Reply
  • Chad Clanton
    Contractor · San Antonio, TX · Member since 2013 · 647 posts · 205 votes
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    @Eddie V., welcome to BP! Depending on any licensing requirements in your area, I'd say that project management for flips is definitely something that you could get into. We've just started a project management company here in San Antonio for that specific purpose, because these renovation projects do require someone to check in on them consistently (read: daily) to make sure that things are progressing to time and standard. Many, probably most, investors are notoriously busy with other things, and just not able to get to their projects often enough. Every story I've seen go that way has been a challenge, to say the least. Heck, we invested in SA from Virginia first, and that's where we learned most of our lessons, especially that one :-P 

    So to answer your question specifically, definitely check out your local licensing requirements, particularly those for a General Contractor (or equivalent) and what activities they cover, versus perhaps others which require different or no licensing. I don't know your market, but feel free to contact me if I can help with anything. Good luck, and congratulations in moving forward!

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  • Eddie V.
    OP
    New to Real Estate · Austin, TX · Member since 2015 · 14 posts · 3 votes
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    Hi @Juan Diaz!  

    At this time I don't have those qualifications.  And I'm not going to disagree with you, because if I were an investor needing someone to manage the build I would want to hire someone with those qualifications that you speak of.  I do believe there is the opportunity to get in as an "Assistant" PM of some sort, as I've seen such opportunities posted on the job boards.  

    I'm trying to get those qualifications in the meantime.  Degree in finance with a real estate emphasis, taken the courses construction management and landscape construction, trying to get some field experience with Habitat for Humanity, and I'm working for a subcontractor as their construction accountant (so we can check off some of the administrative knowledge).  I'm looking at courses and considering doing a construction management certificate program, but just not sure what's best for me.  

    I'm just happy to find a career I'm excited about, because you know accounting can be a little mundane at times.

    Thanks Juan

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  • Larry Fried
    Investor/RE Broker · Eugene, OR · Member since 2014 · 3k+ posts · 968 votes
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    @Eddie V.

     Hi and welcome to BiggerPockets! It’s a great place to learn more about investing and meet the people you want to meet. If you haven't yet, be sure to check out the The Ultimate Beginner's Guide to Real Estate Investing and don't forget to set up your Keyword Alerts!

    1Reply
  • Galen Herbst de Cortina
    Investor · Westlake Village, CA · Member since 2015 · 20 posts · 2 votes
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    Welcome to the site! If you go in to renting, good luck. I know I always hated how much I paid in rent somewhere nearby (Berkeley) so hopefully the area cash flows decently.

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  • Eddie V.
    OP
    New to Real Estate · Austin, TX · Member since 2015 · 14 posts · 3 votes
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    @Chad Clanton howdy and thanks for the advice.  I'll check in to these requirements, they could give me some direction of the knowledge I need to pick up.

    Chad, I just moved from Austin a little over two years ago.  The growth from there down to San Antonio was noticeable and I imagine it's booming now.  Hows business?

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  • Mel Selvidge
    Real Estate Agent · Berkeley, CA · Member since 2014 · 55 posts · 40 votes
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    Hi, Eddie, and welcome!

    I'm a newer RE investor w/ a primary residence in Berkeley, a vacation rental in Yosemite, and a traditional rental in Merced.  I've also completely rebuilt my home after a fire and did a total renovation on the Yosemite place, and have changed careers from science to real estate (I'm an agent as well as an investor) so it sounds like we have some similar interests!  

    Re: home buying plans:  I'm planning a (free) Meetup soon to share some strategies for "house hacking"  (maximizing the investment side of your home to make owning it more affordable) in the current hot east bay market and give aspiring house hackers a chance to network.    

    Re: Also, when we did the rebuild on my home, we used a local general contractor who used a manager, and she was worth her weight in gold.  

    Please, send me your contact info if you'd like me to send you an invitation and/or the info for my former contractor/manger.

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  • Eddie V.
    OP
    New to Real Estate · Austin, TX · Member since 2015 · 14 posts · 3 votes
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    Thanks @Larry Fried!  I'll be sure to read over it.  A matter of fact I'll email myself the link right now so that I can pull it up on my phone quickly for the commute home (public transportation). 

    @Galen Herbst de Cortina, moving from Texas to California I had to anticipate and be understanding for the cost of living difference, however I was not ready for the dramatic difference I'd face in the Bay Area. I eventually adjusted and have found decent quarters in the Rockridge area of Oakland.  

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  • Chad Clanton
    Contractor · San Antonio, TX · Member since 2013 · 647 posts · 205 votes
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    @Eddie V., SA is doing pretty well right now. Prices are up, volume is still higher than up in Austin, and there's still a ways to go before things top out, I think. That said, and as always, you really have to keep an eye on your projects or have someone you trust do it for you (and have other checks and balances in place i.e. legal recourse, third parties, etc). All in all though, it's a great place with a lot going on. Glad I finally moved back down to Texas :-P

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  • Juan Diaz
    Flipper/Rehabber · Emeryville, CA · Member since 2015 · 158 posts · 124 votes
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    @Eddie V.

    It sounds like you're going into this with realistic expectations, and have a decent background in the business. It also sounds like you're very aware of the path that you need to take, and in my view, are taking very good steps to get there. 

    Best of luck in your journey!

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