Newbie from Pasadena, California (living in San Francisco)

Newbie from Pasadena, California (living in San Francisco)

San Francisco, CA · Member since 2015 · 8 posts · 2 votes

Hi Everyone! 

I'm Derrick, a 27 year old from the Los Angeles area currently living and working full-time in San Francisco as a technical project manager.

I've built up a good amount of capital from saving and investing in the stock market the past 7 years and was looking to transition into real estate when I discovered BiggerPockets a month ago. Since I've started listening to the podcast, my goals have become a little more ambitious - I want to achieve financial freedom within 5 years through a buy and hold strategy of multi-family homes. I plan to eventually move back to Southern California so that's currently my target market, but I'm not ruling out the possibility of investing out of state. I'm sure my goal and strategy will change as I develop my business plan. 

I'm totally new to this and have been consuming as much information as I can through the site, podcast, and books, but I've never felt more motivated and I'm excited to get involved in the BiggerPockets community (once I educate myself a little more, first)!  :)

I'm entering this with zero experience so I would definitely appreciate any recs for must-read threads or blog posts for multi-family buy and hold strategies, especially for people living in expensive markets. A couple of the podcast guests that have really inspired me so far are Arthur Garcia and Mehran Kamari.

My interests are training Brazilian jiu jitsu, traveling, basketball, MMA, health and fitness; The Joe Rogan Experience, The Fighter and the Kid, and BiggerPockets podcasts!

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  • Residential Real Estate Broker · San Mateo, CA · Member since 2013 · 585 posts · 264 votes
    10y

    @Derrick Lin welcome! It looks like you are taking the right steps (listening to the podcasts is definitely the best thing anyone can do). There are quite a few of us in the Bay Area on BP, and there are a few good meet ups you should try to attend if you can.

    Coming from SoCal you are at least familiar with some of the prices in the hotter markets of California. If you are truly interested in SoCal, I would definitely reach out to a few of the members down there and see if you can start trying to attend the meet ups when you can.

    For reading, try to get a grasp of how 2-4 unit bank financing works (it is pretty straight forward) but you will then be empowered to understand what will be required from you. I am sure you have come across it, but house hacking is pretty popular on BP and a small multi (2-4 units) is perfect for an owner occupant.

  • Professional · Carlsbad, CA · Member since 2012 · 12k+ posts · 1k+ votes
    10y

    @Derrick Lin

    Welcome to Bigger Pockets. It is a good community to network and learn about all aspects of real-estate investing.

  • Dave VisayaPro Member
    Moderator
    Audio Engineer and Investor · Cebu City, Cebu · Member since 2013 · 7k+ posts · 881 votes
    10y

    Hey @Derrick Lin welcome to BiggerPockets! This is certainly a great community and it is also a perfect place to learn more about REI. Feel free to jump in and never hesitate to ask your questions. See you around!

    BiggerPockets
  • Real Estate Agent · Austin, TX · Member since 2015 · 181 posts · 75 votes
    10y

    I like your ambition.  Let me know if you have questions about the Texas market.  I'm in Austin. 

  • Los Angeles, CA · Member since 2015 · 197 posts · 59 votes
    10y

    Welcome! I'm fairly new as well and have similar goals. I've been listening through the podcasts on my commute and reading as much as possible. I'm sure you've read the Ultimate Beginners Guide, but if not it's a good place to start:

    http://www.biggerpockets.com/ubg

    I would also recommend reading the books that come up over and over again on the BP podcast (you seem similar to me, so I'm sure you're doing it anyway!).  I recently read Ken McElroy's the ABCs of Real Estate Investing, which was recommended in one of the podcasts. I found it to be an easy, interesting read and it focuses on large multi family properties. Worth checking out. 

    Look forward to seeing you out there. I'm sure our paths will cross. 

  • Real Estate Broker · Tampa, FL · Member since 2015 · 70 posts · 35 votes
    10y

    Welcome, Derrick! 

    I'm relatively new to RE as well. I purchased my first 4-plex in LA and I'm currently looking for another one. What's helped me the most here are meet-ups. It's helped more than RE books to be honest and podcasts. You will network with people who offer tips on refinancing, good books, effective classes, ect. Like BP, they are interested in helping. 

    I'm reading book that I've heard recommended on a few of the podcasts and it's at the top of RE books on Amazon. It's called The Millionaire Real Estate Investor by Gary Keller. I just started, but he uses relatable stories that make the information interesting. 

    Good luck on your venture!

  • San Francisco, CA · Member since 2015 · 8 posts · 2 votes
    10y

    Thank you, everyone, for the warm welcome to BiggerPockets! It's great to hear from other members. It motivates me to get involved in the community and REI even more.

    @David Tiptonthanks for your recommendation of ABCs of Real Estate Investing. I'll add it to my list!

    @Jennifer S.thanks for your insight on RE meet-ups! Seems like the next logical step once I've put together the first draft of my business plan,

  • Investor · Braham, MN · Member since 2015 · 1 post · 0 votes
    10y

    Thank you everyone. It's been a great month. I've been reaching out to local real estate agents asking if they have any pocket listings. (Something I learned from listening to this pod cast).  It's been a fun time and I'm working on two fix and flip offers as a result!!

    Thanks again!  

  • Investor · Oakland, CA · Member since 2015 · 21 posts · 5 votes
    10y

    @Derrick Lin welcome! I recently joined the BP community not too long ago myself and currently in NorCal and have been increasingly digging into all of the resources on here about starting REI - I must agree with you also that this warm welcoming community supplemented by solid advice left and right makes you feel so supported and able!

    All the best and looking forward to staying in touch!

  • Lender · Upland, CA · Member since 2009 · 112 posts · 27 votes
    10y

    Hi Derrick,

    Welcome to BP, this is a great website and resource for all types of real estate investing.

    I suggest you do a lot of research here, do not spend a lot of money listening to coaches, it would be much better to put that money to work and learn from experience.

    As @Jennifer S. said, there are many real estate clubs out there, visit them, select your favorites and meet other investors working your area. You can find info on clubs here and also you can look at meetup.com. Networking is key to success.

    Cheers! see you around...

  • Commercial Real Estate Broker · Tustin, CA · Member since 2015 · 28 posts · 5 votes
    10y

    Hi Derrick-

    My name is Joseph and I'm a Real Estate Broker from the Orange County area.  Multi family is a great way to go!  I don't know where exactly in southern California you'd like to invest in and do research, but if you need any help, feel free to PM me.  While I am from Orange County, I am very familiar with the surrounding counties (LA, San Diego, Inland Empire, etc.) and if I can't help you, I will hook you up with a person that can!  Hope to hear from you soon!

  • Houston, TX · Member since 2013 · 1k+ posts · 114 votes
    10y

    Welcome to Biggerpockets 

    @Derrick Lin! All the best!

  • San Francisco, CA · Member since 2015 · 8 posts · 2 votes
    10y

    @Ace P.Thank you! Have you attended any meet ups in the Bay Area or have heard of any you would recommend?

  • Investor · Riverside, CA · Member since 2011 · 2k+ posts · 3k+ votes
    10y

    Welcome. We need more martial artists on this forum.

  • Investor · Los Angeles, CA · Member since 2015 · 325 posts · 75 votes
    10y

    Nice, sky is the limit!!

  • Investor · Los Angeles, CA · Member since 2015 · 325 posts · 75 votes
    10y

    I too am an investor living in california and renting out of state, its such good business!

  • Investor · Oakland, CA · Member since 2015 · 21 posts · 5 votes
    10y

    @Derrick Lin I haven't yet, but just got a message about this one: https://www.biggerpockets.com/forums/521/topics/25...

    I'm going to aim to show up there and see what that's like. Want to come through as well?

  • San Francisco, CA · Member since 2015 · 8 posts · 2 votes
    10y

    Thanks @Aaron Mazzrillo! So cool to hear from you. Your episode of the podcast was actually the first one I made a note of to reference back to and I especially liked the way you built your business around your lifestyle. I make it a point to travel abroad for a couple months in between jobs so hopefully I'll have created some passive income the next time I do. I've been so caught up with stories of out of state investing recently so this is a great reminder to check my own area first.

    Also, I started kickboxing for the first time this week and didn't realize the footwork is so difficult, but man it's been fun.

  • San Francisco, CA · Member since 2015 · 8 posts · 2 votes
    10y

    @Ace P.Thanks but I'll actually be back down in LA. I'll definitely be on the lookout for future meet-ups in SF though. Hope to catch you at one soon.

    @Carlos AltamiranoThat's great to hear! I might have to pick your brain about it at some point.

  • Investor · Riverside, CA · Member since 2011 · 2k+ posts · 3k+ votes
    10y
    Originally posted by @Derrick Lin:

    Thanks @Aaron Mazzrillo! So cool to hear from you. Your episode of the podcast was actually the first one I made a note of to reference back to and I especially liked the way you built your business around your lifestyle. I make it a point to travel abroad for a couple months in between jobs so hopefully I'll have created some passive income the next time I do. I've been so caught up with stories of out of state investing recently so this is a great reminder to check my own area first.

    Also, I started kickboxing for the first time this week and didn't realize the footwork is so difficult, but man it's been fun.

    I still get quite a few emails every month from people telling me they don't want to chase money for a living and prefer to find a way to live for a living. I find it absurdly funny when I run into guys that are quite successful, but don't ever seem satisfied with what they have accomplished. I have to remind them that no matter how many houses one buys, you'll never have as much money as Mark Zuckerberg so it is better to quite while you're still alive and able to go enjoy yourself. LOL

    I studied Ju Jitsu for about 2 years, but found that I kept watching the guys in kick boxing class and day dreaming of how cool it would be to be able to actually punch someone in the face. I eventually succumbed and quit Ju Jitsu. I thought punching people was a lot of fun, but roundhouse kicking them in the neck with my shin or front kicking them in the face was so much more satisfying. I've been addicted for about 5 years now and still can't get enough.

  • Real Estate Agent · San Diego, CA · Member since 2015 · 7 posts · 1 vote
    10y

    Welcome @Derrick Lin so cool to see some fellow RE investors and Martial artists on BP! 

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