First Investment Property in Southern CA

First Investment Property in Southern CA

Long Beach, CA · Member since 2015 · 22 posts · 10 votes

Hi BP community,

I recently closed on my first investment property in Southern California Inland Empire in the City of San Bernardino. I would like to thank @David Friedman for guiding me through the whole process. I found him through biggerpockets & messaged him and that's where it all started. I would also like to thank my sister for helping find a conventional loan that's owner occupied with 10% down for a 4plex.   

An introduction of myself. I am a nerd for all things tech. I work as a web developer in SoCal. I was first introduced to the real estate world working for a small company that educated & taught about Probate Real Estate. I of course didn't know the potential of real estate until after I quit the company and only recently after immersing myself this past 6 months and educating myself as much as I could on real estate investing. I've also learned the power of networking and I always try to keep in mind as it's who you know and not what you know. They definitely don't teach that engineering school..  :)

I'm always learning and always listening. My current goal is to change careers in the next 5 years! My second goal is to give back to the STEM community for under privilege kids.

Thank you,

    Bao Huynh

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

Apartments in SB? Are you above or below Highland? If below, are you above or below Baseline? West or East of the 215? 

Just trying to determine which caliber weapon you should pick up at Bass Pro and weather or not you need a bullet proof vest.

See this reply in the discussion

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  • Investor · Diamond Bar, CA · Member since 2012 · 79 posts · 24 votes
    10y

    Congrats!! I hope you have more in 2016! I'm an engineer too but currently I work in marketing. 

    Sam 

  • Investor · Simi Valley, CA · Member since 2016 · 39 posts · 4 votes
    10y

    Congrats, good to see positive outcomes.

  • Lender · Greater LA/Orange County area, CA · Member since 2012 · 3k+ posts · 3k+ votes
    10y

    @Bao Huynh Congratulations! 

    I've had plenty probate deals in San Bernardino but never kept any long enough to add to the other rentals. 

    I presume you'll use your knowledge learned in probate education to good use and find other cash flow opportunities. 

    Since you're in Long Beach, how will you manage your fourplex in such a management intensive city? 

    If you are interested in more skills for lower end to median price rental management, try 'Fixer' Jay Decima and Mike Cantu's Rental Property Management courses. 

  • Long Beach, CA · Member since 2015 · 22 posts · 10 votes
    10y

    @Sam M. Thank you. I've notice the successful engineers almost always never stay as an engineer. (project management, sales, marketing, CEO, etc...)

    @Sunny Dutta Thank you! It's going to be a long road..

    @Rick H. I know coming in I can't do this alone so I do have property management to help. My awesome real estate agent end up being turnkey. The loan is also owner occupied for 6 months. Jay Decima's books seems interesting I might take a look at it soon. Thank you.

  • Real Estate Agent · San Jose, CA · Member since 2015 · 84 posts · 50 votes
    10y

    Congrads to you Bao on acting on your dream, making a plan and executing on your plan. 

  • Property Manager · San Bernardino, CA · Member since 2014 · 473 posts · 238 votes
    10y

    Thank you @Bao Huynh for the kind words. I look forward to helping you achieve all of your real estate goals and possibly partnering on a few deals. Here's to a successful 2016.

    And since this is an introduction post, welcome to BP!

  • Jo-Ann LapinPro Member
    Loan Officer · Tustin, CA · Member since 2015 · 3k+ posts · 713 votes
    10y

    Congrats to you. So impressed.

  • Rock Hill, SC · Member since 2015 · 1k+ posts · 597 votes
    10y
    Originally posted by @Bao Huynh:

    Hi BP community,

    I recently closed on my first investment property in Southern California Inland Empire in the City of San Bernardino. I would like to thank @David Friedman for guiding me through the whole process. I found him through biggerpockets & messaged him and that's where it all started. I would also like to thank my sister for helping find a conventional loan that's owner occupied with 10% down for a 4plex.   

    An introduction of myself. I am a nerd for all things tech. I work as a web developer in SoCal. I was first introduced to the real estate world working for a small company that educated & taught about Probate Real Estate. I of course didn't know the potential of real estate until after I quit the company and only recently after immersing myself this past 6 months and educating myself as much as I could on real estate investing. I've also learned the power of networking and I always try to keep in mind as it's who you know and not what you know. They definitely don't teach that engineering school..  :)

    I'm always learning and always listening. My current goal is to change careers in the next 5 years! My second goal is to give back to the STEM community for under privilege kids.

    Thank you,

        Bao Huynh

     Bao

    Awesome on your quad and good luck on your next deals.

    Most times I would comment on the real estate. Some thing caught my eye , the kids.. Good for you.  I live on the Catawba Indian Reservation in Rock Hill SC.  My wife is a tribal member. Each year we do a Christmas fund raiser for the kids. Nothing crazy but simple. this year I am working on a community garden with the kids. I want to include the local Cultural center. So I'm looking forward to that project as well.  I see a community garden , with links to both major colleges here in SC. Its s simple idea that I want to grow larger each year.

    Oh back to real estate this can be a very rewarding business. Seems like you have set your goals. Awesome, make sure your also have and exit strategy in mind as well. What I mean is every one wants to get into real estate. When are you going to get out and what's your plan for that.

    For example my wife and I are creating a trust ( Promise not giving legal advice) just a simple country boy) Our rentals will be placed in this. I'm looking for 25k  a month free and clear by the time I'm    55 and all properties paid off.  Been is this business for 16 years now. So just make sure you have an out and a end game plan in place for that.

    hope that helps

    Alex

  • Kevin FoxPro Member
    Real Estate Agent · San Diego, CA · Member since 2014 · 1k+ posts · 635 votes
    10y

    Congratulations!

    One down and many more to go. It is a huge accomplishment to put your first successful deal in the books. Be proud of it. 

  • Valley Glen, CA · Member since 2015 · 15 posts · 5 votes
    10y

    Congratulations!

    That's awesome, I'm new and look forward to purchasing my first multifamily home this year too. I'm also a former engineer and love the idea of you giving back to STEM.☺

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

    Apartments in SB? Are you above or below Highland? If below, are you above or below Baseline? West or East of the 215? 

    Just trying to determine which caliber weapon you should pick up at Bass Pro and weather or not you need a bullet proof vest.

  • Long Beach, CA · Member since 2015 · 22 posts · 10 votes
    10y

    Thank you!! @Scott Raley@Jo-Ann Lapin@Kevin Fox 

    That's amazing @Alex Franks.. I'm sure the smiles on their faces brings a smile on to yours! The community garden is a great idea for the kids. It'll definitely brighten up the community. Great exit strategy Alex. I feel as more time and experience come I can narrow down a exit strategy that suits me. 

    @Kelli Ford thanks! Where were you looking in particular? 

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

    Good Job Bao and Welcome to BP !!

    This is a great website and resource for all types of real estate investing.

    I always recommend these 3 things to people beginning in Real Estate Investing:

    1) Do a lot of research here

    2) Do not spend a lot of money with coaches, it would be much better to put that money to work and learn from experience, I'm not against coaches or education, but you need to be careful as there are some that are really bad

    3) 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...

  • Long Beach, CA · Member since 2015 · 22 posts · 10 votes
    10y

    @Aaron Mazzrillo maybe we can talk about it over some coffee :)

  • Investor · Los Angeles, CA · Member since 2015 · 107 posts · 47 votes
    10y

    @Bao Huynh Congrats on your purchase! Please keep us posted with how it goes.

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

    @Aaron Mazzrillo maybe we can talk about it over some coffee :)

     It will have to be in Riverside. I only do drive-thru coffee in SB.

  • Logan AllecBusiness Member
    Accountant · Los Angeles, CA · Member since 2014 · 1k+ posts · 980 votes
    10y

    As a Riverside native, that was pretty good, @Aaron Mazzrillo

    Congrats, @Bao Huynh.  I would love to connect with you.  I am doing a four-unit house hack in SoCal as well, and I think our goals are similar.

    Clarita CPA Group516 Reviews
  • Investor · FL · Member since 2015 · 202 posts · 34 votes
    10y

    Congratulations on the deal and the goals!

  • Valley Glen, CA · Member since 2015 · 15 posts · 5 votes
    10y

    @Bao Huynh I'm looking in parts of the San Fernando valley area. I've just started looking on some of the MLS sites. How long did it take you to buy your first property?

  • Real Estate Agent · Los Angeles, CA · Member since 2015 · 201 posts · 82 votes
    10y

    @Bao HuynhGreat job! Love hearing success stories!

  • Investor · Riverside, CA · Member since 2014 · 351 posts · 220 votes
    10y
    Originally posted by @Bao Huynh:

    Hi BP community,

    I recently closed on my first investment property in Southern California Inland Empire in the City of San Bernardino. I would like to thank @David Friedman for guiding me through the whole process. I found him through biggerpockets & messaged him and that's where it all started. I would also like to thank my sister for helping find a conventional loan that's owner occupied with 10% down for a 4plex.   

    An introduction of myself. I am a nerd for all things tech. I work as a web developer in SoCal. I was first introduced to the real estate world working for a small company that educated & taught about Probate Real Estate. I of course didn't know the potential of real estate until after I quit the company and only recently after immersing myself this past 6 months and educating myself as much as I could on real estate investing. I've also learned the power of networking and I always try to keep in mind as it's who you know and not what you know. They definitely don't teach that engineering school..  :)

    I'm always learning and always listening. My current goal is to change careers in the next 5 years! My second goal is to give back to the STEM community for under privilege kids.

    Thank you,

        Bao Huynh  

    @Hannah Keller

     These guys look smart Hannah when will you get your first deal going????

    Jim

  • Property Manager · San Bernardino, CA · Member since 2014 · 473 posts · 238 votes
    10y

    @Jim Keller

    It looks like we will have to go out for breakfast again haha.

  • Real Estate Consultant · Camarillo, CA · Member since 2010 · 2k+ posts · 1k+ votes
    10y

    It is great seeing all this activity in SoCal. I hope all of you can come out to our meetup in Santa Monica on the 16th. Ping me for the details.

    Congrats on the success.

  • Long Beach, CA · Member since 2015 · 22 posts · 10 votes
    10y

    @Aaron Mazzrillo I never ended up getting a caliber weapon but I did end up getting a crown vic. haha thought you'll get a good laugh outta this.

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

    That'll work. Now you just have to get good at driving up onto the front lawn like  you're about to SWAT the place.

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