Hello BP members,
I am new to BP and love the community and the knowledge shared on every aspect of RE investing. I am really excited to find the number of areas one can invest in RE to make huge changes in lifestyle.
I am currently going through all the podcasts, blogs and forums to acquire enough knowledge to learn and avoid the rookie mistakes as much as possible and understand the best practices.
My goal is to acquire cash flowing rentals to replace my w2 income completely. I have enough experience in investing in stock market and I am looking to diversify my income streams.
Since I am just getting started, I would like to initially partner with someone to get exposure rather than jumping with both feet. I have listened to enough podcasts so far to know to be specific on my goals and I think I know what my 1 year, 5 year and 5+ year goals are. Will continue to refine as I go along.
Since I am from the SF bay area, one of my main challenges is going to be acquiring cash flowing rentals most likely out of area/state as cash flow is not easy to find here. From what I read, I need to have boots on the ground to acquire/manage the rentals in the form of a partner or property manager.
I will be asking for the generous help of the forum members on a few initial questions/references to get started.
Thanks for your kind help, Look forward to connect with and contribute to the community in time.
> Since I am from the SF bay area, one of my main challenges is going to be acquiring cash flowing rentals most likely out of area/state as cash flow is not easy to find here.
There are cash flow positive homes in our market. Find a Realtor that also manages property and/or owns local investment properties.
Many of our local boutique real estate brokerages start as just that, and eventually move into managing their real estate empires and drop the traditional real estate agent portion of their business. Find one that's building up the empire, but still needs business as traditional agents.
Thanks for the tip @Chris M. Ideally I would like the properties to be in driving distance at least in the beginning stages. Please, if you know or come across anyone point them my way. Meanwhile, I will be looking hard to find such agents.
Any pointers on the areas/cities around the bay for cash flow? I will start reaching out to agents in those areas as a first step.
The "hood but soon to be not hood" parts of Oakland.
Richmond, especially along the El Cerrito border.
Call Mike Rickey, if you are after a referral to a Realtor. I have no idea if you will be a good personality fit with him (and that DOES matter), but he knows his rental property business pretty dang well and his clients (I see their financials, so...) seem to certainly be doing well enough.
He sucks at web technology, however. If his website is up when you check, I'll give you $20. But he's pretty ruthless, which is good.
Thanks @Chris M.. Much appreciated. I will get in touch with Mike.
Hey @Ravi R.
Welcome to BP! You're in the right place to get started. Get to one of the local SJ meet ups (there are two) and meet your local investors and start picking some brains :)
Best of luck to you on your future investments!
Thanks @Robert Musallam . Yes. I do plan on attending the next upcoming meetups in the area. Since there is so much information available here and outside, I have created a list of topics for myself to focus on and I am going through the material (relevant Podcasts and forums). I see that you are in the area. Would love chat with you if you find a few mins. I send you a private message.
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