Newbie in Los Angeles investing in Texas

21 Replies

Good morning BP community!

My name is Kevin Orozco and I'm a newbie in Los Angles, CA. I currently work as an assistant for a broker at CBRE and I plan on purchasing my first investment property this year (2016) in Dallas and hopefully Austin, TX. I'm eager to learn from experienced professionals and local market experts. Please add me if you are familiar with any of those markets or would like to connect. I look forward to speaking with all of you!

Respectfully,
Kevin Orozco

Hello Kevin,

Welcome to the market area! I'm in Austin and work as a director of renovations for the United States largest multifamily management company. I am also looking at investing in my first multi unit property this year and would love to discuss opportunities if you have an interest in networking here.

Hi, Kevin! I just got a duplex in Arlington, TX. It's near Dallas. I'm using it to try this out-of-state-landlording thing. Not sure how it's going to work out yet. Send me a note if you want to chat. I'll tell you my "adventures" so far, lol.

Originally posted by @Account Closed :

@Kevin Orozco  What types of properties are you interested in purchasing?

Hello Michael, well a good buddy of mine is going to be moving to Dallas in April/May and we wanted to go half on his FHA loan for our first rental property (he will also be living in the property), I wanted to use my FHA loan on a property here in California and a year from now 1031 it into a cash flowing duplex, triplex, or quad in either Austin or Dallas. I'm mainly looking for rental properties inside the downtown of the city or in a neighborhood with great schools.

Originally posted by @Fay Chen :

Hi, Kevin! I just got a duplex in Arlington, TX. It's near Dallas. I'm using it to try this out-of-state-landlording thing. Not sure how it's going to work out yet. Send me a note if you want to chat. I'll tell you my "adventures" so far, lol.

 Hi Fay! Yeah that' exactly what I wanted to do! I sent you a connection request. I would love to hear about your adventures haha 

Originally posted by @Jeff Pancone :

Hello Kevin,

Welcome to the market area! I'm in Austin and work as a director of renovations for the United States largest multifamily management company. I am also looking at investing in my first multi unit property this year and would love to discuss opportunities if you have an interest in networking here.

 James, I would love to discuss future opportunities. I sent you a connection request, be sure to add me.  

@Kevin Orozco

Welcome to the site! 

Maybe I misunderstood........

You stated your friend was going to purchase an FHA and you were going in on that property? FHA requires that you would both be living in the property, unless you were an immediate family member. You would have to go conventional financing and you could both purchase the property as co-borrowers. FHA is a great product to get started with little money down, but is for an owner occupied buyer.

I'm in the military and also looking at Texas to start some out of state investing.....anyone in the area who wants to connect or collaborate, send me a connect and we can chat!

@Kevin Orozco

Living in Southern California and investing in Austin is how I started out too.  I am now moving to that area and will continue to invest there.  Feel free to send me a PM if you have any questions.  Good luck!

Originally posted by @Jerry Padilla :

@Kevin Orozco

Welcome to the site! 

Maybe I misunderstood........

You stated your friend was going to purchase an FHA and you were going in on that property? FHA requires that you would both be living in the property, unless you were an immediate family member. You would have to go conventional financing and you could both purchase the property as co-borrowers. FHA is a great product to get started with little money down, but is for an owner occupied buyer.

 Jerry,

You're most like right, I'm trying to find out all the laws in how we should apply for this FHA loan. He would definitely be living in the property and be putting his name on the loan, but I would make payments to him, be on the title, live in California, and NOT be on the loan. I would need to check with a loan officer if I can do that. Thanks again for the advice! I greatly appreciate it.

I'm here in Austin and am about to go through my 2nd house hacking venture... would be happy to connect with anyone interested in investing here in austin... I am full time Realtor, but also come across off market properties all the time. Austin can be hit or miss based on where/what you're targeting, feel free to reach out for help there. 

With $500k to invest, you should be looking to invest in your primary residence in LA first IMHO ... get your feet wet and some experience under your belt locally before venturing to far away lands where the grass seems so much greener. I have nothing against Texas, nor am I especially gung-ho about LA, I just believe it better to stay close to home on your 1st go around to learn hands on and better manage your risks. I've done local, and I've done out of state ... local is better in my opinion, based on my last 12 years of experience.

Also, I'm curious about your experience working with CBRE ... ping me if you want to chat ...

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