Motivated Newbie in Southern California

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Motivated Newbie in Southern California

Kenny Ho
Miami, FL · Member since 2016 · 12 posts · 6 votes

Hello BiggerPockets community!

Just got started on BP a few days ago. Over the past three months, I've listened to BP podcasts every morning to/from work and read the following books:

The Book on Rental Property Investing (Brandon Turner), The Book on Investing in Real Estate with No (and Low) Money Down (Brandon Turner), Rich Dad Poor Dad (Robert Kiyosaki), Cashflow Quadrant (Kiyosaki), Rich Dad's Guide to Investing (Kiyosaki), Think and Grow Rich (Napoleon Hill), The Richest Man in Babylon (George S. Clason), and The Intelligent Investor (Benjamin Graham).

What's common among podcasts and these books are to take action even if you don't feel 100% ready...so here I am!

I currently live in West Covina and work in Oxnard. My overarching goals are to buy SFR rental properties in Southern California (Ventura County/Los Angeles County/San Gabriel Valley) and in other states to build passive income during my travel-oriented career -- I move every 2-3 years. My short term goal is to close one cash flowing rental property deal in 2016.

I'm also willing to work for free Monday to Thursday after 6pm and Friday night through Sunday night. In return, it'd be greatly appreciated if I could pick your brains regarding rental property investing in Southern California and other states. I have a BS in electrical engineering and I'm a supervisor of a team of network security technicians.

Looking forward to meeting the BP community and excited to close my first deal this year!

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Gene Maltsev
Realtor · Brooklyn, NY · Member since 2016 · 42 posts · 10 votes
10y

Hi Kenny, welcome to BP! I'm in the same boat as you - live in Alhambra and work in S. California - although I'm only now starting to read up on strategies. Currently reading FLIP by Rick Villani and Clay Davis, The Book on Investing in Real Estate with No Money Down by Brandon Turner and The Preforclosure Property Investor's Kit. I live in Alhambra and own a business which operates on weekends only. So, naturally, I'm looking to supplement my income and add to my weekly responsibilities.

I'd love to get into REI but it's difficult because CA has a high barrier to entry. I mean, cost of acquisition here is unbelievably high. Plus, from what I've been reading on BP blogs, cash-flow positive deals are really hard to come by nowadays in Southern California.

I'm open to any ideas and opportunities so long as they will enable me to learn and generate a modest return.

Feel free to keep in touch and let us know if come across anything interesting.

Cheers!

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  • Fred Tu
    Real Estate Agent · Santa Barbara, CA · Member since 2015 · 16 posts · 3 votes
    10y

    Welcome to BP, Kenny! Wow, you have quite a crazy commute from West Covina to Oxnard. I used to commute from Oxnard to LA, and that was bad enough. 

    0Reply
  • Gene Maltsev
    Realtor · Brooklyn, NY · Member since 2016 · 42 posts · 10 votes
    10y

    Hi Kenny, welcome to BP! I'm in the same boat as you - live in Alhambra and work in S. California - although I'm only now starting to read up on strategies. Currently reading FLIP by Rick Villani and Clay Davis, The Book on Investing in Real Estate with No Money Down by Brandon Turner and The Preforclosure Property Investor's Kit. I live in Alhambra and own a business which operates on weekends only. So, naturally, I'm looking to supplement my income and add to my weekly responsibilities.

    I'd love to get into REI but it's difficult because CA has a high barrier to entry. I mean, cost of acquisition here is unbelievably high. Plus, from what I've been reading on BP blogs, cash-flow positive deals are really hard to come by nowadays in Southern California.

    I'm open to any ideas and opportunities so long as they will enable me to learn and generate a modest return.

    Feel free to keep in touch and let us know if come across anything interesting.

    Cheers!

    2Reply
  • Charissa Mood
    Wholesaler · Oak View, CA · Member since 2016 · 19 posts · 5 votes
    10y

    Hey there! I too am new to Bigger Pockets and the world of investing so take it for for what it's worth, but my understanding of CA is that it is not a very Landlord friendly state and should you get involved with the wrong tenant, you could have tenancy at sufference for up to a year. 

    My goals here are to start wholesaling, build up to flipping and then start acquiring Cash Flow properties in areas like Florida. 

    Anyways...just a heads up. It's something you might want to consider. 

    1Reply
  • Lynn Bown
    Real Estate Agent · North Port, FL · Member since 2016 · 97 posts · 42 votes
    10y

    Welcome to BP @Kenny Ho from North Port Florida.  Im originally from San Diego and was licensed there for 5 years.  My kids and grand kids still live there.  Keep up the research and take action, good luck with your plans.

    0Reply
  • Peter MckernanBusiness Member
    Residential Real Estate Agent · Irvine, CA · Member since 2013 · 2k+ posts · 1k+ votes
    10y

    @Kenny Ho

    Welcome to BP, this community is so willing to let you pick their brains and are always willing to throw in some knowledge to help you out in any situation. This is a great place for you to come to for help and learning through your investing career. It's awesome that you are getting into real estate investing and it sounds like you are well educated outside of real estate. You can just apply those principals that you picked up to accomplish your BS and put them to work on real estate investing! 

    Good Luck! 

    The McKernan Group4.954 Reviews
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    0Reply
  • Paul Timmins
    Specialist · Rockland, MA · Member since 2010 · 7k+ posts · 2k+ votes
    10y

    @Kenny Ho

    A niche or specialized population might work like student housing. Student Housing gives you 2-4 times more rent over conventional renting. I spoke with a woman from SF she bought an old Victorian with a bunch of bedrooms. She rents by the bed to tourists $200 per night per bed, she is making a killing.

    Paul

    1Reply
  • Adam Bontrager
    Investor Relations Manager · Cleveland, OH · Member since 2015 · 117 posts · 50 votes
    10y
    Originally posted by @Kenny Ho:

    Hello BiggerPockets community!

    Just got started on BP a few days ago. Over the past three months, I've listened to BP podcasts every morning to/from work and...

    I'm grinning as I read your post because it's clear to me that you've got "the real estate itch".  Congrats, joining BP is a great first step!

    Have you considered investing in turnkey properties?  It sounds to me like you've got plenty on your plate and could benefit from this strategy.  Buying from a turnkey provider that also provides property management is one of the quickest ways to take action and also requires little continuing effort on your part.  Obviously, you'll need to do your research before working with any real estate company.

    I work and invest in the Cleveland market myself.  The price points are considerably lower than some of the more inflated markets but the rental demand is high and returns are great.  You might consider looking into this or similar markets.  

    Feel free to contact me with any questions.  I'm more than happy to help!

    Onward and upward!

    1Reply
  • Kenny Ho
    OP
    Miami, FL · Member since 2016 · 12 posts · 6 votes
    10y

    @Fred Tu LA traffic, I know how you feel...I commuted for a week and already knew it was too much time on the road. If you don't mind me asking, what are your opinions on student housing rental properties near UCSB?

    @Gene Maltsev Thanks! I'll reach out to you when I get a chance.

    FYI, for what it's worth, I'm currently helping my mother rent her room out. She put her listing in the Vietnamese/Chinese newspaper ad section and in the month that her listing has been up, she's received 3-4 calls from tenants every week and is now scheduled to lease two of her rooms in the near future. I'm not sure if this is considered a "hot" market for rentals but just thought I'd throw that out there for anyone interested.

    Thank you to everyone for the kind welcome!

    0Reply
  • Nadine Lajoie
    Investor · Long Beach, CA · Member since 2015 · 201 posts · 29 votes
    10y

    Welcom to BP and into the craziness of RE investing, especially in SoCal.  I invested a lot in IN, IL and GA, now closing on one in Long Beach and it took me over 2 months to find that deal!  SO yes you need to persevere, do your numbers, analyze many deals and move fast!  Cash is king if you can, you will be able to get better deals. 

    Are you looking for turn-key investments and cash-flowing rentals?

    Let me know if you want to pick my brain for 30 minutes, I coach, teach and mentor people!

    Have fun! :-)

    0Reply
  • Nadine Lajoie
    Investor · Long Beach, CA · Member since 2015 · 201 posts · 29 votes
    10y

    ... and also can partner-up on a deal if numbers are making sense.

    0Reply
  • David Faulkner
    Investor · Orange County, CA · Member since 2015 · 2k+ posts · 3k+ votes
    10y

    I'd be happy to chat with you. I've been a buy-fix-and-hold SFR investor, both locally here in SoCal and out of state for the last 12 years.

    0Reply
  • Logan AllecBusiness Member
    Accountant · Los Angeles, CA · Member since 2014 · 1k+ posts · 980 votes
    10y

    Welcome, @Kenny Ho.  That's quite an opportunity, being able to move around every few years.  Your situation is similar to some of the military folks I see posting around the boards, moving every few years and picking up properties in every new location.

    Clarita CPA Group516 Reviews
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    0Reply
  • Jo-Ann LapinPro Member
    Loan Officer · Tustin, CA · Member since 2015 · 3k+ posts · 713 votes
    10y

    Welcome to BP. Happy to network

    [email protected]
    0Reply
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