Newbie from San Diego, CA

New Member Introductions
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Newbie from San Diego, CA

Weiwei Gao
La Jolla, CA · Member since 2016 · 27 posts · 9 votes

Hello My name is Weiwei and I am a newbie from San Diego, CA.

I moved to La Jolla in 2012 from Boston for a job. I am an avid scuba diver and soon fell in love with this beautiful town. I bought a townhome late 2012, only a few minutes to my work and my favorite dive sites. I was lucky then because the housing market was not warmed up yet and the interest was low.

As a scuba diver, I often dreamed to travel around the world, but with a full time job, it is only a dream.

About a year ago, I came across 'Rich Dad Poor Dad'. The book blew my mind away. I became to know that one could become financial independence with hard work, knowledge, strategy, and discipline. I am determined to achieve what many people have done to accumulate wealth though real estate.

In the past year, I have been reading real estate books and saving money. By chance I came across Bigger Pockets and saw it as viable community with lots of passion to real estate. I hope to get to know more people, learn more knowledge, and start making deals soon.

I am open minded to all investment opportunities, but in particular with multifamily, buy and hold properties, house hacking.

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Fred Sams
Professional · San Diego, CA · Member since 2014 · 232 posts · 20 votes
10y

@Weiwei Gao Welcome to BP.. Like minded people for sure. 

I am local let me know if I can help...  @Account Closed here are several local REIA:

www.nsdrei.org

www.sdcia.com

http://www.sandiegoinvestmentclub.comwww.meetup.co...

We also have local meetup's at active Investor properties (in progress, there awesome!)

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  • Tom Ott
    Equity Raiser and Turnkey Provider · Cleveland, OH · Member since 2016 · 4k+ posts · 1k+ votes
    10y
    Originally posted by @Weiwei Gao:

    Hello My name is Weiwei and I am a newbie from San Diego, CA.

    I moved to La Jolla in 2012 from Boston for a job. I am an avid scuba diver and soon fell in love with this beautiful town. I bought a townhome late 2012, only a few minutes to my work and my favorite dive sites. I was lucky then because the housing market was not warmed up yet and the interest was low.

    As a scuba diver, I often dreamed to travel around the world, but with a full time job, it is only a dream.

    About a year ago, I came across 'Rich Dad Poor Dad'. The book blew my mind away. I became to know that one could become financial independence with hard work, knowledge, strategy, and discipline. I am determined to achieve what many people have done to accumulate wealth though real estate.

    In the past year, I have been reading real estate books and saving money. By chance I came across Bigger Pockets and saw it as viable community with lots of passion to real estate. I hope to get to know more people, learn more knowledge, and start making deals soon.

    I am open minded to all investment opportunities, but in particular with multifamily, buy and hold properties, house hacking.

     Hello Weiwei,

    Welcome to BP! I'm sure you have already noticed how great of a place this is to learn more about REI! "Rich Dad Poor Dad" is a great book! We love it here at Smartland.

    Please let me know if you have any questions, feel free to send me a message.

    0Reply
  • Michael Lee
    Investor · Coppell, TX · Member since 2008 · 2k+ posts · 646 votes
    10y

    Hello and welcome to BP!  There are short term and long term things to get into.  With a job you might want the longer term stuff.  Depending on the amount your saving you might want to consider being a lender to tenants that are having trouble to finance.  That way you can own loans and not worry about your phone ringing at night or on the weekends.  Of couse one way to deal with that is hiring out property management.  If you end up buying MF just do the fix up right and don't try to save every penny.  Even if you decide to do Fix and Flips do it right and do not cut corners.  Find an experienced and trustworthy Team members who will help you.  Always do the numbers and make sure that anything that is given to you is real.  Get insurance coverage when you close and put new locks on the doors.  If the locks are good and you have the keys you can just use them at another address.

    I am 59 years old and I found BP about 6 months ago and I am still trying to decide on a route that I will take.  Luckily I have been married to a woman that has been saving money for about 25 years so I am not under pressure even though it is retirement money.  I got a college degree in business with emphasis on real estate.  That same year that I graduated, in 1980, I got a broker license because I qualified for that and I did not have to take any additional courses.  My father has been in real estate brokerage for about 40 years and he has taught me a little bit.  I have only had one investment that was kind of personal and I had to sell it when I was recovering.  I did a few deals for other people.  If you think that I can help you please contact me through BP at any time.  Good luck!

    0Reply
  • Charles Marshall
    Hingham, MA · Member since 2015 · 78 posts · 21 votes
    10y

    Welcome! So you moved from a hot REI market to another hot market!

    0Reply
  • Andrew Fielder
    Non-Performing Note Investor · Newport Beach, CA · Member since 2015 · 184 posts · 57 votes
    10y

    San Diego is a beautiful city. The market is very similar to OC and LA. If you're looking at residential Investments you're going to have to be very creative to get cash flowing properties. That's just the nature of high demand markets any where you go. Most residential investors in markets like ours can make money long term through capital appreciation. You'll find a lot of people including Josh and Brandon aren't big fans of appreciation as a strategy. Everyone is dealt different cards, that's just the reality of our market. If you read books like Millionaire Real Estate Investor you'll see how they emphasise cash flow in your early years and capital appreciation in your latter years. Plenty of pathways to take. Good luck out there.

    0Reply
  • Paul Timmins
    Specialist · Rockland, MA · Member since 2010 · 7k+ posts · 2k+ votes
    10y

    @Weiwei Gao

    Go to IREM.org search for ARM certified property managers. Call 5 ask them what they see expenses running per category per unit. What do they see them selling for per unit, what is the market occupancy rate. What are the market rents? Ask them if they know anything coming up for sale. Great way to pick up some good info and possibly a deal.

    You can also search NARPM.org for the RMP (Residential Management Professional) and MPM (Master Property Manager) certified.

    Locate and attend 3 different local REIA club meetings great place to meet people gather resources and info. Here you will meet wholesalers who provide deals and rehabbers (cash buyers). Find them through Google and meetup.com

    Two Great reads, I bought both J. Scott The Book on Flipping Houses, The Book on Estimating ReHab Costs http://www.biggerpockets.com/flippingbook

    Download BP’s newest book here some good due diligence in Chapter 10. Real Estate Rewind Starting over

    http://www.biggerpockets.com/files/user/brandonatbp/file/real-estate-rewind-a-biggerpockets-community-book

    Good Luck

    Paul 

    0Reply
  • Weiwei Gao
    OP
    La Jolla, CA · Member since 2016 · 27 posts · 9 votes
    10y

    @Tom Ott thanks. I have been listening to the BP podcast and I was on show 26 last night, which gave me the idea of turnkey property rental. I found this a great idea. I am learning the numbers behins and doing market research. I probably will have questions to ask a bit later.

    1Reply
  • Weiwei Gao
    OP
    La Jolla, CA · Member since 2016 · 27 posts · 9 votes
    10y

    thank you @Michael Lee. @Charles Marshall you are right. 

    0Reply
  • Weiwei Gao
    OP
    La Jolla, CA · Member since 2016 · 27 posts · 9 votes
    10y

    @Andrew Fielder , @Paul Timmins thank you for the knowledge and the recommendation. Currently my iPhone is on PB podcast all the time, it's a gold mine of knowledge. I also listened the story of J. Scott. 

    0Reply
  • James Wise
    Real Estate Broker · Cleveland Dayton Cincinnati Toledo Columbus & Akron, OH · Member since 2013 · 30k+ posts · 20k+ votes
    10y

    Welcome aboard @Weiwei Gao

    0Reply
  • Weiwei Gao
    OP
    La Jolla, CA · Member since 2016 · 27 posts · 9 votes
    10y

    thank you @James Wise

    1Reply
  • Jo-Ann LapinPro Member
    Loan Officer · Tustin, CA · Member since 2015 · 3k+ posts · 713 votes
    10y

    Thank you for the lovely introduction. Welcome. Happy to network

    [email protected]
    0Reply
  • Ali Boone
    Real Estate Coach · Venice Beach, CA · Member since 2012 · 6k+ posts · 3k+ votes
    10y

    Hey Weiwei! Welcome to BP. I'm up north of you in LA, and also love Rich Dad Poor Dad :) It blew me away as well and changed the entire course of life.

    0Reply
  • Larry Fried
    Investor/RE Broker · Eugene, OR · Member since 2014 · 3k+ posts · 968 votes
    10y

    @Weiwei Gao Hi and welcome to BP! This is a great site to learn so much about REI, and the many strategies that are working for different people.

    0Reply
  • Weiwei Gao
    OP
    La Jolla, CA · Member since 2016 · 27 posts · 9 votes
    10y

    thank you @Ali Boone @Larry Fried

    0Reply
  • Dominic Battezzato
    Investor · San Diego, CA · Member since 2015 · 33 posts · 7 votes
    10y

    Hey Weiwei, 

    Welcome to BP! Rich Dad is a great book, this platform is a great to meet like minded people. Wish you the best success. 

    0Reply
  • Casey Murray
    Investor · San Diego, CA · Member since 2015 · 290 posts · 80 votes
    10y

    @Weiwei Gao I'd highly recommend attending a couple REIA groups in San Diego. BP is an excellent source to soak up RE knowledge but getting in front of people, talking real estate and learning your market is vital. Best of luck!

    0Reply
  • Account Closed
    Investor · San Diego, CA · Member since 2016 · 39 posts · 13 votes
    10y
    Originally posted by @Casey Murray:

    @Weiwei Gao I'd highly recommend attending a couple REIA groups in San Diego. BP is an excellent source to soak up RE knowledge but getting in front of people, talking real estate and learning your market is vital. Best of luck!

     Casey, Do you know of any specific groups? 

    0Reply
  • Fred Sams
    Professional · San Diego, CA · Member since 2014 · 232 posts · 20 votes
    10y

    @Weiwei Gao Welcome to BP.. Like minded people for sure. 

    I am local let me know if I can help...  @Account Closed here are several local REIA:

    www.nsdrei.org

    www.sdcia.com

    http://www.sandiegoinvestmentclub.comwww.meetup.co...

    We also have local meetup's at active Investor properties (in progress, there awesome!)

    2Reply
  • Weiwei Gao
    OP
    La Jolla, CA · Member since 2016 · 27 posts · 9 votes
    10y

    Thank you @Dominic Battezzato, @Fred Sams, @Account Closed, @Casey Murray

    0Reply
  • Casey Murray
    Investor · San Diego, CA · Member since 2015 · 290 posts · 80 votes
    10y

    @Account Closed I really like the NSDREI group. Very friendly, great presenters and the monthly market update is really insightful. It's $20 for non-members. Hope this helps. 

    1Reply
  • Bruce May
    Lender · San Diego, CA · Member since 2011 · 664 posts · 231 votes
    10y

    Hi @Weiwei Gao and welcome to BP. As was mentioned by a few ahead of me, come check out the NSDREI club. Our next meeting is on April 19. If you join our group on Meetup we'll send you an email with an invitation to get into your first meeting for free. I think you'll like it and I hope to see you there.

    1Reply
  • Michael Lee
    Investor · Coppell, TX · Member since 2008 · 2k+ posts · 646 votes
    10y

    Hello!  Thank you for those kind words.  I just found this page existed in the last 24 hours.  Just let me know if you need any help on construction or real estate.  Best wished for all that you do.

    0Reply
  • Comfort S.
    Rental Property Investor · Atlanta, GA · Member since 2016 · 58 posts · 13 votes
    10y

    welcome to BP @weiweigao wow those are two hot Real estate markets lol good luck in your career 

    0Reply
  • Michael Lee
    Investor · Coppell, TX · Member since 2008 · 2k+ posts · 646 votes
    10y

    Hello!  I am sorry to just getting back to you but I just found this option was available.  I will try to be quicker back to you the next time you respond to me.  I will be talking to you later!

    0Reply
  • Julia Shevchenko
    Contractor · Hollywood, MD · Member since 2016 · 139 posts · 47 votes
    10y

    Hello, Weiwei. La Jolla is beautiful!! Best of luck in starting out here. I'm also a newbie, hope to see you at a meet up or just connect. 

    0Reply
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