New To Real Estate Investing and Bigger Pockets

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New To Real Estate Investing and Bigger Pockets

Ryan Montes
Loan Officer · Huntington Beach, CA · Member since 2016 · 15 posts · 2 votes

Hi All,

I am fairly new to the bigger pockets community, and Real Estate Investment! I have been a dedicated listener of Josh and Brandon's podcast for about a month now, and cant get enough! Real estate Investment has always been a goal of mine, and with discovering Bigger Pockets, it has really started to motivate me to get things in motion. I working in the mortgage banking industry, so I know all about the financing side, but i need to really dig in and learn the analysis of properties, and how to find great deals!  

On Podcast 167, they said something that stuck out to me, "start analyzing deals, regardless if your ready to invest now, or a year from now"

I really want to put this into practice! I do have questions though for you experienced investors out there, what is the best way to dive into property analysis. For instance, i do not have access to the MLS, so finding rents is tough (which i need to accurately cash flow)

I currently live in Huntington Beach, CA, but want my market to be all of Southern California, and potentially Arizona. 

Any tips on the best way to begin my property analysis practice?

Thanks so much!!! 

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  • Curt DavisBusiness Member
    Flipper/Rehabber · Memphis, TN · Member since 2008 · 5k+ posts · 2k+ votes
    10y

    You an use rentomater.com for free rental comps.  If you can find cash flow in your market thats great but from what I hear it will be very difficult when compared to the purchase price to rent ratio. You might have a little better shot at cash flow in AZ. 

    Use a simple mortgage calculator to enter in figures for the loan. Then factor in property management expenses and any additional factors like vacancy and repairs allowances.  If you want to make the deal look even worse you can factor in capex. If you factor these all in your going to find your 2 markets of choice will look very poor on paper. You might have to expand your market criteria other cities/states in order to achieve whatever criteria you come up with.  

    Good luck

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  • Ryan Montes
    OP
    Loan Officer · Huntington Beach, CA · Member since 2016 · 15 posts · 2 votes
    10y

    Thanks so much for that recommendation Curt! As far as the market I'm looking to start in, I am wide open to whatever pens out best! This is really my first step in determining that. I am a bit deterred from going out of state due to the simple fact that everything I hear, is that you really need "boots on the ground" for where your investments are. AZ offers this to me, which is why I was considering it. But I will definitley be open to other markets as well! 

    Thanks again!

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

    @Ryan Montes you can just use something like Redfin to search for properties, they have the same info for rents in the details as the MLS.

    Go over to the files section of bigger pockets and find a good simple calculator to download. Then you can analyze deals quickly and easily.

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  • Ryan Montes
    OP
    Loan Officer · Huntington Beach, CA · Member since 2016 · 15 posts · 2 votes
    10y

    Excellent! Thanks for the info @Eric Dowling 

    I was under the impression that Redfin didn't have rental info, but I will definitely take a look now! 

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

    Hello and welcome to BP!  Educate yourself as much as you can before starting.  Do not try to do everything yourself.  Do not cut corners.  Always do the numbers and try to inspect the property before you make an offer.  When you have more experience you may not have to worry about that.  Find experienced and trustworthy Team members that will take care off you when you call.  Mistakes and fear are pretty normal.  Just learn by mistakes and make fear positive to you.  Just keep on going and don't let anything slow you down.  Get a financing pre-approval letter from your potential lender. Cash buyers are getting more preference because they can typically close quicker.  Try to get cash up front for a more competive feature.  No matter what happens you can not give up.

    I am 59 years old and I found BP about 6 months ago and I am still trying to decide what to do.  I went to college and the business degree emphasized real estate.  In that same year, in 1980, I got a broker license.  Regardless of what I had I felt more comfortable with the construction business.  I have been the construction business since I was 17.  My father has been in real estate for about 40 years and he has taught me a little bit.  If you think that I can help you please contact me through BP at any time.  Good luck!

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