What's GOOOOD? From Orange County!

What's GOOOOD? From Orange County!

Fountain Valley, CA · Member since 2017 · 19 posts · 8 votes

What's up ya'll!  I'm Darryl from Orange County!  This forum appeared multiple times after searching on Google as a good point of reference and it seems to have more people engaged in this niche so I figured I might as well join haha.  

Just a little background on myself I grew up in Silicon Valley and went to school in Orange County studying Economics.  My parents wanted me to be an Engineer, but I switched to business.  Being resourceful, I always liked buying/selling things on Ebay, Craigslist, and various niche forums.  If I wanted something that was expensive retail, I didn't like paying full price.  So, I find ways to lower my cost basis by reselling or buying second hand.  That's where I fell in love with the secondary market.  

I ended up working in investments and financial planning for a few years after college until the market crashed and I was laid off.  It was a time I was still discovering myself so I backpacked around the world for a few years around SE Asia.  I learned so much about the world, mainly how spoiled and good we have it, but I also realized I had a passion for food/hospitality so ended up cooking for friends/family and a few small parties, and working at a restaurant.  It's still a passion, but I have a deep yearning to apply my business skills.  I'll sell anything: cars, limited release Nike shoes, sunglasses, mountain bikes, bike racks, concert tickets, etc.  Anything relevant to my hobbies and can easily flip.  

After a combination of saving, investing, hustling, careful spending, and finding the right real estate agent, I purchased my first live in house-hacked duplex in October 2016.  I live not only rent free but also generate income from the rent I'm able to charge and cover property taxes!  

I'll be lurking and poking my head in some threads here so watch out!  :D

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Specialist · Indianapolis, IN · Member since 2014 · 670 posts · 352 votes
9y

They are not. I do have 4 projects here locally but the majority of our projects are across the midwest and south. Investing heavily in Indianapolis, Oklahoma City, Kansas City, Mississippi, Toledo, etc. Too expensive and smaller profit margins here on the West Coast. 

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  • Veni F.Pro Member
    BiggerPockets Support · Los Banos, Laguna · Member since 2017 · 320 posts · 99 votes
    9y

    Welcome to the BiggerPockets family @Darryl Lin! I have listed some helpful recommendations for you:

    Meet BiggerPockets member in your area:http://www.biggerpockets.com/meet

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    Find upcoming real estate events: https://www.biggerpockets.com/forums/521-events-and-happenings

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    If you wish to tag someone in the conversation on the forum, type @ followed by their name and then select the name of that person.

    Welcome aboard!!!

    BiggerPockets
  • Joe HomsBusiness Member
    Flipper · Mission Viejo, CA · Member since 2014 · 2k+ posts · 1k+ votes
    9y

    @Darryl Lin 

    Welcome to BP. There is a location where like minded investors gather in Lake Forest, California every month that you should check out.

    If you would like to chat before then and talk about investing let me know. I am in Mission Viejo and can get together at my local Starbucks. Your ALL in cost is only a cup of coffee.

    I am currently flipping homes in Orange County and teach others how to do so as well. I started a wholesaling group and spend my Saturday mornings with them.

    I am looking for my next purchase at the court house steps, while I am working on a few more.

    Good Investing...

  • Jo-Ann LapinPro Member
    Loan Officer · Tustin, CA · Member since 2015 · 3k+ posts · 713 votes
    9y

    Welcome aboard. Happy to assist and help in anyway. Good snooping on your end this site a treasure trove of update info and making connections of value 

  • Fountain Valley, CA · Member since 2017 · 19 posts · 8 votes
    9y

    thanks ya'll!  are you guys focused on markets in Orange County?  

  • Irvine, CA · Member since 2016 · 21 posts · 5 votes
    9y

    Hey Darryl,

    Im glad to hear your house hack is going well! I am located in Irvine and plan to buy a small multi family by the end of the year, preferably a triplex or quad. The numbers in Orange County dont seem to work that well so I am looking east to Riverside or San Bernardino areas. I was wondering what your process was to analyze your deal. I have analyzed dozens and none of them seem to work so I am wondering if I am missing something.

    Thanks!

  • Fountain Valley, CA · Member since 2017 · 19 posts · 8 votes
    9y

    What's up Danchrisandre?  

    RE in OC is hot.  There's really not that much that's "cheap", or if it is, you'll find yourself in the ghetto.  I did have a hard time figuring out where I wanted to live.  After realizing that nothing was going to be cheap, I figured just building equity would be the next best.  Paying rent sucks.  

    My analysis was simple: would I be able to charge enough rent to cover mortgage+HOA+property taxes each month? I was lucky to find this one property that had a bonus room above the garage, which I didn't even know existed. Breaking down the rents I could charge, added with comparable properties in the area, I knew mine was a ridiculous deal. Most 3BR/2BA were going for $7-800k, while this one was going for mid to high $500k's. The added bonus room I knew would be able to pull in an extra $1200-1400 so I knew I had to act fast! Strangely enough, there were very few offers on the place, if any. Most likely because it was still under remodel from the previous owner, who I found out was going to live there but ended up needing to sell quick to free up capital. With this all in mind, I just acted fast on a favorable situation.

    In any case, yeah I'm looking elsewhere for investment properties.  I've been researching out of state for a little.  My best friend lives in Nashville and I've been hearing about more companies moving out there.  More "it's the next Silicon Valley" hearsay so I'm wondering if it's intrinsic value is factored in yet.   

  • Surveyor · Hemet, CA · Member since 2015 · 797 posts · 112 votes
    9y

    Hello Darryl. Welcome to bigger pockets.  I'm actually setting up a SoCal meet and greet at my commercial property and crown of next month.  Lot of members going would you be interested? It will be at 130 industrial way corona. Not to far from you.

  • Investor · Henderson, NV · Member since 2016 · 227 posts · 86 votes
    9y

    @Robin Boyer

    Keep me updated, I may be interested.

  • Surveyor · Hemet, CA · Member since 2015 · 797 posts · 112 votes
    9y

    Daniel and Darryl please feel free to text me so I can get yu guys on the list.  Nine five one six nine two six eight five four thank you. Going to possibly have it catered! Should be fun!

  • Fountain Valley, CA · Member since 2017 · 19 posts · 8 votes
    9y

    @Robin Boyer I'm interested in learning more.  My sister owns some commercial so I'd be interested in learning more.  When is it and what time?  I work opposite hours to the 8-5'ers haha

  • Specialist · Indianapolis, IN · Member since 2014 · 670 posts · 352 votes
    9y

    Hey @Darryl Lin welcom to BP. Good job jumping in and making a successful first investment purchase. Keep up the good work!

  • Fountain Valley, CA · Member since 2017 · 19 posts · 8 votes
    9y

    Thanks @Jeff Wallenius!  Just checked out your site, interesting story of your transition into RE.  Did you just fall into it after purchasing a home?  

  • Specialist · Indianapolis, IN · Member since 2014 · 670 posts · 352 votes
    9y

    @Darryl Lin my grandparents and parents both had rental properties when I was growing up, that was my first introduction to real estate. I always knew I would invest, and jumping into the fix and flip game gave me the best start back in 2005. Since then it's been a fun ride!

  • Fountain Valley, CA · Member since 2017 · 19 posts · 8 votes
    9y

    That's how you do it!  Are most of the properties you're working on in Portland?  

  • Specialist · Indianapolis, IN · Member since 2014 · 670 posts · 352 votes
    9y

    They are not. I do have 4 projects here locally but the majority of our projects are across the midwest and south. Investing heavily in Indianapolis, Oklahoma City, Kansas City, Mississippi, Toledo, etc. Too expensive and smaller profit margins here on the West Coast. 

  • Fountain Valley, CA · Member since 2017 · 19 posts · 8 votes
    9y

    Yeah that's what I figured.  Have you looked into Nashville?  My close buddy got relocated there working for Postmates corporate and was telling me it was an up and coming area for tech companies looking for an East Coast home base.  

  • New to Real Estate · Nashville, TN · Member since 2017 · 7 posts · 2 votes
    9y

    Another potential up and coming tech city is Chattanooga. They installed city wide gigabit internet a couple years ago and started a campaign to attract tech companies. They have the same business friendly tax code as Nashville, and real estate hasn't exploded there quite like it has in the Nashville area.

  • Surveyor · Hemet, CA · Member since 2015 · 797 posts · 112 votes
    9y

    Darryl I am working on dates. If you want I can add you to the list just send me a message when I know more. Feel free to text me and I will put you on the list.  Nine Five One Six Nine Two Six Eight Five Four

  • Fountain Valley, CA · Member since 2017 · 19 posts · 8 votes
    9y

    @Jackson Holder Interesting.  How's the RE scene out in Chat?  Seems like there are still a lot of lower priced homes out there.  Strange that Zillow has info on Chat, but not Redfin...

  • New to Real Estate · Nashville, TN · Member since 2017 · 7 posts · 2 votes
    9y

    Honestly I don't know a lot about it. I just know that the city has been investing a lot in building the tech scene. I live just outside of Nashville and have been focusing more locally.

  • Investor · Los Angeles, CA · Member since 2015 · 325 posts · 75 votes
    9y

    Hello @Darryl Lin

    Great story, and congrats on that house hacking! I like your hustle, reminds of Gary V! Where is your located? 

    I am a buy and hold investor in a few midwest states. I help and show people how to use some of their savings to create streams of income by investing in multi-family apartment complexes. I also have build a nice digitally wholesaling bizz (I like to buy and sell stuff too) Have you finished 4-Hour Work week? I plan on also reason his new book, Tools Of Titans. We don't live to far from each other, would be happy to chat some more. Talk soon 

    -Carlos 

  • Fountain Valley, CA · Member since 2017 · 19 posts · 8 votes
    9y

    @Jackson Holder Keep an eye out there for me!  My best friend lives out in Nash and he keeps telling me to research that area but it's still tough for me to know what it's like there being on the WC.  

    @Carlos Altamirano How you doin?  Haha funny.  I just started listening to Gary V a few weeks ago.  Been on a podcast rampage.  I rock out to Gary V at the gym now practicing basketball haha.  LOL I actually JUST bought 4-Hour Work Week and am on part 3 right now as we speak!  

    Wow, I've actually been interested in getting a multi-family duplex/triplex/quadplex as my next investment.  Been listening to Rental Income Podcast with Dan Lane.  Maybe the slum lord life is for me haha.  

    Let's chat more... 

  • Attorney · San Diego, CA · Member since 2017 · 17 posts · 4 votes
    9y
    What's good Darryl Lin I just moved to the OC at the end of last month. I have a couple of properties I've house hacked into a couple of spots scattered in Morgantown, WV and Charlotte, NC, both great markets for student housing and population growth, respectively. I'm looking to make a move out here to avoid paying rent but not sure there are any that make sense. Would love to chat, hit me up!
  • Fountain Valley, CA · Member since 2017 · 19 posts · 8 votes
    9y

    What's good @Seth Bradley ?  Congrats on your 2 properties!  I got a lot of q's for ya.  Student housing seems to always be a good investment.  Are you trying to make offset your rent in OC with the rental income from your 2 properties?  

  • Attorney · San Diego, CA · Member since 2017 · 17 posts · 4 votes
    9y
    Darryl Lin even better, my property in Morgantown is close to the grad schools and hospitals rather than the downtown undergrad campus so I tend to get better tenants. Im currently crashing with a friend in Mission Viejo until I figure out my next move. If I didn't just move here, I would probably hold off on buying something because of what seems like over inflation here in SoCal. However, I want to avoid paying rent by either house hacking in a not-so-great neighborhood or doing a live-in flip SFR. What are you looking to do next?
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