REI Newbie from SF Bay Area
Hello Everyone,
I am a newbie to both biggerpockets & the world of REI! I accidentally ventured into REI when we bought a new home in North Cal / Bay Area, and rented out the previous one. I feel it has worked out due to pure luck (appreciation wise), even though it has a neutral to slightly -ve cashflow. Now that I am thinking of buying an investment property for cash flow, I feel I need a much deeper understanding of the domain. I have started reading up as much as I can from the biggerpockets forums, listening to podcasts, and currently reading "Rental Property Investing by Brandon Turner".
Looking for some advice around:
1) What are the cities I should be looking into? I am unable to make the math work for properties in CA at this point.
2) Once cities are shortlisted, how do I find the right properties? I am currently using Redfin/Zillow for finding Multifamily properties. Is this the right way to go?
3) The book talks about buying a property for 20% discount, and by adding 5% it should appreciate by 10% in 1 yr. Further, every unit should have $200 cashflow. Is this followed to the letter and/or possible in this market? I am biased by North Cal markets obviously.
4) How do I create a team or build those connections so that I can invest and manage from a remote location?
5) And many more...
Any suggestion/advice/comment would really help me get started on my journey as I continue to accumulate knowledge in this area.
Most Popular Reply
Welcome to BP! I recommend that you check out the event listings and/or hop on Meetup to find local REI meetups to attend. There are quite a few groups that meet regularly all over the Bay Area (I'm pretty sure there is a popular one in the south bay), and many are focused on investing out of state. You'll gain a wealth of information networking with those folks.
Happy investing!