Newbie from SF / California Bay Area

11 Replies

Hi Everyone!

I'm Kathy -- I work in tech in SF as a software engineer making mobile apps. I don't own anything myself but I've always loved real estate (since my parents dragged me around looking a open houses when I was 8). My local market is a doozy so I read David Greene's book on long distance investing -- which brought me here! :) 

I'm here to learn, meet more people, and see how I can be helpful! (I've already gotten so much out of lurking and reading the podcasts!) My short term real estate goal is to buy a SFH before the end of the year through a turnkey provider to get my feet wet (Memphis Investments seems amazing. I'd love to hear from anyone whose worked with them!) while I research what work best for my goals of having financial independence. (My partner is interested in BRRR / I like the idea of going slightly higher end SFH and going for a combo of appreciation + positive cashflow but many seem strongly in favor of multi-tenancy for scale so I'm still figuring out where I land on that).

Thanks,

Kathy

Remote rehab for someone with no experience is about as risky as it comes.

MI  will take good care of you.. better to get REAL returns than paper returns that never pan out.

or jump into a long distance rehab only to have the contractor walk off with your  money and materials or both.

once you get some experience you may want to choose that path.

or there are companies that will do the BRRR but very few and you have to pick the right one ..

@Jay Thanks for the advice! Totally agree with your thoughts/ recommendation on remote rehab! I didn't realize there are companies that do BRRR

@Kathy Sun I would urge you to buy one or a few properties out of state to get started. This are pretty tough and very little cashflows today but it will get you started. It is how I started and I don't see any other way for an engineer who makes a decent salary in a primary market to get going.

@Lane Kawaoka Yeah, getting one to a couple of properties out of state with a turnkey company to get started is exactly how I'm thinking of next steps. I took a look on your website and I saw that you eventually transition from turnkey rental to syndications which is great food for thought! :) 

Welcome @Kathy Sun ! You came to the right place to learn more about RE investing from pros. Turnkey investing is a perfect solution for someone like you = busy professional wanting to get started. Memphis Invest is one of the longest running turnkey providers in the U.S. I would recommend investing in at least 2-3 markets as you get started. Diversification is key. Real estate markets aren't national - they're LOCAL. One city/market may take a dip while another is on the rise. Spreading out your investments (a bit) is better than having ALL your properties in one pot. Good luck! Lots of great info here for you to sift through. 

Originally posted by @Kathy Sun :

Hi Everyone!

I'm Kathy -- I work in tech in SF as a software engineer making mobile apps. I don't own anything myself but I've always loved real estate (since my parents dragged me around looking a open houses when I was 8). My local market is a doozy so I read David Greene's book on long distance investing -- which brought me here! :) 

I'm here to learn, meet more people, and see how I can be helpful! (I've already gotten so much out of lurking and reading the podcasts!) My short term real estate goal is to buy a SFH before the end of the year through a turnkey provider to get my feet wet (Memphis Investments seems amazing. I'd love to hear from anyone whose worked with them!) while I research what work best for my goals of having financial independence. (My partner is interested in BRRR / I like the idea of going slightly higher end SFH and going for a combo of appreciation + positive cashflow but many seem strongly in favor of multi-tenancy for scale so I'm still figuring out where I land on that).

Thanks,

Kathy

 Welcome to the site Kathy.

@Kathy Sun welcome to BP! Memphis can be a great market for TurnKey and the BRRR strategy. Good luck and I hope you meet your goal of a SFH this year!

@Kathy Sun

Welcome to the BP family! Good to have you here! Here are some recommendations for you:

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Wishing you the best!

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