I picked up a copy of Brandon's book "The Book on Rental Property Investing" by chance at Barnes and Noble just a few weeks ago. I was actually looking for a book on how to successfully buy and rent out short term vacation rentals, but when I saw Brandon's book I realized that was much more what I was looking for, not the fluff of how to write an ad for Airbnb or how to lock up your possessions when you go out of town.
I was hoping to buy a place for my family to vacation as well as make money to cover expenses, looking at South Lake Tahoe, or Big Bear, but after running the numbers (thanks to the Rental Property Calculator) I can see that it's a long shot to make that work, especially from far away.
So for the past week or so I've been learning as much as I can about real estate investing. I already have a SFH in Murrieta that I bought in 2008 for $225,000 and it has appreciated to $450,000. I am applying for a HELOC on that property and looking to invest some cash and HELOC funds in a new property. I would love to stay close to home, Inland Empire is an option, but most of CA is so expensive so San Diego county is not an option for me. I would consider out of state in the right situation also.
I like the idea (alot) of getting a small 2-4 unit multifamily property to start this year and see how that goes. Eventually I would like to have 5-10 buy and hold properties in my portfolio.
I work full time as a Family Practice doc in Escondido for the past 16 years and love it but also love the idea of financial freedom, working less and creating a legacy for my family.
I LOVE the Bigger Pockets Podcast and am obsessively listening to as many episodes as I can, learning so much from every guest!
@Vanessa Peters Welcome to BP! Keep reading and absorbing this great content. Also check out the local REIA's around San Diego. Let me know if I can help.
Welcome Vanessa! Keep learning and growing!
Welcome to Bigger Pockets.
Hi Vanessa, welcome! There's a great REIA in the Inland Empire that can be found on Meetup, you might want to check them out!
Welcome, Vanessa! Sounds like you have hit the ground running already.
My husband and I first started talking about REI because we were considering a vacation home that we would rent out when we weren't in town....same as you, those numbers just didn't fly. So we turned our attention to buy and hold rentals and love (almost) every minute of it.
The BP podcast is the best, right? I lurked in the forums and listened to the podcast for several years before making the leap to buying my first property. The education was invaluable in giving me the knowledge and confidence to do the first deal. Eight properties later and no looking back now!
Best of luck to you!
Hey @Vanessa Peters
Welcome to BP! Sounds like you have a plan in place and there are definitely resources here to help.
Feel free to reach out if you ever consider investing locally in San Diego.
Either way, best of luck!
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