Newbie from Riverside, California joining the B.P. party!

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Newbie from Riverside, California joining the B.P. party!

Armando C.
riverside, CA · Member since 2011 · 6 posts · 4 votes

Hello everybody, just wanted to say that the site is amazing. The wealth of knowledge on BP is unbelievable and wanted to say thanks.

I have about 15 years of construction experience and have completed 4 successful rehab projects. I took a 3 year hiatus away from real estate but now im ready to re-enter the field. I wish I would have had BP with me 3 years ago to keep the fear of recession out of my brain. My plans are to try and network with people as much as I can and create a plan of action. Building wealth is the ultimate goal, but im willing to bird dog, wholesale, or partner with others to obtain the goal of creating passive income. Thanks again BP.

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  • Arthur Garcia
    Specialist · San Dimas, CA · Member since 2011 · 350 posts · 122 votes
    15y

    Welcome, I too am local. I live in Pasadena.

    0Reply
  • Jason Wheeler
    Pleasant Hill, CA · Member since 2008 · 428 posts · 43 votes
    15y

    Good to have you here. What is your background. Are you just getting started?

    0Reply
  • Armando C.
    OP
    riverside, CA · Member since 2011 · 6 posts · 4 votes
    15y

    Actually I started in 2004 when I went through a real estate investor training program. I had a mentor and had built great momentum and learned many techniques on how to locate property owners, establish comps, and zero in on deals. I have spent 1000's of hours reading, scanning the web, going to seminars, and targeting areas.

    My biggest mistake was that I did not listen to my mentor and did not join an REI club. I had no support and freaked out when the recession/depression was about to hit. I have studied Thomas Lucier, Kiyosaki, Kennedy, De roos, Jay P Decima, Broncheck, Robert Bruss, Creonline,REI...., and the list goes on.

    Last month I said enough was enough and I joined 2 local investor clubs. What a difference to be around others who speak your language. I should have done it years ago.

    0Reply
  • Mark UpdegraffBusiness Member
    Real Estate Broker · Rochester, NY · Member since 2010 · 1k+ posts · 690 votes
    15y

    Welcome Armando! Plenty of time to get in on historic low housing prices ;-)

    I'll have to follow your lead on the REI club, I've been meaning to for some time. But as usual, time shorter than anticipated.

    Best wishes from the other coast!
    Mark

    Podcast Guest on Show #112
    Updegraff Group Realty4.746 Reviews
    WebsiteView Page
    0Reply
  • Joshua D.Pro Member
    BiggerPockets Founder · HI · Member since 2008 · 16k+ posts · 5k+ votes
    15y

    Welcome to BiggerPockets, Armando! There's no other REI club or site where you'll find the support or incredible membership that we've got here at BP! Please let us know if there's anything we can do to help you out! I look forward to learning more about you and watching you find success.

    Podcast Guest on Show #100
    0Reply
  • Armando C.
    OP
    riverside, CA · Member since 2011 · 6 posts · 4 votes
    15y

    One of the tools I use is researching demographics of an area. A great tool to use is from a company called ERSI, they are a software company that is used for GIS mapping, and GOOGLE maps. They integrate satellite images with government statistics and projections for growth. I generate an area, locate the best schools in the district, med income, and look at homeowners ratio.

    I was then able to scan the MLS and find great deals in that area and then do pre title work through DATAQUICK. Then from there I would take info on a property and either go to county records and research or go on the county website to look at history of property. Finally if I had found any possible issues such as mechanics liens, letters from city, etc., I would contact planning dep. to ask them how to resolve issues..

    That became my problem because I would absolutely over analyze a property and then begin to lose out because I didnt jump on a deal.

    I have even generated my own list of the top 20 cities in the country to invest in and which area of the country is the actual indicator of when the country will turn out of recession. My own theories but are backed by demographics. Thanks guys!

    0Reply
  • Steve Babiak
    Real Estate Investor · Audubon, PA · Member since 2009 · 13k+ posts · 8k+ votes
    15y

    Welcome. A correction is in order for the quoted snippet that follows; the company that does that is ESRI, not ERSI. They used to pronounce their name by spelling out the letters; but recently, they have changed to a phonetic pronunciation, and I think they even use lowercase letters sometimes for part of the name, as in Esri.

    Originally posted by Armando C.:
    ... A great tool to use is from a company called ERSI, they are a software company that is used for GIS mapping, and GOOGLE maps. They integrate satellite images with government statistics and projections for growth. I generate an area, locate the best schools in the district, med income, and look at homeowners ratio.
    ...
    0Reply
  • Account Closed
    Landlord · Seattle, WA · Member since 2010 · 3k+ posts · 1k+ votes
    15y

    Welcome Armando,

    Seems that you have some experience already. BP is a great educational resource and has a number of useful links. By far though the greater asset I have found here is the BP members. If you take time to connect and get to know people, I believe that you will greatly increase your chance of success in RE.

    RE is a contact sport, IMHO.

    0Reply
  • Mike McKinzie
    Investor · Westminster, CO · Member since 2009 · 1k+ posts · 1k+ votes
    15y

    Welcome Armando. I used to own a Real Estate Office Franchise in the La Sierra area of Riverside, back in the 1990s. I am back in Orange County now but am open to Inland Empire flips and long term holds. I have been in the "game" since 1980, so I have a little experience.

    We have a lot of very successful folks on BP, glad to have you aboard.

    0Reply
  • Jackie Patterson
    Real Estate Investor · Kalamazoo, MI · Member since 2010 · 681 posts · 241 votes
    15y

    Welcome, Armando!

    We've done a couple of short sale flips in your area. Appears to be an active market with good potential.

    0Reply
  • Armando C.
    OP
    riverside, CA · Member since 2011 · 6 posts · 4 votes
    15y

    Yes its Esri, I got a little excited and wasnt paying attention to detail. Thanks

    Ok guys i need some advice. I have 2 potential homebuyers that have come through my tax office and I have referred them to different lenders. They both have sub 620 credit scores and will not qualify for the new BHA loan program. They each have $3000 for a down payment but one has a 595 score and the other has a 604.

    One of the clients already lives in a mobile home park(riverside) and inquired about buying a mobile ($9,999) from the neighbor. I sent him to a lender that will make loans for $8000+ mobiles but he got scared because the neighbor was already behind $7000 in payments. Seems like I have an opportunity for a lonnie deal in that park but I have no experience with it. I passed by the park and there was at least a %10 vacancy rate. Lot space rents are $520.

    The other buyer wants a house ASAP but is very impatient. He is willing to move to a condo, house, or continue renting but at a different location. I have never mentioned a mobile to him but it seems that it might fit his case also.

    I have helped over 10 buyers obtain a home. I am not affiliated with any lenders or realtors. I do not receive compensation for this service, I just like to help. Thanks BP

    0Reply
  • Rob Gillespie
    Specialist · Cleveland, OH · Member since 2011 · 1k+ posts · 852 votes
    15y

    Welcome Armando! I look forward to not only giving you guidance with any deals you have going, but also learning from your upcoming experiences!

    0Reply
  • Loc R.
    Note Investor · Pasadena, CA · Member since 2009 · 849 posts · 544 votes
    15y

    Armando,

    Welcome to BP. It's the best site on the internet to learn & network.

    Be sure to contact my friend and BP colleague James Free. He's based out of Riverside, and has done about 20 flips in the area.

    0Reply
  • Will BarnardPro Member
    Moderator
    Developer · Santa Clarita, CA · Member since 2008 · 15k+ posts · 10k+ votes
    15y

    Welcome to BP Nation. Looks like you are "hooked", stick around, it only gets better.

    Podcast Guest on Show #130
    0Reply
  • Armando C.
    OP
    riverside, CA · Member since 2011 · 6 posts · 4 votes
    15y

    Thanks everbody, what a blessing!

    0Reply
  • Kara Johnson
    Real Estate Investor · Rancho Cucamonga, CA · Member since 2013 · 16 posts · 1 vote
    13y

    Armando,

    I'm new to BP as well. My husband and I are also new to investing, but I have been an real estate agent for 3 years. We are located in Rancho Cucamonga, CA. We are neighbors!

    Good luck

    0Reply
  • Karen MargraveBusiness Member
    Moderator
    Realtor, General Contractor, and Developer · Redding, CA · Member since 2009 · 7k+ posts · 4k+ votes
    13y

    Armando C. Welcome to BP! There's ALOT of us in So Cal on here. If you happen to come across any buildable lots in Orange County that are vacant, we're always interested. How is the market in Riverside doing? @Jake Kuchek does stuff over there too I believe, or looks for stuff over there for clients.

    0Reply
  • John McCombs
    Real Estate Investor · Riverside, CA · Member since 2013 · 42 posts · 8 votes
    13y

    Armando, it sounds like you are planning to transition back into a career that you have prepared yourself well for and in which you have a great foundation to achieve your dreams. I'm in Riverside also, and will look forward to our paths crossing some day. Cheers!

    0Reply
  • Aaron Norris
    Lender · California and Florida · Member since 2008 · 319 posts · 194 votes
    13y

    Armando C., welcome. We too are in Riverside. I agree with David Doyle, there are a number of local clubs that are networking and education focused. You're in a good spot because you're close to several. If you need anything, let me know.

    0Reply
  • David Doyle
    Investor · Monrovia, CA · Member since 2012 · 219 posts · 79 votes
    13y

    Thanks Aaron

    I got a chance to meet and talk to your Dad at Bill Tans excellent club in Arcadia about 3 months ago after many years of wanting the opportunity.

    Your Dads just one way,,," a gentleman and a scholar"

    Hope to meet you too one of these days Aaron,,,

    Thanks for the heads up and post,,,,,

    Good Luck in 2013

    Dave Doyle
    Monrovia,Ca

    0Reply
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