Newbie from Carson, CA looking to start investing in real estate
Hello! My name is Luu and I currently reside in Carson, CA. I've been looking into getting started with real estate investing with interested in buy and hold rental properties. I've been listening to the pod cast and reading as much as I can to be more knowledgable before getting started, but I understand the best way to learn is to take action and just go out and do. So here is my current situation:
- Wife and I own our property in Carson, estimated value of 520K (3 bedrooms, 2.5 bath in gated community). We can pull 75% of equity out with a heloc.
- we have 75K to invest and can pull together another 25K
I've been looking on the MLS and everything is over priced in California. Not really sure where else to look or what the best plan of approach would be. I know properties are less expensive in other parts of the country. I would like to partner with someone just to gain experience and be a sponge. The only value I can offer is capital and hard work.
As part of taking more action, I plan on going to any local meet ups as well to network and learn. Any feedback or advise would be much appreciated!
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Originally posted by @Giang V.:
Hello! My name is Luu and I currently reside in Carson, CA. I've been looking into getting started with real estate investing with interested in buy and hold rental properties. I've been listening to the pod cast and reading as much as I can to be more knowledgable before getting started, but I understand the best way to learn is to take action and just go out and do. So here is my current situation:
- Wife and I own our property in Carson, estimated value of 520K (3 bedrooms, 2.5 bath in gated community). We can pull 75% of equity out with a heloc.
- we have 75K to invest and can pull together another 25K
I've been looking on the MLS and everything is over priced in California. Not really sure where else to look or what the best plan of approach would be. I know properties are less expensive in other parts of the country. I would like to partner with someone just to gain experience and be a sponge. The only value I can offer is capital and hard work.
As part of taking more action, I plan on going to any local meet ups as well to network and learn. Any feedback or advise would be much appreciated!
Welcome to the site Luu.
Welcome Luu!
Yeah, it's unfortunate with California, but it's next to impossible right now. (I'm in Venice). What kind of properties are you interested in? Do you want to fix something up, do you want cash flow, etc?
Hi Luu!
I am right next door to you in Cypress, CA. California is just too expensive I was considering house hacking here myself, but even right now our home prices are at an all time high.
You have plenty of cash to invest. I am looking at OOS SFR myself.
Start with a criteria, find a market, and practice analyzing deals.
@Ali Boone Hi Ali! Thank you for the warm welcome. Currently, we are looking to buy another property, fix it up to live in, then rent out our existing place in Carson. Or if there is a good rental property that can cash flow, we would be interested in that as well (but this is easier said than done!).
@Jason Martinez Hi Jason! We were actually looking at buying our next place in Cypress. Great school district, but with a price tag! I've read a little into OOS investing, but hesitant to jump in right into that without having done any investing in state. Trying to figure it out one day at a time!
Originally posted by @Giang V.:
@Ali Boone Hi Ali! Thank you for the warm welcome. Currently, we are looking to buy another property, fix it up to live in, then rent out our existing place in Carson. Or if there is a good rental property that can cash flow, we would be interested in that as well (but this is easier said than done!).
Very cool! Sounds like you have a good thing going. You aren't likely going to find any cash flow in SoCal, if you're looking just locally.
@Luu Vu welcome to BP! Maybe the book on long distance real estate investing by David Greene might be a good place to start. I’ve not read it but sounds like it might help you. Goodluck !
@Laura Cardenas you suggested exactly what I was going to suggest! Great minds!
@Luu Vu I think David Greene's book is awesome. You should definitely read it. I read it but unfortunately didn't have the opportunity to invest at the time. Now I am able to start again and will be re-reading the book this weekend and outlining a plan to start. Let me know if you want to chat. I can always give you my outline or work with you on looking for an investment.
Originally posted by @Giang V.:@Jason Martinez Hi Jason! We were actually looking at buying our next place in Cypress. Great school district, but with a price tag! I've read a little into OOS investing, but hesitant to jump in right into that without having done any investing in state. Trying to figure it out one day at a time!
Wow. Cypress is superbly overpriced, sandwiched between LB/Los Al & Buena Park. Schools are good, area is so small that I wonder if that is nothing, more than a potential appreciation play, eventhough I believe it's already at it's ceiling ...