Newbie from Southern CA

8 Replies

Hi everyone! 

Figured I would introduce myself. I'm from the Orange County area, I just got started with BIggerPockets, and I am looking to become a REI. My goal is to buy a 2-4 unit multi family property within one year. However, multi family units in my area are very expensive.

I don’t know if I should buy out of state or just wait to find a local deal? 

I’m looking forward to learning as much as possible. 

Welcome James, I am new to Biggerpockets and so far the site has tons of valuable information for new investor to read or listen too. I agree with you most of the properties here in California are expensive but you can always find that diamond in the ruff especially out of market deals.

@James M.

Welcome to Bigger Pockets!

This is a great place to learn and network. A lot of forum members are very knowledgeable in their respective fields related to real estate investing, whether that is real estate sales, wholesaling, flipping, rentals, lending, self-directed IRA and Solo 401k investing, or tax and legal guidance.

If you haven’t been to it already, you might want to check out the BP blog: https://www.biggerpockets.com/renewsblog/

The site has quite a few tools that can be helpful for new members. I like the search features: https://www.biggerpockets.com/search

Alerts can be really helpful too: http://www.biggerpockets.com/alerts

Welcome James! I'm up in LA (Venice). Glad you joined the site. I've mostly gone the out-of-state route. You aren't going to find cash flow in SoCal, so you'd need to know where your profits are coming from if you buy here. It's tough around here, and not looking like it will ease up anytime soon.

@James M. welcome to BP!  Congratulations on starting the process of buying an investment property.  

Yes, here in Southern California it is much more difficult to find a property that cash flows, however, it does not mean that you can't find a property that isn't a good deal, that will have good appreciation and at least it offsets some of your mortgage or rent.

My recommendation is to buy out of state for cash flow and buy in Southern California for appreciation.  If you don't need immediate cash flow right now then take the time to look for a multi-unit property that will offset your current mortgage or rent.

Feel free to reach out if you have any questions.

Thank you guys so much! Note taken on all of the advice.

@Mark Hart I really appreciate it!

@Ali Boone You're right, out of state properties keep looking better and better!

@Michael T. Excellent advice. I'm looking forward to this journey!

I can't wait to attend some local real estate events and group meetups. 

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