TOTAL NEWBIE FROM ALTADENA (LOS ANGELES COUNTY), CALIFORNIA

TOTAL NEWBIE FROM ALTADENA (LOS ANGELES COUNTY), CALIFORNIA

Member since 2019 · 67 posts · 11 votes

Hello All, I’ve been lurking for a few days and listening to the podcasts, but I thought I’d go ahead and introduce myself!

My husband, an Apprentice Electrician, and I, an entertainment industry professional, are both Los Angeles County natives and total "newbies" to the REI world. Early this year we closed on our first primary residence and are in the process of renovating it ourselves. I've been on the lookout for years for a financial endeavor that could provide us a secure future and provide for our daughter once we are gone (morbid I know). After going through this first purchase, I realized how much I love real estate. My husband has always dreamed of owning multiple properties, but now I'm on board too. He has an extensive background in machining/heavy equipment operating/handyman/and now electrical work, and I love design (I studied Research Psychology and Fine Art for my BA). I love traveling, researching, learning, and budgeting (I have a spreadsheet for everything...even my vacations).

We are here to learn and develop a strategy to enter the market by learning from the many successful investors that have gone before us. Specifically, I'd love to learn what areas in Southern California would be worth investing in and how to identify and fund good deals (currently leaning towards single and small multi-family rentals). From what I've observed so far, it seems that most REIs are very social, outgoing people. Even though I was voted Class Clown in high school, both my husband and I are naturally a bit introverted, so the networking part of this biz will be a challenge I'm sure---I'm not so funny when you first meet me. As such, I want to learn how to push past this personality hurdle to truly take advantage of all that this REI collective has to provide.

The time isn't right yet, as we have much to learn and funds to save, but we want to build a foundation to be mentally, emotionally, and financially ready for when opportunity knocks. We are in it for the long game!

Thanks in advance for all the wisdom and guidance that I know I will garner from BP.

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Rental Property Investor · Los Angeles, CA · Member since 2018 · 68 posts · 34 votes
7y

@Chris Sparrow  Welcome to BP!

I feel like a newbie myself still too.  Tho I have invested OOS (out of state) with partners and found BP just about a year ago. 

Have you gone to any meet ups or BP REI events? I know you are a little further away but I know of some near DTLA. I attend the South LA one on 3rd Saturdays when I can.
But those are great places to get info and friends as well.

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  • Rental Property Investor · Los Angeles, CA · Member since 2018 · 68 posts · 34 votes
    7y

    @Chris Sparrow  Welcome to BP!

    I feel like a newbie myself still too.  Tho I have invested OOS (out of state) with partners and found BP just about a year ago. 

    Have you gone to any meet ups or BP REI events? I know you are a little further away but I know of some near DTLA. I attend the South LA one on 3rd Saturdays when I can.
    But those are great places to get info and friends as well.

  • Member since 2019 · 67 posts · 11 votes
    7y

    @Doug Peters

    Thank you so much for the welcome!  Congratulations on diving in and investing within a year of starting your journey. Impressive and inspiring.  I have not yet attended any meet ups as I thought I should learn a bit more before networking.  However, if its a group that welcomes newbies and where I can learn more about the industry, then I'm definitely down.  I will look up the group you mentioned.  Really appreciate the info!

  • Nabil SuleimanBusiness Member
    Real Estate Agent · Los Angeles, CA · Member since 2016 · 596 posts · 299 votes
    7y

    @Chris Sparrow

    Hi and welcome 

    Check out FIBI in Pasadena and LAREI in San  Gabriel. 

    The areas you decide to invest in will change as you discover more of your specific interests in the world of RE. Good luck and congrats on your first home. 

  • Member since 2019 · 67 posts · 11 votes
    7y

    @Nabil Suleiman 

    Hi Nabil,  Thank you for the group suggestions.  I have joined them!  Appreciate the welcome and hopefully I will see you around the local meet-ups in the future.

  • Justin WindhamPro Member
    Banker · Nationwide · Member since 2015 · 4k+ posts · 1k+ votes
    7y

    @Chris Sparrow

    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.

    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

    There are a few self-contained guides that you can access here: https://www.biggerpockets.com/guides

  • Member since 2019 · 67 posts · 11 votes
    7y

    @Justin Windham

    Thank you so much for all of that great info.  I will check out all the links!  :)

  • Realtor · Los Angeles, CA · Member since 2018 · 952 posts · 1k+ votes
    7y

    @Chris Sparrow, hello from Echo Park! Nice to see another eastsider here.

    I second Nabil's recommendation about FIBI Pasadena; it's the most convenient to us. Also, the group called "Best Los Angeles Real Estate and Investment Club" meets monthly in Glendale. I haven't been (meant to this month, but work got in the way), but I'm sure it a good place to meet people.

    As far as investing in Southern California goes, I think Long Beach is a very good market, and the person to talk to about Long Beach is @Jeffrey Isenberg. His specializes in income property in Long Beach and knows the market inside and out.

    I'm presently in escrow on a duplex in the Larchmonth Village area. My family's going to live in one unit, and we'll have a tenant in the other. Instead of a post-college house hack, I'm doing a mid-career house hack!

    That's my appreciation play in LA. I think LA, as well as most of Southern California, is great for appreciation, but there are better cashflow markets in other parts of the country. I work in the film industry, too, and to maintain income between films, I'm working on developing cashflows from out-of-state markets. You mentioned you love spreadsheets; I spent a few weeks putting together a spreadsheet of every MSA in the country with Census data going back to 2005, and you're welcome to it. Send me a colleague request so I can send you the file.

    All the best,

    Jon

  • Member since 2019 · 67 posts · 11 votes
    7y

    @Jon Schwartz

    Hey Jon!  Congrats on the purchase!  Larchmont Village is amazing--- super impressed that this was your first investment.  I wish I had know about house hacking before I purchased a home (although I adore our little place).  You are killing it!

    Long Beach huh?  OK, sounds like I need to look into that area.  To be honest, we don't have much to play with right now (or at least I don't think we have until I further research financing options), but I definitely want to zero in on some areas locally and do my research before we come up with the capital.  Are you planning to invest out of state?  To be honest, that makes me nervous but who knows where my mindset will be after I invest in my first investment property.

    Thanks for the recommendation of the Glendale group.  That's on my way home from work, so would be an easy stop for me.  

    Lastly, I would definitely love to see your MSA spreadsheet and thank you for offering. This is music to my ears! Wow, what an awesome and collaborative community this. I thought REI would be cutthroat, but what I am experiencing so far is quite the opposite!

    I'll add you as a colleague!

    Thanks again!

  • Sam DennisPro Member
    Specialist · Upland, CA · Member since 2019 · 11 posts · 3 votes
    7y

    Hey Christine! I'm a newbie to REI as well, and am trying to figure out our market. I'm out East of you on the border of LA and San Bernadino and am exploring the possibilities of growth and appreciation out here in the frontier! I'm a So Cal native and have experienced the slow, outward expansion of the population from LA over the years first hand. I think there is a lot of potential here in the right neighborhoods. I'm looking to start attending meet ups so hopefully we'll all connect soon.

    Good luck!

  • Sam DennisPro Member
    Specialist · Upland, CA · Member since 2019 · 11 posts · 3 votes
    7y

    Hey Christine! I'm a newbie to REI as well, and am trying to figure out our market. I'm out East of you on the border of LA and San Bernadino and am exploring the possibilities of growth and appreciation out here in the frontier! I'm a So Cal native and have experienced the slow, outward expansion of the population from LA over the years first hand. I think there is a lot of potential here in the right neighborhoods. I'm looking to start attending meet ups so hopefully we'll all connect soon.

    Good luck!

  • Member since 2019 · 67 posts · 11 votes
    7y

    @Sam Dennis

    Interesting thought about the frontier out there.  I imagine that Claremont and Azusa would be great rental investment communities because of the colleges. How far out east are you looking? Look forward to following your progress and see what you come up with. Hope to see you at some meet-ups! I'll be the Newbie desperately looking around for familiar faces. ;)   

  • Sam DennisPro Member
    Specialist · Upland, CA · Member since 2019 · 11 posts · 3 votes
    7y

    @Chris Sparrow. I live next door to Claremont, it is a pretty upscale city, mostly older smaller A class neighborhoods. Would take a lot of capital to buy and hold/BRRRR there I would think but you would always find renters. Azusa is a few miles west of me, its also an old town with lots of B/C type suburbs, I'm sure there's possibilities there.....

  • Real Estate Broker · Los Angeles, CA · Member since 2018 · 176 posts · 65 votes
    7y

    @Jon Schwartz As always, I appreciate the @ mention and glad to hear that your escrow is moving along.  Hopefully, I will see you at our Summer Networking mixer on the 28th of this month. 

    @Chris Sparrow So nice to connect with you and feel free to join our multifamily meetup group in the valley as well.  You can find us on Meetup.com under Sherman Oaks Multifamily Meetup.  Thanks and hope to see you at an upcoming event.  

  • Member since 2019 · 67 posts · 11 votes
    7y

    @Jeffrey Isenberg  Hi Jeffrey!  Thanks for the connection and invite to your meetup group!  I just sent a request to join.  I look forward to attending some time in the future and learning more about multifamily investments. 

  • Nabil SuleimanBusiness Member
    Real Estate Agent · Los Angeles, CA · Member since 2016 · 596 posts · 299 votes
    7y

    @Chris Sparrow This one is a little more on the relaxed side of networking, no teaching at this meetup 

    https://www.meetup.com/Los-Ang...

  • Member since 2019 · 67 posts · 11 votes
    7y

    @Nabil Suleiman  Thank you Nabil!  I joined that group as well per your suggestion.

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