New member from Glendale/Pasadena area of Southern California

8 Replies

Hello everyone, my name is Kevin.  I'm a physician, working in the Burbank area.  I'm married and have 2 kids- 6 and 7.  

I've been looking towards making an investment in a real estate rental property for many years now. I've always backed out when I actually got close to making offers and purchases unfortunately. It's such a big commitment and initial investment in the local area. But now, I really feel like I've wasted many years and opportunities that I could have been investing and benefiting from appreciation.


I'm finally committed to getting into the game.  I'd really like to connect with others who have experience that I could learn from and might have contacts with property management, handy people, good quality electricians, plumbers, etc. 


I realized that most of the people in my profession are bad at investing.. and the ones that are able to retire at a reasonable time are all into real estate in some form. I'd like to be one of the smart ones in my field. I'm looking to purchase a rental property or 2. I've been mainly looking at duplex to 4-plexes, although I'm starting to consider maybe getting into 2 SFR's to rent out. While I'd really like to delve into long distance investing, I don't have any connections in other parts of the country that would be able to make that easier. As crazy as it sounds, I'd really love to even network with people who might become investing partners in other parts of the US as well.


Thanks for checking out my post.  Looking forward to conversing with and learning from you all.

Originally posted by @Justin Worsham :

Hey Kevin,

I am an in the Burbank area too. I have been a property manager, then an investor. 

If  you want to get together or set up a time to chat over the phone I would be happy to help. I can share what I have learned. 

 Thanks, that would actually be really great.  I feel like I'm looking at too many options at the moment.. do you recommend starting off with a sfr or multi unit in the current markets?

I think that primarily depends on what your budget is and what you are comfortable investing. 

Multi-family can be a great way to diversify. By that I mean rarely will all the units be vacant so a little money will be coming in. Whereas when a tenant moves out of an SFR then there is no income till you find another tenant.

In my opinion an SFR can be easier to acquire in this area and if you have never invested before it is a great way to toe dip. And you can always work your way up to multi-family. Or you could consider a duplex, again depending on how much you plan to invest.

Traditionally SFR's will be "cheaper" than a multi family. My ultimate goal is to work my way up to 3 SFR's and then work on acquiring an apartment building.

I know some of this may seem like common sense. But I am not sure what you know and don’t know. So I mean no offense. We can dig deeper if you want. 

If I was in your shoes I would first work out a goal. Which it sounds like you want this to set you up for your retirement. 

The next step is to decide how much you need to make a month in retirement to maintain a lifestyle you are comfortable with. 

Then use what you have now to launch a strategy to work towards the end goal within the timeframe you would like. 

@Kevin Chan Hey Kevin, I would totally suggest someone that I learned alot from in youtube as well. He was a recent guest in the biggerpocket podcast. Name is meetkevin. Talks alot about buying wedge properties. If single family is what you are looking for, totally look into him! 

Originally posted by @Robert Chuang :

@Kevin Chan Hey Kevin, I would totally suggest someone that I learned alot from in youtube as well. He was a recent guest in the biggerpocket podcast. Name is meetkevin. Talks alot about buying wedge properties. If single family is what you are looking for, totally look into him! 

 I'm actually looking into maybe a duplex in Arcadia..  I know it isn't the best in terms of Cap, but I'm thinking good neighborhood and school districts could mean good tenants and less headache.  I'll check out the videos, thanks

@Kevin Chan  
You will get good tenants if you hit all the  strict qualifications. I impletmend strict process on potential tenants so I never have problem with people I placed in my rental or my friends rental. 

I would suggest to go to temple city, san gabriel, monrovia...cheaper and you get the same result in good school district and area

Robert

Originally posted by @Kevin Chan :

Hello everyone, my name is Kevin.  I'm a physician, working in the Burbank area.  I'm married and have 2 kids- 6 and 7.  

I've been looking towards making an investment in a real estate rental property for many years now.  I've always backed out when I actually got close to making offers and purchases unfortunately.  It's such a big commitment and initial investment in the local area.  But now, I really feel like I've wasted many years and opportunities that I could have been investing and benefiting from appreciation.


I'm finally committed to getting into the game.  I'd really like to connect with others who have experience that I could learn from and might have contacts with property management, handy people, good quality electricians, plumbers, etc. 

I realized that most of the people in my profession are bad at investing.. and the ones that are able to retire at a reasonable time are all into real estate in some form. I'd like to be one of the smart ones in my field. I'm looking to purchase a rental property or 2. I've been mainly looking at duplex to 4-plexes, although I'm starting to consider maybe getting into 2 SFR's to rent out. While I'd really like to delve into long distance investing, I don't have any connections in other parts of the country that would be able to make that easier. As crazy as it sounds, I'd really love to even network with people who might become investing partners in other parts of the US as well.


Thanks for checking out my post.  Looking forward to conversing with and learning from you all.

Welcome aboard Kevin.

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