Los Angeles, CA - Just Became a Member Today 2/17/2013

New Member Introductions 297.0K Posts 36.0K Discussions

Hi!

I am Benjamin Lahoy. I am currently a programmer for a company. I am not getting any younger and I see that I am not at that level where I should be in providing for my family and their future. This led me to taking another look at real estate investing. I would like to eventually retire from programming and concentrate on this and other things.

I am still reading books and stuff. I just started 2 weeks ago. I set my goal to have 6 cash flow properties this year without a clue on how to do this. It is funny but that is my motivation. Every time I get too stressed at work, the more I get motivated to achieve that goal. So I have not quit yet from this goal nor from my day job.

I was looking for ways to find buyers and lenders for when I see good deals I could present them to. So when I googled it led me to this website.

I guess from my first week of studying REI, I realized I needed a good network of lenders, buyers, sellers, tax accountants, appraisers, contractors, property management services and the likes but I did not know where to go to.

Well, that is all. Have a nice day!

@Benjamin Lahoy Welcome to BP! You've found the right place. I wish something like this was around when we started in this business. We are developers that build investment properties, therefore; not quite in your area of interest. However; there will be people on here that can help you. @Will Barnard is in southern California and is very experienced. Maybe he will chime in.

Also, you might fill out the key word alerts if you haven't already done so. Right top of page, under blue banner. You can get alerts as to area, type of property, financing, etc.

As to financing, it will depend on the type of property you want to buy. (Single Family Residenital, Multi Family, there's many types.) Are you wanting to buy and hold, flip, rehab or ?

Have fun in your ventures. Snoop around. Ask questions, it's a friendly group.

Medium tmg  1 Karen Margrave, The Margrave Group #00636992 | [email protected] | 949‑933‑3955 | http://www.themargravegroup.com

Karen, I think buy and hold will be after I buy and sell homes. I do see good deals here in California single family homes and duplexes. I have not seen any apartment buildings yet.
Being in a very step by step career I guess makes me ask myself whether to get a financial company first before finding a deal or vice versa.

Hey @Benjamin Lahoy - The beauty of real estate investing is that it is never too late to start. Unlike the working world where age discrimination is absolutely a serious problem, anyone can be successful in REI. Welcome to the site and I know we'll be able to help you as you move forward on your journey. Best of luck to you!

Medium fbprofileJoshua Dorkin, BiggerPockets | http://www.biggerpockets.com

Thanks Josh.

Welcome to BP Benjamin! You definitely found the right place for information about getting started in real estate investing.

Having been in this business along time, what I tell all newcomers, whether investors, or real estate agents, is get to KNOW your local market. Watch what is listed, what sells, for what price. Compare the amenties, each has as much as possible. Go out to Open Houses. Ask questions. The more knowledge you have of your market, the more comfortable you will be.

Go talk to a lender and find out how you stack up as far as getting financed, that way you will know what price range you're qualified for, how much you'll need down etc. For general information, just snoop around on BP, there's plenty of lenders. @Bill Gulley comes from banking. @Ann Bellamy is a lender, though on the east coast, but both have a wealth of information.

Medium tmg  1 Karen Margrave, The Margrave Group #00636992 | [email protected] | 949‑933‑3955 | http://www.themargravegroup.com

Karen, much appreciated. I will get in contact with Bill and Amy on this issue.

By putting the @ sign before names, a list comes up, you click the name, and it inserts it into post, as well as notifies person they were mentioned in a post. Hopefully Ann and Bill will see the mention and weigh in, they're both very good on that!

Medium tmg  1 Karen Margrave, The Margrave Group #00636992 | [email protected] | 949‑933‑3955 | http://www.themargravegroup.com

Welcome to BP Nation Benjamin, great to have another So. cal investor on board.
Great advice given above so far. Aside from learning your market inside and out, building your team is essential.

Browse the forums and find threads on rehab flips (capital building for your buy and holds in the future), and there are also plenty of threads on buy and hold. Engage the community and ask questions when you have them or can't find them already on the board.

Best wishes, to you.

Will Barnard

Medium be logoWill Barnard, Barnard Enterprises, Inc. | http://www.barnardenterprises.com

@Benjamin Lahoy - welcome to BP. Lots of great info here.

One of your bigger challenges is going to be finding your way in real estate, since it's such a large topic, and ultimately being able to focus on something that really interests you to the point of taking steps towards it and ultimately positive action.

There are many real estate investment clubs in the LA/SoCal area that you hear speakers discuss their experiences investing as well as meet fellow investors who'll offer feedback. My caveat is that there are also folks pitching programs that may not be a good educational investment, so I recommend you leave your credit cards at home.

Medium rtpg logo drop shadowRick H., RTPG Probate+Property Puzzles | http://ricktheprobateguy.com

@Benjamin Lahoy ,

Welcome to Bigger Pockets. One of the other difficult parts is accounting for an being sure that you are limiting your tax liability in as many ways legally possible. Feel free to ask here if you have questions, I can guarantee there are others out there who have the same questions.

-Steven

Medium hta logoSteven Hamilton II, Hamilton Tax and Accounting | [email protected] | (224) 381‑2660 | http://www.HamiltonTax.Net

Thanks to everyone's feedbacks. Already I got some nuggets to keep. I will try to keep my head into this new venture.