Investor · San Jose, CA · Member since 2014 · 40 posts · 19 votes
Hey fellow investors, I'm looking into getting started in Real Estate in the CA Bay Area, and I really don't know what steps to take. I've looked into house hacking, multifamily BRRR, fix and flips, and I can't seem to get the numbers to work in any of them. I decided to try and get my feet wet by buying an out of state multiplex, which I'm in the middle of right now. It seems to look pretty good, and I like the numbers, but I really want to be able to do deals locally. Is anyone willing to meet up and give me some insight? My current strategy is to get some cash flow from out of state multifamilies, and turn it into a house hack next year. I will gladly buy a beer or two for a seasoned investor that would be willing to take me under their wing. Thanks in advance!
Real Estate Investor · Napa, CA · Member since 2013 · 50 posts · 18 votes
9y
@Roman S. Million dollar question. LOTS of time on the phone and internet. research, research. its a long process, took me 8 months of talking and digging to find one I liked, 2 months later, fired, used another, 6 months later fired and onto the 3rd within a year. you never know until you are in deep with them. I have invested in many parts of the country and what I have found most luck is have the local "boots on the ground" as they say. Find someone local; found mine on BP (thank you) and make them your partner, give them something they need. Then, find the rest of the team, bank, inspectors, PM, ETC.
Until you have a very established, reliable team, rehabs are VERY hard out of state. Get a couple duplexes to test the team and the area, then go larger.
I can't help with the Bay area, but just wanted to send words of encouragement. I buy multi family properties in Indianapolis and also house hack here as well. Its a great strategy. You have to look at a ton of properties to find a good one no matter where you live. Don't get discouraged! If you stick with it, you'll succeed!
Hayward, CA · Member since 2009 · 258 posts · 62 votes
9y
Robert Musallam hi Robert i read your profile and you seem to be local. Can you help me find some investment deals or jv.
Im looking for agent that has some exprienced in reo and cashflow.
Real Estate Investor · South San Francisco, CA · Member since 2016 · 51 posts · 29 votes
9y
Hey @Mick Harvey how do you find reliable and competent and trustworthy agents and prop management companies for multi units out of state? I am working with Memphis Invest right now on my first investment and really like the passive approach, where they handle the initial research on the property and location, rehub, and property management, but I pay a more premium price for the property. However, they don't do multi's. I would really like to focus on fourplexes out of state, especially in the Dallas area (or cities within 30 min drive from there). Even if I find a decent prop management company there,I find it pretty hard to handle the initial R&D as well as manage the rehub remotely.
Real Estate Investor · Napa, CA · Member since 2013 · 50 posts · 18 votes
9y
@Roman S. Million dollar question. LOTS of time on the phone and internet. research, research. its a long process, took me 8 months of talking and digging to find one I liked, 2 months later, fired, used another, 6 months later fired and onto the 3rd within a year. you never know until you are in deep with them. I have invested in many parts of the country and what I have found most luck is have the local "boots on the ground" as they say. Find someone local; found mine on BP (thank you) and make them your partner, give them something they need. Then, find the rest of the team, bank, inspectors, PM, ETC.
Until you have a very established, reliable team, rehabs are VERY hard out of state. Get a couple duplexes to test the team and the area, then go larger.