All Forum Posts by: Daniel Y.

Hey Nick,

There'll be a meet up in Lake Forest on August 28. Check out the link below, I plan on going to go network.

https://www.biggerpockets.com/forums/521/topics/473866-lake-forest-california-local-real-estate-meet-up?page=1#p2923621

@Ken Ngo

If you are doing a long term game, Sacramento is going to be good. I've been there a few times and great environment for stability and growth.

How long have you been looking and researching those rust belts areas?

 Those are great points. So where have you invested and where are you looking now?

What is your new strategy? The information is a bit vague to give a decent suggestion. Do you want to buy a group of SFR, if you had $2M? Each market is different, what are your plans or end goals?

 Hi Kristina,

There is actually one tomorrow 8/2 in Irvine, CA. However, if you start one in Newport, depending on the day and time, then I would be interested in going. Let me know.

Daniel

 Hi Tae,

I wanted to jump in and quickly point out for consideration. Newer doesn't always mean better. Most Texans know that the Texas dirt beneath is not as stability as some other states. So having proper pouring of concrete for the foundation is very important. Again, because of the recent fast growth in North Dallas area, some of the builders/developer had to rush to finish and did not properly let the foundation set. One of those things that it wasn't so bad that they will lose in court, but bad enough where it will speed up the timeline of when you need to fix the foundation. Don't get me wrong, even if it was properly set, because of the soil underneath and time it will still shift and you will still have to do foundation repairs. However, just keep all this into consideration and take this into consideration when you look at your numbers.

Let me know if you need a good investor-minded agent. 80% or more agents are not investor-minded, even if they say they are. At best, they are salespeople, and this coming from an RE agent.

Best of luck to you.

Daniel

@Tae Jang

Well, that's good about having family there and having roots there as well.

I also know what you mean about fixing a distressed property on your first investment, it is not having experience or knowledge that makes it the most frightening. However, I would suggestion just taking your time and do all the research and ask questions on here. I am sure you are not going to close on a home in the next few weeks, so use that time to build up some knowledge and confidence and you may warm up to it everyday.

Plus, you might want to evaluate your overall strategy. To put down 30% (tie up that much capital) and still not have a positive cashflow will not put you in a good spot. If a large unexpected expense comes up, then it is money from your pocket. If you don't already have a reserve, then you are in trouble. Even if you do have the reserve, look at all the capital the "investment" is absorbing for your return. Then I would rather invest in Index stocks as there will be less maintenance fee, if you are going to manage yourself, put in additional money to cover money expense, and pull out more money for additional repairs.

Just something to think about, hopefully the suggestion helps.

Daniel

First congrats on passing.

No, you do not need to join the NAR to access the MLS.

I can recommend some in OC. Not too familiar with any investor friend brokerage in the LA area. I may know someone who might know a brokerage, but I don't know that brokerage from personal experience. If you are still interesting in getting the name of the brokerage then feel free to PM me and I'll see what I can do for you.

Daniel

Hi Tae,

The additional information helps, especially with your end goal it helps provide us with a better way to give you options. With that said, since it is a long term strategy where you will keep your job, probably stay in that area for some time, and what to self manage to save some money. Did you think about buying a bit of a distressed property? Maybe one a bit older, although I know there are a lot of newer properties than old in the Plano/Frisco area due to the aggressive growth in the recent decades in those area. However, with an older property that needs work, then you can budget to put some money in to fix it up to rent ready and have a better bottom line?

Daniel

Welcome! I'm starting to look into Las Vegas as well. I plan on moving there some time in the near future, so I am in the same boat as what is best for what types of property to look at and strategy. It is different in every market, so starting my research now.