All Forum Posts by: Jared V.

@Jim Goebel

1. You are absolutely right. There are many important factors here we are taking into consideration besides the REI market.

Whether or not I can get a good IT job for a tech company wherever we decide to move is probably my #1 concern. I love my job and working in tech (doing it for another 30+ years is another question). Having this income in the short run will be key to getting my portfolio where I want it to be in the long run.

Another factor, as petty as it may sound, is the weather. We are very spoiled here in the SF Bay Area, so wherever we end up will take a bit of getting used to. We would hope we end up in a place that isn't too drastically different.

2. Denver, while expensive for those that live there currently, is actually rather affordable for me in CA right now. Colorado Springs even more so, which is one reason we are giving it consideration. I have been mulling around getting into the game this coming year with a duplex or multi-unit condo/townhouse purchase in the $200k range before we look for a 4-plex to househack a year or two later. Properties available in this range in the short term could play a big role on influencing our end decision. For the 4-plex we will be looking to take advantage of an FHA loan to help keep capital requirements low.

Hope this answers your questions. Thanks for your reply and feedback. It is very much appreciated.

Happy New Year!

@Tony Thomson

Good call on the property manager if we end up in Sac. That is something I probably would not need unless we buy out of state.

@Mathew Wray

Thanks for your feedback on Portland. You've touched on one of our biggest concerns with the city, besides the rain, and that is the tenant friendly rental laws. This is one of the main cons we have on Sacramento/CA as well.

Nevertheless, if we end up in Portland I'll be sure to reach out.

Happy New Year!

@Chris Lopez

Thanks for the tip on the SW companion pass. I will most definitely look into that!

I agree about the Portland weather. We have been watching it over the last couple months...the rain is a real downer and a definite concern for us being from CA.

Denver/Colorado Springs have garnered the most interest from us given the better weather. We will just have to see if we can get used to the elevation and snow. I also like Denver given its budding tech scene. Colorado Springs seems like a cheaper alternative with many of the same benefits as Denver. I would hope as Denver continues to grow that growth will leech out to areas such as CS.

For the 4-plex house hack we would want to buy, rent out 3 units (if not inheriting tenants), and move into the 4th unit ASAP. Given that, for financial reasons, it is best that we wait until 2019/2020 to do this I have been thinking about getting a duplex or multi-unit townhouse/condo in whichever market we decide to focus on by the end of 2018. This will give us at least 2 starter units to gain experience and further strengthen our portfolio once we get the 4-plex.

I am a big fan of the BP podcasts, and one of the main takeaways I've had from listening to them is to not wait to get in the game. Hopefully this coming year will be my year to jump in.

I appreciate all of your feedback.

Happy New Year!

@Jake Weir @Meredith L. @Tony Thomson Thanks for your responses, and a very happy new year to you all!

Sacramento is definitely in the house on this post! My wife and I are giving it serious consideration, but we are very concerned about CA rental laws being so tenant friendly and how that may affect our portfolio down the line. Have any of you had any issues with that in your experience?

Appreciate the feedback.

Hi @Joe Bertolino,

Thanks for the reply! 

That is definitely what I hear about Sac. I'll be sure to send a PM, appreciate it!

Happy New Year!

Hi @Account Closed,

Thanks for the recommendation. My wife and I had actually planned to do just that in the next couple months.  I know a lot of people from the Bay Area are moving up to Sac, and it definitely has a good amount of appeal to us.

Anyway, appreciate your response, I'll be sure to reach out as we get closer to making our way up.

Happy Holidays!

Hi folks,

I've been a BiggerPockets member for the past year or so as I have been doing a lot of research on REI. As I continue to learn more I figured it is time that I introduced myself and jumped in on all the great conversations going on in the BP community.

A little about me:

I've had the pleasure of living in the SF Bay Area for my entire life. I currently work in IT for a Silicon Valley tech company. My wife and I are looking to make our first real estate purchase within the next year or two. However, we are not interested in going the typical SFH route where we are locked in a mortgage for the next 30 years and forced to work a 9-5 to pay for it. We want to exit the rat race (yes, I have read Rich Dad Poor Dad!).

REI goals:

My longer term goal is to house hack a 4-plex, expand my portfolio over time, and eventually (within 10-15 years) bring in enough cash flow to have the option to retire from my IT career early, focus on my properties, and enjoy financial freedom. Timing to purchase a 4-plex is 2019/2020.

My wife and I have a "been there, done that" mindset towards the Bay Area these days, and unfortunately we are way priced out of the market anyway, so for these reasons we want to move outside the Bay Area. That said, my secondary and shorter term goal is to find a rental property in the market we plan to move to in order to gain experience, build a team, and help us prepare for our 4-plex house-hack. I figure we will hire a property manager and run this first property from the Bay Area, until we are ready to move. I am still trying to figure out if a duplex, or multiunit condo/townhouse may be the best option for us to get started. I have heard a lot of negatives about SFR as an investment, so I want to steer clear of that. Timing to make this happen is 2018.

Current Progress:

One key factor I am currently determining as part of my short term goal is where to "set up shop". Our list of potential destinations is below. Bear in mind, we are not only trying to find a good real estate market to invest in, but we also need to take into account whether or not we want to live, work, and potentially raise a family there.

Potential Markets:

1. Denver
2. Colorado Springs
3. Portland
4. Sacramento
5. Phoenix
6. Las Vegas
7. San Antonio

Any advice on any of these locations is very much welcome. Soon we will be taking short trips to many of these cities to get the lay of the land, and I will be looking for local real estate investors who wouldn't mind a free lunch to network and discuss the local market and their experience living and investing there.

Looking forward to networking and contributing to the BP Community!

Best,

Jared Vergati