All Forum Posts by: Jonathan Chan

I am a Newbie.

Here is a summary of what I want to ask some advice. Any suggestions are appreciated.

I have about $50K in saving and could potentially get to $100K in cash for my very first real estate investment.

Current consideration:

• 1. Start with BRRR in some areas that have lower barrier for entry
•     Pros: Could potentially get to the second investment sooner
•     Cons: No existing contractor connections. Could run into issues. Good deals are not easy to find. 
• 2. Start with a single family home at areas where I could afford and have a stable cashflow
•     Pros: Easier to manage
•     Cons: Would have no equity to invest in my second property

Some background about myself:

• Have a full-time job ($190K a year income). Financially my full-time job is our main income as a family.
• Job is demanding. Long hours.
• With 3 young kids. One of them is just one year old. And, another one requires more support (special needs).
• Husband working on starting his own business (starting phase, no income)
• On the side, there are some income ($50K a year)

Goal:

• 1. Get to a point of having enough cash flow for me to spend less time on my job and more time with young kids in 5 years
• 2. Have a bit more control of my time.

Hi BiggerPockets Community!

My name is Michael, and I’m excited to join BiggerPockets and dive deeper into real estate investing! I’ve been studying real estate for the past few months, reading books and absorbing as much as I can. I feel so fortunate to have found BiggerPockets, as it’s been a goldmine of information and resources.

Currently, I'm leaning towards the BRRRR strategy as my primary niche. Living in Southern California, I realize the market here is quite expensive, and I'm not sure if it's the best place to get started. I'd love to hear from experienced investors: do you think it's possible to do BRRRR in a high-cost area, or would you recommend looking out of state?

Additionally, what’s a realistic amount of capital needed to get started? I know this can vary, but any ballpark figures or advice on funding options would be helpful. I just finished Brandon Turner’s Investing in Real Estate With No Money Down and learned a ton, so I’m open to creative financing ideas too!

Thanks so much for any insights you can share. I’m eager to learn and grow in this community.

Ive read a few things about onlying being able to cash out refinance 75% or the purchase +closing costs, whichever is lower. I plan to purchase a distressed property amd do the renovations with my heloc. Once I'm finished I would just want my purchase price amd the money I spent on renovations back back...

for example, i buy a house for 100k put 50k of renovations into, house would now be valued at 250k. I would just want to be sure I can get that 150k back to pay off my heloc..is this possible? The 75% thing I've read is confusing me.

thank for any info. 

Hello, I’m a new investor looking to purchase my first property in the next month or two. I’m wondering if anyone is aware of good real estate meetups in the DMV area? Looking to bounce ideas, make connections, and learn some new knowledge from others. Thanks!

So I live in the SF East Bay and have been looking to invest in a rental.  I am too afraid to do out of state rentals.  I have been looking at some homes for investment and it's expensive here.

I have been looking at Tracy, Manteca, Lathrop area to get an investment.  I do like some new construction homes in the Manteca area and can put about 20% down.  However doing the calculations after rent, property tax, Mello roos, property mgmt I would be at a loss of about $900 to $1000 per month after rent. 

I know in the Bay area and California it's hard to cash flow. What I am hoping for is appreciation and also being able to refinance at a lower rate in the future where I would be able to be cash flow positive. The new construction keeps coming out with new price sheets every week and the properties seem to keep going up but some of the properties do have special rates (APR or incentives). I kind of feel I need to get in before I can't afford it because the price is going higher.

How bad is it to start out not cash flowing?

Hello All-

My name is Nik and I am sort of making a comeback to real estate investing. Looking to connect with the seasoned folks, mentors, and other like minded folks.  

My background really comes more from construction and development in residential and retail construction. Over the years I have also built out several new construction residential homes and townhomes.  I am more looking to get further into either flip or rental properties and would love to be able to connect with folks in that side of investing.   Currently looking at Akron, OH and Bessemer, AL areas but open to expand. 

1. Run your own race. Be perfectly happy watching someone else make a giant pile of money pursuing a strategy that you have no interest in doing.

2. Play the long game but realize that maximizing long term net worth has to stop if you want to be financially independent.

3. It's going to take longer than you thought and be harder than you expected.