All Forum Posts by: Kevin Trumbull

@Ali Boone You have actually been my champion for looking at turnkey out of state. :)  I've been working on reading through all of your Blog posts, I'm about half way through.  See my reply earlier, yes I am actually looking at $200-$300 cashflow, just keeping my numbers conservative.

@Darren Budahn I have keyword alerts set up for turnkey, and have been reading a lot of what Jay has been saying, which has me re-thinking my strategy, and hence this post. :)

@Salvatore Lentini Yes, I agree that I really need to be looking at more than $100 a month, and in truth I am, really I'm looking at between $200-$300, but being brand new to the game, I'm keeping my actual net cashflow estimate conservative at $100 a month.

Funny thing is I do have a chunk of the aforementioned $20K in P2P Lending, but I'm working on liquidating it (at a premium) to put together the cash to start REI. :)

I'll try to be brief.  Looking for some advice on how to start out:

Goals:

• Cash flow focused (SFR or Small Multi)
• 'Retire' in 10-15 years (expenses covered, $7K a month)

Issues: 

• Full time job
• 8 month old daughter
• Barely any free time
• Very little initial investment capital (putting together $20K)
• I live in Monterey, CA area (high entry cost)
• No REI experience

Positives:

• Stellar credit (~815)
• Saving $1500 a month to invest with
• High paying job for 8+ years

I've been doing a ton of research/learning, and my initial idea was to finance a $75K to $100K turnkey from a highly reputable company in the midwest cashflowing $100 a month.  I would reinvest cashflow, and should be able to come up with $20K a year, so I could do 1 turnkey a year... but would take a while to accelerate.

I read another thread where somebody was in a similar boat and they recommended finding a JV with a flipper to help build capital. I'm open to something like that, but I'm not really sure what I could bring to the table on something like that, since I have no time, not a lot of money, and no expertise. :)

Anybody have any suggestions/ideas for me?  I know there are tons of ways to make money in real estate, but I feel like my options are very limited right now.

I'm a new investor looking at turnkey for my first investment, thanks for posting this, helps me keep things in perspective and reminds me that due diligence is paramount.

Quick newbie question, where is a good place to find neighborhood ratings?

Unfortunately I won't be able to make it, I was looking forward to meeting everybody. Hopefully next time!

I'm definitely interested in attending, but I need to see if I can move some things around so that I can make it. Please put me down as a maybe for now. 

Thank you all for the warm welcome!

@Ali Boone: That is something I have been slowly picking up on as I learn more and more about real estate investing and look in to the markets on the left coast. Sort of crushes my initial REI dreams, at least my initial dreams, but just means a) I'm going to have to work harder, and b) I'm going to have to really start looking in to out-of-state investing. :) I'm also going to have to give more thought to flipping.

Hi Everybody.  My name is Kevin Trumbull, I currently reside in Salinas, California, which is in Central California in the Monterey Bay area, about an hour south of the San Francisco Bay area.  I am married and have a 7 month old daughter.  I am brand new to the real estate investing game, and I'm very excited to get started.

I currently work for a security technology company as a Linux System Administrator.  I have been listening to some audio books and the BP podcasts during my long commute, and spend as much of my free time as I can learning as much as I can about real estate investing, mainly via the BP blog posts.

Right now my plan is to buy both single-family and multi-family properties that have positive cash flow with future appreciation potential.  My primary goal right now is to become a Buy & Hold investor, with occasionally flipping properties once I become comfortable with real estate investing.

I'm currently putting aside 20% of my net income to be used for real estate investing (following the 'pay yourself first' revelation that I learned a few months ago), and have a small savings built up.  However based on home prices in my area I'm going to need to use quite a bit of leverage in order to make this work; I have lots to learn about how realistic my Buy & Hold plan is going to work in this market, if at all.

I have tentative plans to move to Oregon in the next year, either in the Eugene or Portland areas.  I have yet to evaluate those markets, but I believe they are a little more favorable to Buy & Hold.

I'm going to start trying to find and analyze deals in my area, if there are any feasible options, and I'm hoping to start networking here on BP and maybe find a deal partner.  I'm also open to investing in areas outside my local market, however I think I need to learn the business before I head down that road.

Anyway, that was a lot.  I'm looking forward to meeting people here in BP and building my knowledge in order to become a successful real estate investor.