All Forum Posts by: Marvin Barrera

Hello everyone! Newbie from L.A. here. I was wondering what websites, blogs or periodicals you read to learn about what markets to invest in or about the state of Real Estate in general, or specific markets? Other than your personal network and a forum like Bigger Pockets, what are the best places to read (or hear), not so much real estate HOW-TO, but real estate NEWS?

@Kathleen Heine thanks so much! Ok got it. So at the end of the day you’re gonna need an agent or become an agent yourself to access that info. Super basic question I know, but I was wondering. I appreciate you responding! 

@Sam Craven really enjoyed te episode. I'm a newbie so I'll admit a lot of it was over my head. One thing I heard you say, is that you don't need to be an agent to access the MLS, but I'm not sure I heard exactly how it is that non agents can access it. (I hope I'm not mixing up my podcast episodes here!)

So, how do non-agents take a look at those listings? Glad to hear from anyone on this thread who knows about this! 

@Max Keller I will definitely give my mom that hug! Side note: she advised me against selling (aaahhh!) 

And yes, being in ministry is definitely rewarding. I feel so fortunate to be able to do what I do... but yeah the money situation can get tight.

I gotta check out that Grant Cordone book. I hear his name mentioned probably as much as Robert Kiyosaki and Dave Ramsey! Haha 

Thanks for your response. I look forward to interacting with you and everyone else on this thread in the future 

@Tony Han I’m still not decided on the whole turnkey vs. build-a-team on the ground approach... its actually one of the main questions I have right now. Initially I was leaning towards turnkey, especially after seeing so many videos and listening to podcasts by a certain TK provider who I’m starting to notice isn’t too popular on these forums... but I’m also reading comments by people who have ventured out “on their own” and it’s starting to seem less impossible to do it that way. Doesn’t mean I’ve completely eliminated TK as an option. 

I noticed you’re also in LA, have you ventured into out-of-state investing? If so, what has your approach been?

@Tom Ott @Matt Motil @Tony Han @Dave Visaya @Max Keller thanks for the welcome everyone! I really appreciate how helpful everyone is on this platform. 

I've roamed around the site and the forums a couple weeks now, even commented here and there, but have not formally introduced myself. Hi! My name is Marvin Barrera and I'm in full-time ministry in Pico-Union L.A. close to downtown. I love my job but working in a nonprofit means I need to find other ways to make money. My only experience in real estate investing came when my mom kept pushing me to buy a house around 2010. Real Estate wasn't even on my radar. With house prices going up so much just a few years earlier, I just assumed I'd probably never own a house. But with the crash I was able to pick up a small house in Norwalk for 150K with an FHA loan. I lived in it and decided to sell it a few years later and was able to make a profit. It wasn't a whole lot but It's the most money I'd ever seen! And because of that I was able to get out debt, finally open a retirement account, an emergency fund, and save a small portion for when I eventually buy a house again... Had I known what I know now (which admittedly isn't much), I would've kept the house and have rented it out, and refinanced it to get some money out, and I would've had a Cali property right now! Or ... if I did sell, I would've started investing the majority of my leftover profit, instead of having it sit for the last 4 years, and dipping into it every now and then.... Lesson learned. But now with the amount I do have left over from that sale (about 20K), and no debt, I figured I should start off with a single family home or a duplex out-of-state. (Ohio, Indiana, Florida, Texas? I don’t know where!) Not only do I not know where to start, I’m feeling a bit overwhelmed by everything involved. I am reading John Schaub’s “Building Wealth One House at a Time” and David Greene’s book on our-of-state investing. I’m also listening to a ton of podcasts. I figured the best thing I could do is just learn as much as possible and little by little save some more money, which is kinda hard on my salary, but I can save some by being frugal... So that’s where I’m at! I’m loving this website and the forums. Just looking to learn as much as I can before making the jump!

Thanks Miguel Nava that's very helpful. And if I end up deciding on Cleveland I will definitely be contacting you!

Miguel Nava thanks for walking us through that first purchase. You definitely make it sound doable and I'm feeling hopeful right about now! How did you go about finding an agent in another state that you felt comfortable with? And was it the agent that set up the inspection and recommended a property manager?

@Jessica Beard thanks for posting this! I am also brand new and seeing everyone's responses to your question has been very helpful. I'm also on the west coast (Los Angeles), I also need to save up a little more before jumping in, and am also looking to start out of state. 

I have a further question, for someone who's a newbie to REI and they want to start by buying out of state, is it automatically safer to do it through a turnkey company? And if they decide not to go through a turnkey company would that necessarily require flying to the location? What would be the best way to meet real estate agents in another state, as well as PMs, etc?

Btw, thank you @James Wise for your response to my post in the other thread and your response to Jessica here. They were very helpful