All Forum Posts by: Osazee Edebiri

Quote from @Ryan Bandaccari:

Quote from @Osazee Edebiri:

Hey Ryan.

Yes I agree with @Hayden H.. I used to go the EBRHA meetings regularly but they have not gone back to meeting in person yet.

The David Greene Team just had one in Mt. View a few weeks ago, we should have some East Bay ones coming up in the future, but they are not set yet. I can keep you posted if you reach out. 

Otherwise there is the Silicon Valley group that meets in Mt. View monthly.

 Hey Ozasee,

Appreciate you tuning me in! I'd love to hear more about the events that y'all put on in the future as well as the Silicon Valley group that you know of - just sent you request to connect.

Most definitely, I’ll send you the info.

I would say I am pretty sufficient in all of those areas. What is currently killing me is the time it is taking to get to my next deal. I want to speed that up.

Hey Ryan.

Yes I agree with @Hayden H.. I used to go the EBRHA meetings regularly but they have not gone back to meeting in person yet.

The David Greene Team just had one in Mt. View a few weeks ago, we should have some East Bay ones coming up in the future, but they are not set yet. I can keep you posted if you reach out. 

Otherwise there is the Silicon Valley group that meets in Mt. View monthly.

Quote from @Erik Browning:

Quote from @Benjamin Pessah:

@Waleed Elgindy @Erik Browning @Alex Case @Chris Hylton @Kushaal Malde @Julian Gonda @Osazee Edebiri 

alright I think we have a set date. Next Sunday in Walnut Creek. Who can make it who can’t? Location will be @ Rob’s Zombies for lunch 11:45-1pm (we were thinking). Lmk if that works or not & who can make that date/time 

 Lol, I'll be out of town checking on one of my rentals where the long term tenant moved out. I want to go - we should have an official meetup page where we schedule this.

Unfortunately, I just scheduled a client at 11am on that Sunday.

Is there a website or app that we can use to schedule, since we are all pretty busy and we can start by picking the first time most of us can attend?

Quote from @Bruce Woodruff:

Quote from @Osazee Edebiri:

Yep, I know, one of my sons went to SFSU. Lived over in Outer Sunset area..... Horrible weather

 HAHA

Quote from @Bruce Woodruff:

Quote from @Osazee Edebiri:

Oh, I'm not saying that property values will drop in Cali. Well..... maybe in San Fran since it is going in the toilet. But areas like SoCal, where the weather is insanely beautiful will always have huge demand. Maybe the population within the state itself will shift, who knows...? But I don't think that losing population will necessarily decrease property values, no way....

 Yes, I understood what you meant and I agree, although the Bay Area is way more than just SF and the other areas have LAish weather. Actually a lot of SF the city doesn't have great weather with its micro-climates. 

Even if prices drop they will go up, with some corrections, wether the corrections come from city management or peoples influence do to the way they purchase real estate. 

Quote from @Bruce Woodruff:

Quote from @Osazee Edebiri:

That happens of course, but overall the population decline continues. Hence the recent loss of House seats and EC votes.

I don't want to hijack this thread with politics, but if you want more real numbers, I have them and will PM them to you.

 Appreciate that I am certain the numbers sustain, I guess I am just not worried about the decline at this moment, as I believe future adjustments will come that will increase the values. If the value never grow again, then pivot, but it seems highly unlikely.

Quote from @Bruce Woodruff:

Quote from @Osazee Edebiri:

Yep - About 200+k net every year from Cali......

So my research says it's about 650,000 that actually left, but about 440,000 move in. So we yes about 210,000 net.

TBH, I think that makes sense giving how some of the major metros are running the cities, but I also think about the benefits vs the negatives. I would say for the majority of people I hear leave, most want to move back but find the cost to come back prohibitive or a reduction in the quality they had prior to leaving. People who do really well leaving are people who already made it here in Cali for example like @Jay Hinrichs in this thread.

Not an exact science, but when people move just assuming life will automatically be better because the cost of living is lower, that typically doesn't work out. 

My cousin moved to Florida, hated it. He moved back, took him awhile to get restablished. Now he has a home in Concord and he and his fiancé are working with me to get their investment portfolio up, here in California.

I actually see a number of number of friends move on Facebook and the majority of them come back. A trend I have been seeing for years.

Quote from @Bruce Woodruff:

Quote from @Osazee Edebiri:

Not to mention the hundreds of thousands that just leave period every year :-)

 Haha, I don’t know about 100’s of thousands.

Quote from @Erick De casas:

Quote from @Osazee Edebiri:

Quote from @Erick De casas:

Hey everyone! My name is Erick De Casas and like a lot of you (or all of you) i plan on investing in Real Estate in the future. Im in the California Bay Area but will most likely buy out of state to start. My goal is to do a few BRRRR's and a few short term rentals. Ive set a goal of spending 5 hours a week as of now to study different markets and analyze deals. I'm definitely looking to finding a mentor in my area. Im an electrician at the moment with 11 years of experience and I have a lot of friends in different trades, if you ever need help with anything electrical and don't mind showing me how you analyze deals id love to help! Thanks for all the value you all bring.

Erick

 Hey Erick!

Welcome to the community. Hindsight is everything, if I were to start off over, I would focus primarily on getting multiple House Hacks here in California. Then after awhile get multis and still acquire a new house hack every year or two.

The reason why is because our Cali, especially in places like the Bay appreciate extremely well. Out of State is typically better for Cash Flow in the beginning, but even over time a Cali property has the potential to pass out of state because our rents are typically higher (rental appreciation, people don't talk about this as much). 

Also think if you get your first property and it cashflows $500 a month = $6000. If you get a $500,000 Cali property that appreciates say 10% that's $50,000. The out state property will appreciate too, but typically not as much. To me its a matter of what gets you your next deal quicker.

Amongst all the other added benefits - Owner Occupied financing is the cheapest way to finance your property purchase, at as low as 3.5% down. Most investment property loans will require a minimum of 25% down. So think about how your cash outlay looks as well.

Hope this thought process helps.

As far as mentorship, I recommend you attend local meet ups, that's what I starting doing in 2017 and you can meet some people that will really inspire you to action.

 Thank you! I’ll definitely keep that in mind. I gotta find local investor meet ups. 

You can look here on BP or go on Meetup.com to find them.