I have been reading and learning as much as I can for the last couple years and am wanting to get into real estate. The only problem is I work/live in San Francisco and it seems too expensive too start here. Currently, I have saved a good amount of cash (over 30k) and I want to get into multifamily properties but the only properties I see possible to cash flow on are hours away. Any suggestions? Thanks!
Real Estate Entrepreneur · Mid West, East Coast · Member since 2015 · 3k+ posts · 1k+ votes
9y
@Grant Greene green, Local is always the preferred option. Please continue to encourage @Cameron Crosley as he may have overlooked an opportunity that's in his backyard. I invest out of state because as you guys know NYC requires a min of 350K to even think about jumping in to the buy and hold arena. So I really had limited options as I only had 100K start up capital. Cameron will find his way thanks to a great support system that you guys have already begun providing. Continue to move the REI culture forward!!!!!
@Darius Hollis Yes I am from Arizona originally but buying out of state is somewhat daunting and also I would not want to put down 20% if possible. Additionally, it might be worth noting that I am in the military so I can't just up and move that easily, not sure if this helps any.
Atlanta, GA · Member since 2016 · 30 posts · 21 votes
9y
@Cameron Crosley Totally understand, investing out-of-state and site unseen can be scary, but if you can network with a great agent in a strong or emerging market, then doing deals as an absentee owner can actually turn out less stressful than going through the process alone and spending time and money chasing down deals outside of your local market.
Lender · Tucson, AZ · Member since 2015 · 279 posts · 91 votes
9y
Good evening, Cameron! Just curious: why the push to go out of state? Without a doubt, there are good opportunities beyond our state's borders - @Shawn Ackerman makes an excellent point - but there are still some great opportunities in your backyard and down in Tucson.
Real Estate Entrepreneur · Mid West, East Coast · Member since 2015 · 3k+ posts · 1k+ votes
9y
@Grant Greene green, Local is always the preferred option. Please continue to encourage @Cameron Crosley as he may have overlooked an opportunity that's in his backyard. I invest out of state because as you guys know NYC requires a min of 350K to even think about jumping in to the buy and hold arena. So I really had limited options as I only had 100K start up capital. Cameron will find his way thanks to a great support system that you guys have already begun providing. Continue to move the REI culture forward!!!!!
Rental Property Investor · San Francisco, CA · Member since 2016 · 85 posts · 31 votes
9y
Hello Cameron,
If you live and work in San Francisco, then attend J Martin's meet up tomorrow in FIDI. It's a great networking event and he'll talk about investing within the Bay Area but outside of SF.
Walnut Creek, CA · Member since 2016 · 10 posts · 9 votes
9y
Strongly recommend the meet-ups by @J. Martin in SF. I was in the same boat as you are about 2 years ago and attending the meet-ups helped me dive into RE investing. The seasoned investors will be more than happy to help share info and knowledge.
Strongly recommend the meet-ups by @J. Martin in SF. I was in the same boat as you are about 2 years ago and attending the meet-ups helped me dive into RE investing. The seasoned investors will be more than happy to help share info and knowledge.
We're meeting up at 6:30PM tonight in SF FiDi. Come out and say hi @Cameron ! Thanks for the shout out Alnie. Hope you are doing awesome :)
Rental Property Investor · Oakland, CA · Member since 2016 · 268 posts · 106 votes
9y
@Cameron Crosley yes, the bay area is really nuts right now and it is basically impossible to find a cash flowing deal here right now. However, you might be able to find something a bit further away along the bart lines (Richmond, Pittsburg) or if you're fine driving a bit, you can look at the whole area within 30 or 60 minutes around SF. You should be able to find something there.
Also, if you are in the military, you can get a VA loan. That means 0% down - the investors dream ;-) You could get a 4-plex, live in one unit, rent out the other three and fix up the place slowly.
@J. Martin , @Carolina Solorzano That sounds great! I won't be able to make this one but I would definitely like to go to one in the future! Are they held monthly?