Looking to Get Started in Santa Barbara or Elsewhere

[Alexander Lorenz]

Hi everybody! Thanks for checking out my intro post!

My name is Alex and I'm looking to quit working my job in retail sales and get into REI as soon as possible.

First of all, I live in Santa Barbara, California. I'm not set on staying here, and I work for a company with locations all over the US and I could transfer fairly easily if I wanted to. If there is a market that is better for getting started, I'm open to moving. I've been considering the following locations for personal reasons: Washington, D.C.; Denver; New York City; Spokane; Seattle. But I'm also curious about what markets in the US are good ones with high potential for growth.

I have only a few thousand dollars saved, but I do have a few thousand more that my dad has been investing in mutual funds for me for the past few years. If he knew that I was going to do something smart with it, I don't think it would be a problem for him to return that money to me as well. 

I eventually want to own rental properties and have a bit of passive income from that, but I don't think that I have enough capital to put a down payment on a property on my own. In addition, there's always the chance that it'll take some time to find tenants and I'd be in a tough spot having to pay that mortgage myself.

Because of that, I'm thinking that maybe it would be better to start with something like wholesaling or flipping, because it seems like there are more opportunities to find investors to back you in operations like that. However, my experience is very limited and I could be completely wrong on that. I appreciate any and all guidance on where would be a good launching point for me. 

I have been reading the forums and listening to a lot of the BP podcasts, starting to learn the lingo, and going through the Ultimate Beginner's Guide. Next on my reading list are Rich Dad Poor Dad, The Book on Investing in Real Estate with No (and Low) Money Down, and Real Estate Investing For Dummies, just to get started and get some ideas. 

I attended a two-hour FortuneBuilders seminar last week, and was not surprised to find that it was one big sales pitch for their three day event. But it did give me a couple ideas, even if there was no substantial info. I've read here on the forums that there is nothing to be learned from programs like those that can't be learned on your own through other resources, so I don't plan to pursue their course any further. 

I've started to look at properties on Trulia, as well. But mostly all I've found is that I can't afford even a 3.5% down payment on any multifamily properties nearby. 

I plan to attend the SBREIA meeting at the beginning of next month, assuming I get that day off of work. I hope to start networking and get some useful info there. 

Main Questions: 

1) How do I find a mentor near me and form a mutually beneficial relationship with them, while still working full time at a  retail job with unpredictable hours? 

2) Where do I look for deals? I've tried Trulia, and I don't have access to MLS.

3) Should I get my RE license?

4) What aspect of REI is best for building capital if I want to transition to full time REI and quit my job?

Any and all help or advice would be greatly appreciated! I'm looking forward to being a part of the community and getting into a field I can enjoy putting my time and energy into!