Bay Area, CA; Market Conditions; Networking; Preparedness

[Sergio Rodriguez]

Hello Bigger Pockets Forums,

As a VERY new and want-to-be REI in the Bay Area, I am considerably overwhelmed with the amount of "micro-markets" that exist. East Bay, South Bay, Peninsula, or even by county; the amount of possible areas to research and gain a fundamental understanding of is seemingly immense.

Through this post and discussion, I hope to gain even the slightest foundation on which to build this understanding. A general overview, personal anecdotes and experiences, or even a simple "go here and read this" is greatly appreciated.

I understand that the overall Bay Area market is highly competitive with an abundance of all cash offers driving prices higher than "normal." Speculation Question: Does this indicate an ever-weakening surface tension of the Bay Area bubble? Wondering whether I can even compete in this market is a main concern as my cash reserves are nearly non-existent and my knowledge of navigating the creative means of financing are conceptual at best. Obviously I need to acquire a significant amount of cash reserves in order to cover my own a$$, however, obtaining creative financing seems to require networking and establishing a reputation in this industry. 

Networking tends to be the end-all be-all answer to many questions about starting out in this industry. @Brandon Turner and BP videos, podcasts, and resources all equate success with a positive outlook on networking and taking the steps to do so is crucial to those whom succeed. While going to the local REI meet-ups and contacting REA or Brokers seems to be the ultimate answers to "How do I start networking?", taking an actionable step towards this requires confidence in oneself with regards to understanding at least the vocabulary of the industry. How has networking helped or hurt in the Bay Area Market? What is the prevailing attitude towards newer investors "trying to find a mentor?" What mindset and skills are desired in this Market in order to network efficiently and benefit all parties involved?

Frequently I dive in head first when finding a new interesting subject, willing to let the winds of chance fill the sails of my rickety boat built from twigs and driftwood of information I find. Always wanting to set sail as quickly as possible with a map to success drawn in haste, this vessel I build with each interested subject is never seaworthy, having a leaky hull and torn sails where vital information is missing. How does one know when their vessel is seaworthy? How does a Captain choose whether to sail through the storm and beat the competition or stay in Port and gather more information and supplies? Actions must be taken in order to succeed, but can be detrimental when taken with little information. In the ever changing Sea of REI, what allows the Captains to see the change in the winds and take actions accordingly? A trusted crew? A strong vessel? An observant eye? Do Captains set sail in vessels such as mine with maps such as mine and manage to repair and navigate these treacherous conditions while at sea? Or do these Captains go down with their vessel, a victim of overconfidence and unpreparedness?

Thanks for your time and response,

Sergio Rodriguez