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Updated almost 14 years ago,
Newbie Advice to buy a multi family unit in SoCal
I got introduced to BP yesterday and tried to read as much as I can but did not find some specific details for a beginner. I guess it depends what your goals are. So here are my details
I am 30 years old married with no kids. I work full time as an engineer and love my job.
Investing in stock market is my passion and I have done quite well. I am follower of Benjamin Graham/ Warren Buffett style value investing. Its getting hard to find value stocks nowadays in the market and hence I am thinking about buying real estate property.
I have around 150k in non-retirement account but I am not sure how much of that I will be willing to put into the RE investment.
Also I currently rent an apartment. So I was thinking of buying a multi-family unit and rent one unit for myself. This way I might be able to skip the property management costs.
Any property that gives 10% yield unlevered per annum including the cost I have incurred if I was renting would be a good deal in my opinion.
I have a 780+ credit score and should not have problem getting a loan.
So my question is how do I start ? I would like to buy the property in Ventura/Camarillo/Thousand Oaks area since I work in Santa Barbara. Is there a bird-dog I can hire to find such property for me ? What are the sequence of things I should be doing from today onwards to make this happen.
Thanks for your time
Gaurav