Putting together a plan - Buy & hold in Socal

[David B.]

Hello again BP !

This is my second post now. I have to say I am really glad I found this site. Everyone is amazingly helpful and there is a wealth of knowledge to be had on here. My initial idea was out of state investing through a Turnkey company because I thought the Socal market was going to be too difficult to enter due to the high prices. After a handful of replies to my initial post and some private messages I realize it is doable. 

Does anyone have any specific areas in Socal that they have found to have good appreciation, cash flow, and a purchase price of under 150k  ? I've heard a lot of talk about the Inland Empire so I'll definitely check that out to start.  

I just listened to @Aaron Mazzrillo podcast (#37) and this guy has things figured out pretty well. He has really learned to automate his life as much as possible and generate a steady passive income. This is definitely my goal. I'd like to acquire a bunch of rentals that cash flow enough to support my lifestyle as well as create a nest egg for retirement. 

Now all I need to do is get started......

A few questions here. 

1) What is the best way for me to find deals ? Would you guys recommend using a wholesaler ? If yes, does anyone know some reputable ones they can send my way ? 

2) I guess the real kicker is capital. I know everyone on here did not start with loads of cash. How am I supposed to leap from from property to property without running out of cash QUICK  ? Say I have 60K to start out with. I buy my first property for $150k. 20% down =30k Repairs = 20k. Bam! I am out of money. Is there something I am missing ? It will take quite some time for me to replenish another 50-60k to invest.

3) Has anyone had the chance to try out Ben Leybovich's program. I'm sure it is legit but is it worth the money or can I find everything I need on my own ? 

Thanks in advance !

David 

[David Friedman]

@David B. Three words: OPM or Other People's Money. also, most people on here who have 100 units have either been doing real estate for a long time and have made successful choices throughout all of the ups and downs or have had previous successful careers. You can't compare your current status to other people's. Sometimes they are just really lucky. But you cannot rely on luck to become successful. Use that 50 K that you have in the most efficient way that you think is possible. Also, only 100 units in Georgia is going to be much easier to achieve than in California. It's all relative. Make sure you understand the context. the best thing to do when starting your first journey in real estate investing is to read a lot and learn a lot. At one point, you just have to jump in