Newbie from San Diego

[Erik Acheff]

My name is Erik Acheff, born, raised, and still living in San Diego. I have been a member to the site for several months now, just never did my intro, until now. I am in the process of getting my real estate license and I am currently interning for an investment broker here in SD. I also work for an industrial computer provider and have for the last 18 years. I manage the production, shipping/receiving, and QA departments.

Like most of the investors on the podcast, I got interested in real estate from reading Rich Dad Poor Dad. It opened my eyes to "financial freedom" and making your money work for you and not you for money.

After reading Rich Dad Poor Dad and prior to finding BiggerPockets, I regretfully purchased a guru multi-family course. This was a $1000 learning experience.The guru was speaking at a local REIA meeting and I knew it was going to be a sales pitch and I still purchased it! Definitely like to turn back the clock on that one. But this mistake pushed me to educate myself in real estate.

Since then I explored leveraging my retirement funds to purchase a multi-family. Which I ultimately didn't do because of the IRA lender loan terms. Rates were actually on par with residential housing, however the loan was a 5/1 ARM and they wanted 40% down and 15% of the loan amount in reserves. It added up to SD duplex and it just didn't seem like the best use of the money. I have since moved that money into a solo 401K and in the near future I plan on using that money to invest in discounted notes, with the help of another San Diego resident, @JeffBrown.

My current goal is to fund my solo 401K with the income I get from real estate, which will allow me to purchase discounted notes.

Thank you all for reading.