New to Bigger Pockets – Seeking Advice and Connections

[Michael Loperena]

Hello Bigger Pockets community!

My name is Michael, and I'm excited to join this fantastic forum to learn and connect with like-minded individuals. I'm currently based in San Jose, CA, and have a strong interest in multi-family properties as a means to achieve financial and locational freedom.

A little about me: I don't own any rental properties yet and am in the process of paying down $25k in debt from a failed business ($15k at 10% interest and $10k at 0% interest). I've been able to save about $1,500 per month while making minimum payments on those debts. My goal is to gain knowledge and form valuable relationships that can help us all find great deals.

I'm looking for advice from experienced investors, particularly those familiar with the California market. I'm feeling a bit discouraged by the high prices of multi-family properties in California and am considering the possibility of investing out of state. However, I find the idea of being able to visit my property without taking a flight quite appealing.

I'd appreciate any insights, tips, or guidance you all might have. Should I focus on out-of-state investing, or is there a way to make things work here in San Jose? I'm eager to learn from your experiences and wisdom.

Thanks in advance for your help, and I look forward to getting to know you all and contributing to the community!

Best regards,

Michael L

[Andrew Cypert]

Hi Michael,

In the Bay Area, housing prices have gone down significantly as a market correction. They will be rising again though, so now is a great time to buy! Outside of the Bay Area is also a place to start. Walnut Creek, Sacramento, and Humboldt county have much lower prices and are seeing a rise due to people moving there. Bend, OR, Nashville,TN, and Missouri are interesting markets right now as well! I'm sure you'd like to stay in the Bay Area as you're from here, so you can find some duplexes in Fremont and Milpitas for under $1 million and upgrade from there after the market appreciates more. 

I hope this helped you. Please reach out if you'd like to talk more about surrounding areas. I'm sure I can help you find a great place to live/invest!