Battling for property in SoCal...

[Beau Graham]

Hello fellow BiggerPockets community members. My name is Beau. I'm from northern California, but am currently living and working in southern California, specifically Culver City. I'm a full-time paid firefighter and a Navy veteran.

My real estate goals are to acquire at least one property per calendar year using a buy and hold strategy. I'd like to have positive cash flow, but I understand that California isn't necessarily the best place for that. So, I'd like to obtain properties that I can break even on (Rent = Mortgage + Taxes + Insurance + etc.) and then use the depreciation as write-offs against my income. Then as inflation and property values rise, increase rent and acquire wealth through appreciation.

I began my search this year (2014). I've been looking in Los Angeles County and San Bernardino County. The focus is on single-family detached properties. 3 bedroom, 2 bath minimum. No more than cosmetic repairs/updates. My price range is 250k-350k. I plan on using my VA loan for my first purchase and initially live there.

The specific area that I've been looking in is Rancho Cucamonga. Ideally I'd like to stay more west of there, but those areas are either out of my price range and/or not very attractive.

I've made a few offers on some properties that I thought would be great rentals, have continued appreciation, and be nice depreciation vehicles. But I've been beaten out by all cash buyers and price (bidding wars).

So I come to the Bigger Pockets community humbled, and seeking any advice that more seasoned/experienced members have to offer about what I'm doing wrong/right and/or what I should be doing.

Thanks ahead of time and I look forward to meeting/speaking with all of y'all!

-Beau

[Mark Mynhier]

I'm in the LA area, too. I'm an AF Vet and have started working on my real estate business. I've done a few flips in the area and would be more than happy to sit down with you and talk to you about things. There is also a great REI in your area that focuses on buy-and-holds that you may be interested in. Drop me a line and I'd be happy to help.

Mark (Baile.Properties.LLC@gmail.com)