New Real Estate Invester in So Cal Seeking 1st Deal

[Jeffrey Brumagin]

Hello Bigger Pockets Community,

I just began studying real estate investing a couple months ago. I began by reading some books from the Gary Keller series (The Millionaire Real Estate Investor, FLIP, HOLD, My First House), as well as Rich Dad, Poor Dad, Think and Grow Rich, and now I'm delighted to find this incredible online resource here at BiggerPockets.com and the awesome weekly Podcast. It gives me a confidence boost knowing that not only is the information available at my fingertips, but that this great sounding board exists as well.

Now that I'm getting a pulse on the industry, I'm beginning to set my sights on developing my criteria for investment properties and choosing a target area. I currently live in Southern California just north of Los Angeles near Malibu, and investing here may not be a reasonable choice at this juncture given what I have saved, my combined household income (with spouse), and the market values around here. I've been looking at options more in line with my means, which has taken me to mobile home listings, out of state SFR & MFR, and of course Foreclosures and REOs. We currently have between $10k - 20k to put down on a property and have started the loan approval process with our bank. It's likely that we'll need to live in our investment property, which makes the 3.5% FHA look attractive. However, there is a possibility we could move to my father's house temporarily for minimal rent too, which may give us more options.

In my searches on Trulia (there may be better resources out there, just not sure which) I've been looking in the San Fernando Valley for SFR & MFR, but really all it turns up are Foreclosures & REOs. Further out I've found some mobile home opportunities, but I'm still unclear on those type of investments. I would like to learn more about these two areas as they may offer me just the type of opportunities I'm looking for at this point starting out, but then again there seems to be more risk associated with Foreclosure investments and I don't quite know how to discern if a mobile home investment is a good opportunity.

I guess I'm just looking for a bit of direction. I have family in the Phoenix area of Arizona, and I know real estate investment opportunities look good out there too for my price range. I'd like to invest locally in deals that require a bit of work as I'm willing and able to do rehabs requiring cosmetic repairs and slightly more advanced issues (i.e. tile, drywall, minor structural, landscape, hardscape), but I'm not sure where to start. I'm not averse to beginning out of state, I just think I would feel more confident in my investment if I were able to be close by knowing that any issues that arise I'd first attempt to resolve myself before hiring someone else.

I apologize for not having been super specific in my first post, but any advice and opinions one any of these subjects would be much appreciated. Looking forward to hearing from all of you and excited to be apart of the BP Community!

All the best,

Jeff