New investor from SF Bay Area (Fremont/San Jose)

[Neil Anthony]

Hello everybody!

I'm located in the San Francisco Bay Area (Fremont) and I'm fairly new to real estate investing. 

After doing a little bit of research, I'm looking to invest in SFRs that cash flow. I understand that deals could be had a couple of hours from my house, but working full-time with a newborn son would make it quite difficult to self-manage. So if I'm to outsource to a PM anyway, I'm thinking of looking out of state where the cash flows are more likely to be better. I realize that I won't have the required time and resources to build a team out of state at this point in my REI career, so I'm thinking of going the turnkey route for now. I've read the Ultimate Beginners Guide, listened to a lot of the BP podcasts, and read a few of the more highly recommended books and I think I'm ready!

My goals are:

Within 2-3 months to purchase my first investment property.

Over the next 5 years, to average purchasing 1-2 properties a year initially using conventional loans, then to perhaps investigate alternative financing as I hit the loan "limit".

Assess my investment strategy after 5 years. Start considering multi-family/commercial? Flipping? Who knows!

My long term goal (10-15 years) is to achieve financial independence by generating approximately $12k a month in cash flow.

Of course all of this is subject to change due to unforeseen successes or challenges during my journey – but that's what life is all about!

In order to achieve goal #1, I need to target a solid city/market and possibly a reputable turnkey company to help get my foot in the door.

Any suggestions????

Oh and as an aside I'm actually an Enrolled Agent (IRS authorized tax preparer/planner) as well as a fee-only Certified Financial Planner. So over time, I hope to be able to give back and help others in the BP community with my areas of expertise. :-)

Thank you all for what you guys do!