New member from Torrance, CA

[Stan Esperon]

Hi all. My name is Stan and I've been on BP for a few months now. Its been absolutely amazing. I've also attended a couple of BP meetups. I've learned so much but realize there was actually so much more that I didn't know. I am 42, married with 3 kids and work full-time for LA County. My goal is to be able to leave my job in 8-13 years if I could replace my income with REI. I still am trying to focus in on what my rei strategy will be as its shifted with each forum post and blog I read, or webinar I listen to. Definite analysis paralysis. I am interested in buy and hold rentals in the Southern California area and considering investing in Big Bear, Coachella Valley area, Bakersfield and South LA. I am also interested in learning more about syndication, parterships and passive investing. Any advice and guidance for a newbie like me is greatly appreciated.

[Michael Lee]

 Hello and welcome to BP!  Buy and Hold is more of a long term investment but that depends on what kind of positive cash flow it has.  This is a great site for learning and asking questions to those that may have been down that road.  The first couple of things you should do besides learning is to start your business under a type of corporation to help protect you personally and to find/get a local Team put together.  The main members are Attornies, real estate Agents, CPA's (or accountants), Inspectors, General Contractors, and Handymen.

Always do the analyzing numbers and try to look at the property before you make an offer or at least have a clause in the sales contract that gives you some time (about15 days) to inspect and possibly to back out of the deal without a penalty that exceeds your earnest money put up.  Right after you close get an insurance policy that will protect you if there is a loss.  As soon as you can after the closing replace the exterior door locks. If the locks you took off are still in good shape just use them at a new address.

I am 59 years old and I found BP about 8 months ago and I am still learning and deciding what to do while I am recovering from a brain annurism and a stroke.  I went to college, not that it is mandatory, and I got a business degree that emphasized real estate.  Since I was in Texas and planned on staying there I found out that I was qualified to take a test and become a licensed real estate broker and I became one.  I kept that license for about 30 years.  I did close a few deals for other people.  I have only closed one investment property.  Regardless of what I had I felt more comfortable with the construction business.  I have been in the construction business since I was 17  including those college years.  If you think that I can help you please contact me through BP at any time.  Good luck to you!