New Investor In SoCal

[Russell W.]

Greetings BP community. My name is Russell and I'm located in Palmdale, CA.  I first came upon BiggerPockets while searching for an investment podcast to listen to on the way to work.  The last 6 months I have been listening to the podcasts coming and going to work each day.  I finally caved after Josh's and Brandon's constant "quick tip" reminder to get involved on the forums.  I typically am the type to bring something to the table and be able to contribute before making my presence known on a forum, but I realize how essential networking will be to my success.

I'm still very much in the research/education phase and have picked up Jay Scott's book on flipping houses, Brandon's book on no or low down investing, and read through the Ultimate Beginners Guide a few times.  All of these books are exceptional and I highly recommend them.

I can see how "analysis paralysis" is a real thing and that those who are fearful of having everything figured out may never get started at all. As many have said on the podcasts, the first investment purchase will teach you more than any book, but I also want to ensure I'm doing my due diligence to protect myself from any avoidable pitfalls.

I currently have an investing partner; a good friend of mine. We are partnering up in order to pool our capital to get into the expensive market in SoCal.  Currently we are still putting together our business plan and how to get systems into place to achieve our goals.  We plan on targeting distressed properties and executing the brrr method while saving the cash flow to invest into more properties. We'd also like to expand into multifamily properties once we have  grown our portfolio; allowing our cash flow to assist in funding the purchases.  Currently our goal is to have a property under contract in 2017.

 I'm looking forward to the additional education available here on the BP forums and learning from the community.  I am extremely grateful to Josh and Brandon for the podcasts they put on, as I have learned a tremendous amount without the use of a guru. Looking forward to the possibilities.

[Ifayomi OmiMeje]

@Russell W. Welcome to the BP community and CONGRATULATIONS on taking the 1st step (s) toward your REI goals! I too am a "newbie" to the world of REI but I am excited and very eager to learn. Like you, I also have a partner (and mentor who is a successful REI with over 100 REI under his belt) and our goals are very simular to yours. Also, I share in your gratitude toward @Joshua Dorkin and @Brandon Turner for creating BP and all the other avenues of information on this site! It has definitely helped me in letting go of my "analysis paralysis" and overcoming the devastation from the money I lost in my first REI deal (I didn't know about BP nor did I have enough REI information when I made my first investment...LOL)! 

Good luck on your REI endeavors!

May we all have Bigger Pockets!