Places to look for

[Peter Stephan]

hello!

I am looking to start my real estate career here in California. I currently live in Clearlake but this is not a great place to begin my real estate portfolio. I am looking at properties in the Bay Area, Santa Rosa, and Sacramento. What area is the best to begin starting out?

[Michael Lee]

Hello and welcome to this site!  Just go somewhere you can get to in less than an hour and the economy is diverse and has population growth.  Stay as close to a downtown part of a city that you can afford.  Check with the local Chamber of Commerce to get some information on the future of your area and what is planned.  Get with a real estate Agent that has been around for a while that can help you get to a popular space and a City Building inspector that can give you location ideas and what to expect when trying to advance.  The Agent might also give you some Contractor names that might help you.  Do as little physical work on your property as you can.

Do not try to do everything yourself.  Use professionals local and experienced in what you are doing.  These type of Team members will help you get to where you want to be and help you be more income productive.  Being a good salesperson and marketing have got to be your top priorities.  The learning more will give you the he confidence you will need to sound like you know what you are talking about.  I am 60 years old and I found BP about 20 months ago and since I am medically recovering and stuck at home I have learned a lot here and on YouTube and I have plenty to say.  I have been in the construction business since I was 17 incuding owning my own business.  I have also had an active real estate broker license for about 30 years but never did that full time.

There are a few things you need to consider doing before you get started. One of those things is to consider, depending on what you have to loose personally, is to form some type of corporation or a LLC. You might want to hire a lawyer and/or a CPA to advise you on what to do once you have selected your niche. That will help protect you personally and help you if you ever have a law suit or have to file for bankruptcy. Another thing you need to do is to get your financing figured out so you can give the property owner some peace of mind on your ability to close. That letter ought to say the average time it takes to close your loan and the maximum amount you qualified for. You should have a copy of that with your offers.

I am sorry to be so long winded hear but I have got a bunch to say.  At least one other thing you should consider before starting is your office location that has the least distractions and convenience.  You can locate that in your living place if you have the room there, you can close it off no not be to distracting.  It will Beene on what you need personally.  You might have a family that will distract you and keep you from working.  You need to have plans and goals that you can read every day to remind you what you need to do. You might could even have vision boards that will remind you what to do and what is important to you.

Just have those vision boards somewhere where you will see them every day.  As I should have said earlier is to have a local Team full of members that are professional and are willing to help you and return your calls promptly.  The primary Team members might be an Attorney, a CPA (or accountants), real estate Agents,, Insoectors, General Contractors you can trust, and Handymen.  That are usually worth every penny you pay them.  

I have never stayed in California so I cannot help you geographically.  I have hardly been out of the state of Texas my whole life but I am hoping that changes.  I am lucky to have a wife and a daughter who now is in her third year of the University of Arkansas.  Luckily my wife has been saving money for about 25 years so I am not under a bunch of stress because of my medical recovery and my wife's boss has been very kind about me.  Since she is a computer programmer.  Always have a contingency  line in your estimate for a loan of about 10% for construction and closing costs.

Try not to forget about all direct an indirect expense.  If you have some time to practice that would be good. I see that more Lenders are online and can turn loans quicker plus 100% plus any repairs or rehabs.  Nearby amenities are good selling feature.  I was born and raised in Dallas Texas and still live in Dallas County.  Do not be afraid of anything.  Making mistakes are pretty normal.  Just learn from them and they are not too expensive.  Follow up with everybody.  Have scripts by the phone and use them after a 3rd party reviews them.  Track everything you do.  That will help you grow by watching the expenses and income.  I am sorry that this is so long.

Good luck to both of y'all!.