New member from San Diego looking to learn

[Andrew Kewley]

Hello Everyone!

I’m Andrew and I live in the San Diego area. I currently work as a budget analyst, and I’m very interested in real estate investing. I don’t currently have any properties, but I’d like to get into buy and hold investing. My understanding is that investing locally is generally better, especially for a new investor. But since finding good deals around San Diego does not seem realistic (if I’m incorrect here, please let me know), I’m also interested in learning about long-distance investing, particularly in tenant ready or turnkey properties in areas with better deals.

I’ve already gained some valuable information from Bigger Pockets and am excited to keep learning. If anyone has any advice regarding good buy and hold investment markets near San Diego, long-distance investing, or any general advice for someone starting out, it would be much appreciated.

Thanks so much!

Andrew

[Karen Margrave]

I personally always advise people to try to find a way to invest in their local real estate market for many reasons. You KNOW the area, neighborhoods, etc., and where in that area you would feel most comfortable putting your hard earned money. If there's anything that goes wrong, the property is close by and you can find someone to do repairs, etc. more easily. In choosing tenants, if you like, you can actually meet them. 

I've heard many horror stories from investors falling for the "turn key" "do not invest in California" brokers. People buying in areas with rented properties, only to find out the renter was a sham. Properties they didn't see to later find out had major structural issues that were costly to repair. Others bought properties in supposedly up and coming areas that turned out never to turn around and be on the upswing. Is it really worth it? 

If the area is too expensive, think about buying a condo, or partnering with other like minded investor in your area. Go to the local meetups, I believe there are some BP members down your way that have one, and get to know others.  

Just my .02 on it, there are others that LOVE the idea of investing out of their areas. Obviously there are much better prices in other states, and if you go that route, do your due diligence. Check references on any brokers or others that help you find your properties. Ask if they are licensed, and if so, check with the State they are licensed in and see if their license is active, and if they are licensed to sell in the state where the property is. GO see the property yourself. Have someone independently inspect the property for you. Verify the tenants ability to pay the rent etc. for yourself. In other words use caution.

Good luck!