Super brand new to REI based in San Diego!

Super brand new to REI based in San Diego!

New to Real Estate · San Diego, CA · Member since 2017 · 92 posts · 26 votes

Hello all,

My name is Patrick Senas and this is my first time on this forum. I'm actually a pretty avid reader of the great articles posted on this website but have never thought of joining since I figured I wouldn't get into real estate. But here I am!! Below you'll find information regarding myself and my goals in RE.

Short Intro:

I'm a US Navy veteran that left the service in 2013 and currently enrolled FT at UCSD for Aersospace Engineering. I also work FT at Qualcomm as a Test Technician. I was always too afraid of investing in general but enjoyed reading books and blogs about investing. I decided I wasn't doing myself any favors by just dreaming about being financially free, so I dove feet first into the pit and now I'm deeply invested in stocks, IRAs, you name it. The next step in my journey is RE!

Goals:

My investment niche and strategy is this; I want to invest in multi-family rentals and buy-and-hold. I figured the best strategy for me is to get either an FHA or VA loan to take advantage of a low or zero money down payment and low interest rates if I move into one of the units. Stay in the home for at least 12 months then roll right into another FHA/VA home. Rinse and repeat, until the lenders refuse to give me anymore loans! haha

I do have some questions regarding financing options but I'll post it in the appropriate thread. So if you see that post, feel free to respond! 

Thanks!

Pat

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West Hollywood, CA · Member since 2016 · 235 posts · 72 votes
9y

Welcome to Bigger Pockets @Patrick Senas

BP is loaded with all the information you will need to succeed in whatever niche of real estate investing you wish to pursue and the community is filled with knowledgeable investors and professionals to learn from and connect with.

BP is what you make it. The more you put in, the more you will get out of it!

Listen to the podcast for extra inspiration and investing advice and post in the forum for any questions you have. Members here are really eager to help. We're all working to succeed together.

Also, check the "networking events" tab under "Community" and go out there and meet people. That's the way to build powerful relationships. In fact, if you’re interested in investing out of state, check out The Out of State Real Estate Investors of LA Group.

Like you, I am living in CA (Los Angeles), but I focus on investing out of state for the 3x cash flow and reasonable cost of real estate. Florida is my state of choice.

P.S. - Two of the best books you can read (and re-read) are Rich Dad, Poor Dad and The 4-Hour Workweek. Both have been mentioned numerous times by guests on the Bigger Pockets podcast and I have detailed notes to both books. If you would like a copy, just let me know and I'll send them over. (but it's still highly worth buying the books.)

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  • Shawn CouchBusiness Member
    Investor · Encinitas, CA · Member since 2013 · 116 posts · 48 votes
    9y

    VA is a much better loan option than FHA. You should pay a lower rate with the VA, because the VA guarantees the amount of the loan over the conforming, 80% LTV, whereas with an FHA, you, the borrower, pay mortgage insurance via a higher rate on your loan. FHA requires 3.5% down as a minimum and I think you can go 100% with the VA. Furthermore, the VA deal is set up to protect the vets and active duty by doing an additional form of underwriting. If they say you can't afford a particular deal, you should really think about it.

    If you need a good VA loan broker, I can refer you to one.

    Thank you for you service, and get a VA approval. Then search for some units (2-4) that you can afford in an area tolerable for living for a short period and start building that RE empire. Let me know if you want to talk about this or want some help searching for a deal. I am happy too help.

  • Lender · San Diego, CA · Member since 2011 · 664 posts · 231 votes
    9y

    Welcome Patrick. Engineers seem to do really well at RE investing. I have a few friends of mine that used to work at Qualcomm and are now full-time RE investors. Best of luck

  • Dave VisayaPro Member
    Moderator
    Audio Engineer and Investor · Cebu City, Cebu · Member since 2013 · 7k+ posts · 881 votes
    9y

    Hello @Patrick Senas, welcome to the site! It's great to have you here.

    BiggerPockets
  • Surveyor · Hemet, CA · Member since 2015 · 797 posts · 112 votes
    9y

    Welcome to bigger pockets from north county! Meeting a few members on Saturday morning and we are getting another meeting in the works with a catering service and all.  Hope to connect!

  • Kevin FoxPro Member
    Real Estate Agent · San Diego, CA · Member since 2014 · 1k+ posts · 635 votes
    9y

    Hey @Patrick Senas

    Welcome to BP!

    Always great to see new members from San Diego. I would definitely suggest you go with VA rather than FHA for the 2-4 unit purchase.

    Let me know if you'd like any assistance in the search/acquisition process.

    Best of luck

    Kevin

  • La Mesa, CA · Member since 2017 · 11 posts · 5 votes
    9y

    Hey shipmate, sorry for that. I couldn't resist. I just posted my intro today as well. Good to know I'm not alone in my start in San Diego investing! 

    I've used my VA. I will say get them most out of it you can, which is multifamily for sure.

    Hope to see you around!

    -Austin-

  • New to Real Estate · San Diego, CA · Member since 2017 · 92 posts · 26 votes
    9y

    @Shawn Couch Hello Shawn. From my limited understanding between the two, FHA has PMI which is tacked on to the monthly mortgage until I reach a certain percentage of equity and VA has a one time funding fee. Which one do you think would be more costly? Maybe I will go for a VA loan. Extra protection would definitely make me feel more secure about my first investment. And yes, I'll take all referrals for a good VA broker, thanks!

    @Bruce May Yes, I'm definitely considering a VA loan now. At least for my very first purchase.

  • Andrew SyriosPro Member
    Moderator
    Residential Real Estate Investor · Kansas City, MO · Member since 2014 · 10k+ posts · 5k+ votes
    9y

    Welcome aboard Patrick!

  • West Hollywood, CA · Member since 2016 · 235 posts · 72 votes
    9y

    Welcome to Bigger Pockets @Patrick Senas

    BP is loaded with all the information you will need to succeed in whatever niche of real estate investing you wish to pursue and the community is filled with knowledgeable investors and professionals to learn from and connect with.

    BP is what you make it. The more you put in, the more you will get out of it!

    Listen to the podcast for extra inspiration and investing advice and post in the forum for any questions you have. Members here are really eager to help. We're all working to succeed together.

    Also, check the "networking events" tab under "Community" and go out there and meet people. That's the way to build powerful relationships. In fact, if you’re interested in investing out of state, check out The Out of State Real Estate Investors of LA Group.

    Like you, I am living in CA (Los Angeles), but I focus on investing out of state for the 3x cash flow and reasonable cost of real estate. Florida is my state of choice.

    P.S. - Two of the best books you can read (and re-read) are Rich Dad, Poor Dad and The 4-Hour Workweek. Both have been mentioned numerous times by guests on the Bigger Pockets podcast and I have detailed notes to both books. If you would like a copy, just let me know and I'll send them over. (but it's still highly worth buying the books.)

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