Hello ALL! I'm NEW to BP Forum!

[Wayne W.]

Hello all, I'm a newbie to BP forum and I'm really glad my relative directed me to this site. I was originally from Arcadia California 91007(1991-2001) then moved to couple other cities like Tustin, Orange, Monterey Park, Alhambra, Temple city etc due to work. Currently, I'm working out of town for an airline. 

Recently I purchased my first rental place in Chino Hills California (Wickerman school district) and it was a battle due to no inventory and a lot of cash offers. I looked at over hundreds of houses and really liked that area with walking distance to school, parks, and overall environment. Most of all, it's within my budget. (There was a battle between Condos in Irvine or SFR in CH)

I'm in the process of renting this 4/3 2240sqft SFR out this month and I've read through most of the sticky* discussions on tenants and renting which helped a whole lot.

My plan is to have this house as my "base" cash flow and purchase more rental homes in the future and quit my job. Since I paid off the CH house, I might do a loan with the house and purchase the future ones with this method, or not. I'm not sure yet. 

Couple questions off the bat is, how much should I rent out my place, how to plan a strategic rent price when 4/3 SFR range from 2600-3600 in CH. What is next if I want to get in real estate biz?

***Just to throw in my thought on IE area - Majority of the ASIAN population live in the IRVINE, Diamond Bar, Rowland Heights, IE area and since Ontario Airport will begin direct flights from CHINA/ASIA, I think IE has a big chance to boost in price for housing. Traveling from airport(LAX) to home just got cut in half or more!

rgds

W.W