Hello from SF/LA! New to investing and BP

[Ed Lee]

Hi BP,

I'm new here and looking to get my feet wet in Real Estate investing like everyone here! I've been doing a lot of lurking, reading and podcast listening the last couple weeks and am finally ready to start getting my hands dirty.

Quick Intro & Goals:

Born and raised in Los Angeles but moved up to San Francisco about 4-5 years ago for work. Like most, I'm currently working at a tech company. It's been quite a ride watching the tech industry mature and with that the Real Estate market and prices skyrocket.

I'm currently interested in investing in single or 2-3 unit multifamily homes in the LA or SF area. My ultimate goal by Q2'19 is to own a property where I can be living in or renting out with cash flows netting out in the first year and being cash flow positive by end of year 2. I'm targeting properties that are valued around $500k-$1m. I'm pretty interested in the multifamily home route as that could enable me to live for free and gain a lot of experience in investing and managing potential tenants.

Questions:

• Getting a Real Estate Salesperson
  • At the start of the year, I had a goal in mind to get my Real Estate salesperson license.  The sole purpose of this was to take classes and get educated in this field - not become a salesperson.  I figured that though I won't be a full on salesperson, it might be helpful and come in handy down the road.  
  • Is the time and effort put in to getting this license worth it if my current strategy is to buy and hold single/MF homes?  What are the pros and cons?
• Finding the right mentor
  • The BP community is huge on finding mentors but how do you sift through the noise? What are qualities of good and bad mentors that I should be looking for? I'm excited to meet more individuals here and hope to find myself a good mentor but also do feel overwhelmed.
• FHA 3.5% Down Payment Loans
  • It doesn't seem like many people talk about this as a method of financing. Why is that? What are some pros and cons from people's experience here using this method? Are there any "gotchas" with the PMI?
  • I'm particularly interested in this option because of the extremely high prices here in SF. The FHA option would allow me to put a lot less money down and still be able to explore some great options.
• Wholesaling
  • What are everyone's thoughts on the wholesaling investment strategy for new investors? Very curious to hear about experienced investors and their journey in wholesaling. As a new investor, this seems like a great way to get your feet wet without having to deal with all the steps and bank financing.

Really excited to be part of this community and look forward to meeting very smart and talented people!