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Updated over 6 years ago,

User Stats

19
Posts
9
Votes
Sayantan Satpati
  • San Jose, CA
9
Votes |
19
Posts

REI Newbie from SF Bay Area

Sayantan Satpati
  • San Jose, CA
Posted

Hello Everyone, 

I am a newbie to both biggerpockets & the world of REI! I accidentally ventured into REI when we bought a new home in North Cal / Bay Area, and rented out the previous one. I feel it has worked out due to pure luck (appreciation wise), even though it has a neutral to slightly -ve cashflow. Now that I am thinking of buying an investment property for cash flow, I feel I need a much deeper understanding of the domain. I have started reading up as much as I can from the biggerpockets forums, listening to podcasts, and currently reading "Rental Property Investing by Brandon Turner".

Looking for some advice around:

1) What are the cities I should be looking into? I am unable to make the math work for properties in CA at this point.

2) Once cities are shortlisted, how do I find the right properties? I am currently using Redfin/Zillow for finding Multifamily properties. Is this the right way to go?

3) The book talks about buying a property for 20% discount, and by adding 5% it should appreciate by 10% in 1 yr. Further, every unit should have $200 cashflow. Is this followed to the letter and/or possible in this market? I am biased by North Cal markets obviously.

4) How do I create a team or build those connections so that I can invest and manage from a remote location?

5) And many more...

Any suggestion/advice/comment would really help me get started on my journey as I continue to accumulate knowledge in this area.

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