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Updated over 6 years ago,
Newbie Couple in Santa Monica, CA
Hello BiggerPockets community! I stumbled across this site while researching real estate investing and have been consuming blog posts, podcasts, and forum posts like candy for the past week with my wife @Amy Bauer. We've been in Santa Monica for just over 2 years now after living in NYC for 6 years. From one impossible housing market to another! 😂
I am fortunate enough to have a job in the tech industry and we live rather frugally, so have saved enough capital to start investing. However, there is so much information on whether to invest out of state vs renting in a more reasonable market that's closer to where you live that I'm still figuring out what our market will be. I'm currently looking at San Pedro as a potential area, as it is within driving distance and has some revitalization projects and incoming jobs that make it attractive. Definitely interested in learning more about this area but also what other investors in this area are doing.
Our goal is to replace income from our jobs ($10k/month) with rental income so that work is not a necessity. I'm not averse to work, just that I would like to work for myself and not for someone else. I would also like to have more time to spend with our 3 year old rescue pittie/shar pei mix and 2 cats!
When I'm not working, I enjoy everything nature-related, especially hiking and camping. I love walking around Santa Monica and the surrounding areas. The natural beauty out here never ceases to amaze me. I also love reading, gardening, and spending time with friends!
We currently live in a free-standing unit on a 3 unit rental property in the Pico neighborhood. The rent is inexpensive for the area and unit, so we're okay with continuing to rent here and owning elsewhere.
I'm just about done with the Ultimate Beginner's Guide to REI and am fairly certain we want to buy and hold small, multifamily properties to realize our dreams. Looking forward to getting started on this journey and connecting with the wonderful community here!