Looking to get started around the Riverside, CA area

[Hugo Zamarripa]

My name is Hugo, 27, currently working for a general contractor specializing in hotel development. My position at this company is as an assistant project management & payroll. I've been with this employer for almost 3 years now, but at the beginning of last year I have indulged myself reading and learning how to flip or how to invest in real estate, and listening to the bigger pockets podcast throughout my commute, but I never really took action to make a change for myself to get started. This is mostly due to not having the experience to be on my own and knowing where would be a good starting point for me to begin. If there is anyone around the Riverside area, looking to begin with me, please get in contact with me. I am pretty good with dealing with contractors as that has been solely my job for the past years and managing projects. Whether it's learning FLIP, BRRR or wholesaling, I would love to connect and network to start somewhere.

[Rob Massopust]

Start with the end in mind. What is your goal by buying property. To fix and flip, buy and hold, fix and occupy.

What are you capabilities, how much cash on hand, what can you qualify etc.

If you are just starting out a great way is to buy an owner occupied property that needs rehab, fix it up, occupy and refi, wait a year or two and repeat process. Choose a strategy and stick with it. Wholesaling is a different approach and is full time endeavor and is really designed to replace your income versus buying and holding is building long term wealth.

Challenges with flipping on its own is it can be hard to find good enough deals to get in and get out in less than a few months and if you do that you get killed in taxes and closing costs. If you buy and sell and hold a year you save alot on taxes, 2 years and its owner occupied and you sell you get your home owners exemption etc.

If buying a house is too much of a task buy the worst condo you can find and do the same thing. Condos are plentiful, easy to fix, finance, and resell or rent.

Riverside is decent price wise, it might seem overvalued but that is due to the fact OC and LA are ridiculously expensive and that trend is only going to continue as long as those markets are pricing people out. But be careful the IE tends to fall in value first in So Cal. But buy fundamentals, cash flow, cost per sq ft etc.