Big THANK YOU to BP and its members - Newbie intro from SoCal - Local or Turnkey

[Tom Wingert]

THANK YOU to everyone here who puts in their time and energy to educate those who need it most.
(That's me!!)

Hi, I'm Tom, and I'm very grateful to have found BiggerPockets because I can see the incredible effort the members here pour into sharing their understanding and successes.

Over the last two weeks since I found BP, I've made reading these blogs and forums my 2nd full-time job.

A little history about me: I've been extremely interested in using real estate investing to earn "passive" income and equity by renting out property ever since I first heard of the idea as a teenager. I've spent a long time positioning myself to be able to make it happen and just recently (I think) got there.

I had been putting in offers on duplexes around the LA area and I thought I'd found a couple good deals since the rents could pay the mortgage and have a little left over at the end of the month - thankfully, that's when I found BP and read about the 50% rule to let me know that expenses will be significant and I need to expect them.

I could probably go on a really long time about the details of my situation, but I'll save that for future posts.

For now, I'll summarize it to say that even though I always thought I'd invest locally, where I can be hands-on with the property, I'm now considering the idea of turnkey investing thanks to some blogs here that have really resonated with me.

I'd love for others, LA locals or not, to weigh in and let me know if it makes sense to buy a duplex here and live in it to save rent, or start by investing out of state. Maybe split the difference and go for Antelope Valley? What would you do for a first investment property?

A few specific thank-yous:
(Not sure if these @ links will work without being colleagues, but here's hoping)

Joshua Dorkin for being the architect of such an awesome storehouse of real estate investing success.

@Brandon Turner for writing some of the absolute best material for new investors I've ever found. Seriously. I think your writings alone would have been enough to save me from making some really bad deals.

@Ali Boone for getting me interested in turnkeys when I never thought I'd even consider them. It definitely helped that I could see a kindred spirit with you in terms of an adventurous, scientific, perfectionistic nature, and a SoCal resident to boot! I think I may have read more of your blogs than anyone else's and, regarding turnkeys, it sure sounds like they could be a good fit for me...

@Michael Rossi for the statement that went something like: "I can't... go snowboarding with principal paydown" - that one really stuck with me.

@Jon Holdman for talking about the potential pitfalls of turnkey properties.

And to other LA locals that I've read helpful posts from including @Will Barnard, @Mehran Kamari, @Jeff Brown, and @Karen Margrave.

And thank you @many others I couldn't find again after I started writing down people's names!

I'll be looking for a chance to return the favor. In the meantime, please know that I really appreciate what you're all doing here.

Massive respect,
==Tom==

P.S.
If you read this far, I'd love to know your thoughts on this one, keeping mind I live in Southern California:
Price: 300k duplex (2/1 + 2/1) nicely rehabbed - 1500 sqft
Rents: $2400/month
Terrible deal?
or
Missing out? Since interest rates and prices will "never be this good again" and I'm just "wasting [my] money on rent" as some in my family have been telling me who knew I *was* actively looking for property local and now considering elsewhere.