New To Real Estate! Cali Mama & Future 1st Time Homebuyer

[Brelani Jimenez]

Aloha BP community! Hope all your ventures are going well. I have been on a soul searching adventure during this pandemic which has lead me down a path of financial literacy and a more recent love for building real estate knowledge. I started my path by reading Rich Dad Poor Dad and taking their Choose To Be Rich course. I am now finishing up Cash Flow Quadrant and about to begin Rich Dad’s course- Real Estate Cashflow Blueprint. 

While working my W2 position, I listen to Real Estate 101 Podcast which has brought me to this wonderful community. After watching @Brandon Turner’s webinar “The 90 Day Challenge: How to Buy Your First Property in the Next 90 Days!” I am now analyzing at least 1 property a day to build up muscle memory and plan on piecing together my foundation and focus quickly to get into action. 

I do come from a “first-generation real estate” background. I graduated with a Bachelor’s in Kinesiology so this whole area of Real Estate is BRAND new but I am loving every minute of it.

A little background- My small family of 4 currently rents 2 rooms from my in-laws in Southern California. We are looking forward to a larger lump sum of money within the next 2 years and originally planned on using as a down payment for our first home. After discovering the difference between assets and liabilities, I am now seeking out advice from others on how to go about this. If you were expecting about $30- $40k in extra income what would you do being in the position I am in? 

My end goal is financial freedom and building wealth over time more than quick cash flow (but if there are deals out there that provide both?! Why not?) 

However, we have never bought a home before, we live in Southern California and have a family with 2 small kiddos under the age of 5. I have looked up house hacking and I am trying to wrap my head around the numbers for a multi here in California- it is crazy!

To add- we do have out of state experience as I was raised in Missouri, as well as, other living experiences with neighboring Cali states.

There are so many choices and I am looking for insight from others. Any thoughts or ideas are greatly appreciated.

If you read this entire post, mahalo! I appreciate all the support and would love to connect with other like-minded people like yourself!