Quote from @Jay Ochoa:
Hey everyone!
Hope you’re all doing well and making strides toward your financial goals!
I’m at the starting line of my real estate and financial freedom journey. I own a home in the San Fernando Valley and recently pulled a $200K HELOC for investment purposes. But to be honest, I’ve hit some roadblocks and lost momentum—procrastination, high interest rates, soaring home prices, and low inventory, blah, blah, blah.. lol—have all played a role.
I’ve been using Redfin, Zillow, Trulia, and Realtor.com to search, and I recently discovered BiggerPockets after attending a local realtor event. My goal with this post is to connect with experienced investors and professionals who can share insights, strategies, and opportunities to help me take the next step.
I’m currently looking at Southern California, Arizona, and Texas (Houston & Dallas) with a target of 8-10% ROI. But I’ll admit, I’m hesitant about out-of-state investing since I’m unfamiliar with rental markets in those areas. Being a dad of 3, a soccer coach, working a full-time job, and being a full-time student can make getting away a little challenging. For those of you in SoCal, you know how tough this market is!
I’d love to hear your thoughts—any advice, encouragement, or knowledge drops that can help me get the ball rolling would be greatly appreciated
Hey Jay. Welcome to BiggerPockets. Great place to learn and network with other investors! Make sure you're doing plenty of market research. Figure out what market works best for you and what your overall strategy is.
I'm originally from San Francisco and ended up investing out of state back in 2021 and have been pretty happy with my decision. So much so, that I ended up moving to the market to focus on building my portfolio.
When it comes to your deal source, you might want to look into some off-market solutions. While you're at the networking events, make sure you ask about how others are sourcing your deals. Investor focused agents will be a great way to start, especially the ones who are investors themselves.
Ultimately, you're going to have to jump in all the way and buy a property in order to get started, otherwise you'll stay stuck in the same place the whole time. If you find a deal that works, go for it and dive in. You'll learn a lot just by doing that.
OOS Investing will require you to get the right teams in place (Deal finder / property manager / lender / contractors). Most property managers will already have contractor contacts that should be able to get everything done for you.
Happy to share some out of state investing experiences. Good luck on your journey!