All Forum Posts by: Nick Hedberg

@Matt Motil - You hit the nail on the head. I've been falling victim to analysis paralysis and have really stalled in the last couple weeks. I just setup a meeting with a CPA to force myself to take a step forward thanks to your post.  Last night I was working on my areas to invest, and once the list of cities hit 39 I stopped because I felt overwhelmed.

Fortunately someone on BP sent me a local potential deal last night. Even though it's way too expensive for me to purchase I said that I'm interested.  

Don't say "I can't afford that". Say "How can I afford that?"

@Brent Coombs - Excellent points. Are you setting up your team in the Cleveland area? Good insights on Turnkey investments. It seems like Turnkey properties can make it easier to find a property to cashflow, but the upside will be limited compared to a property you find on your own.

@James Wise - Thanks James, any advice is always appreciated.

@Brent Coombs - Thanks for your input! I ran into some issues with my contractor while renovating my VA property and it became a huge headache. I'll make sure to do my due diligence. Have you used a Turnkey company? They seem like a tempting way to go.

@Kimard Egleton  -  Thanks for the advice! I'll add timeframes to make sure I keep moving forward.

Welcome Robyn,

I'm a new investor to the LA area also, we should compare notes sometime. Below is a meetup in 3 weeks for BP members in Santa Monica.  Hopefully you can make it.

https://www.biggerpockets.com/forums/521/topics/237617-los-angeles-meetup---october-31st-2015 

I'm in.

Hello everyone! First I wanted to say thank you to everyone for reading my first post and all of your years of amazing contributions on BP. I have already learned a tremendous amount from you and this is only my first post!

My goal of getting into REI is to generate passive income to allow me to semi-retire in 10 years and live a more flexible lifestyle. I also want to diversify my investments. I look at the below chart and think, hmmmm what could possibly happen next to the stock market?

I currently have a rental property in Virginia and have made most of the beginner mistakes by treating it like a hobby and not a business. I’m the property manager, do my own taxes and also renovated it when I first bought it. This has been a learning experience and so far my key takeaways are:

• I don’t want a second job as a property manager
• I don’t want to be a general contractor
• I'm a bad CPA
• I love it when other people do work for me.

I currently reside in Santa Monica and would like to own in this area, but I'm heavily leaning towards outside markets for higher long term cash flow. I recently talked to a RE Agent in Hawaii and he said 1/3 of his calls are from CA investors because CA has gotten too hot. I'm primarily looking for long term buy and hold residential properties. I would like to buy multifamily, but if I'm investing remotely I would prefer to start small on a SFH so my initial mistakes are less expensive.

I would greatly appreciate your thoughts on my below 'Getting Started' plan:

1. Learn, learn, learn. So far I’ve read:

• Rich Dad Poor Dad
• The Weekend Millionaires Real Estate Investing Program
• The Compound Effect
• The Richest Man in Babylon
• Rich Dad Poor Dad ABCs of Real Estate Investing
• Bigger Pockets: Investing with No (and Low) Money Down
• Rich Dad’s Cashflow Quadrant
• Many BP Threads

2. Pick an area to invest: I would prefer Santa Monica/LA area, but I think it will be difficult to get the 10-15% COC returns I'm looking for.

3. Setup Business Structure and begin establishing business credit. Long Term Goal: Have a completely self contained business entity that doesn’t require my person credit or savings to build wealth.

4. Setup team:

• Accountant
• Lawyer
• Bank/Financing relationship
• Local Agent
• Local Broker
• Local Property Manager
• Mentor

5. Start spitting out offers!! I love analyzing deals. I’m really excited for this part!

Sorry for the length and I would appreciate your input.