Think Realty is heading back to California July 14th-15th for the Irvine Conference & Expo! This power-packed, two-day REI event features a panel of local experts who will take an in-depth look at the current state of the SoCal REI market. Think Realty spoke with one of the local market panelists, investor and realtor Joe Homs, on the best practices for people looking to invest in Southern California, and what attendees and first-time investors can expect to learn from this event!
Q: What’s the SoCal market looking like at the moment?
It’s on fire like it always is. It’s a very high appreciation here, so it’s not a great time for buy-and-hold or other types of more long-term investments. Fix-and-flips, however, are very profitable in California at the moment. So, if you’re looking to invest in the SoCal market now, I’d recommend more short-term investment strategies.
Q: As a first-time investor, what should I be doing?
When I started doing this 40 years ago, there was no internet, meetup groups, or access to any digital REI resources. And all those resources are real game-changers for people looking to break into real estate investing, because having the right knowledge about the markets in which you’re investing is crucial. Also, knowing the right people. So, go to networking events, join your local meetup groups, and connect with people who’ve been successful in this business.
Q: If I have NO money, what are some things I can do to prepare me for the future?
Figure out what your investing niche is going to be, whether it’s fix-and-flip or buy-and-hold, and educate yourself. How much profit do I need to make on this investment? How much can I realistically afford to spend on contractors? All those details matter and are very important to your overall success as an investor. Once you know these little details and have a good deal, access to hard-money lenders will typically find you. Someone who has no money can still be successful in this business. You just need to educate yourself and lenders will follow, because financing will always flow towards a good deal!
Q: Any other advice for new investors?
Soak up and learn as much knowledge and information you can about real estate investing and the markets in which you want to invest. Real estate investing isn’t brain surgery—anyone can be successful in this industry.
Learn more about the Southern California Real Estate Market at Think Realty’s Conference & Expo in Irvine on July 14-15. Space is limited, get your tickets here.
Joe Homs is a full time real estate professional with over forty years of experience, buying and selling real estate for himself and his clients. Joe is a self described “work-a-holic” and a very skillful negotiator that will work diligently to help you realize the best possible price when buying or selling your home. He holds a degree in business administration and prides himself on being a very honest and ethical person. Joe hosts two local meet-up groups in Orange County, California. You can contact him via his website, www.joehoms.com or phone: 949-625- 4533.
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