Hi guys I am new here. I am looking for some people who could possible bounce some ideas here in our market.
A bit about me! I am 35 years old and own my own business with a partner of mine. Things are running pretty smoothly and I am at the point where I need to step it up and create wealth that will benefit my family in the long run. At the same time creating some extra cash flow.
I have some capital to start…good fico score and a partner with the same. There is a third who we work with from time to time who is a realtor and is giving us some leads…he doesn’t want to directly participate because he doesn’t want to disclose that he is a realtor he feels that might hurt the deals…
I look forward to meeting with you guys that are local…
To pick up some properties that are priced properly or below market if possible. Start a portfolio of real estate (commerical and residental). Also, to put back into the market some properties to generate some extra income.
LA is crawling with people trying to make a buck in RE. Your plan is so general and vague its no plan at all. For example, you talk about doing both comerical and residential real estate. Those are two very different markets.
As far as buying at even reasonable prices means you bave to focus on an area and really, really know the market. Anything that even smells like a deal is gone very very quickly. As for below market…ya, right. To do that you need to consider pre-foreclosure buying (which is also fairly crowd as well from what I hear but probably will be a health market in the years to come).
If you are looking to do rentals, you will find that being cash neutral is almost impossible. Most things I have looked at in SoCal that is even close usually requires a far amt of fxin’ up and raising the rents. Neither which can be done overnight. As for the buy today and sell to some fool for $50k more next week. That keg is starting to blow some foam. There are definate some people out there still making money at that angle, but the risk is high.
Anyways, not be so negative, but you really need to decide on an angle and focus on an area. Then perhaps a trip to the mortgage broker to look at fianancing.
Your right that was pretty vague! I can only grow through constructive critisism. Thank you for your honesty.
Back to the subject. I am live in los angeles and I also looking for properties outside of the state. In areas where i could have positive cash flow. So I am not limited to this particular geographic market. Also, in the Northern California area.
The business that I own I have several offices in California with operations in Stockton, Fresno, Los Angeles, and San Bernidino. As I am highly involved in my business it gives me the opprotunity to travel to these area and look at first hand what is out there.
I should have made that clearer in the original post. I found this site to educate me on the pre forcloser market. I aslo, am under the belief that it will happen here and I want to be experieced in picking up and re selling those types of properties.
Again, thank you for taking the time to give me any input
good deal; working preforeclosures out in the hinter-lands is not a bad way to go and probably less compeitition.
I would recommend to chekc out www.foreclosureforum.com; it has tons of info if you read back thru the post on the MB. The guy ho runs the site is out of San Diego so lots of SoCal REinvestors hang out there.
you should check out Bakersfield since you travel to Fresno and have to pass through. there are plenty of pre-foreclosers as well as new constructions that are well below what you will find in Los Angeles.
I think Bakersfield is pretty high already. Is there any place left in California to invest in that has reasonble prices? My gosh, the other day we drove down to Long Beach. There’s this little residential track with tiny houses on small lots. there was this one for sale that looked like it hadn’t been touched since 1950. It has the original green paint and orange shag carpet. It was hidious. They were asking $750k for it!! This is just getting rediculous. At what point are people going to say enough is enough and not buy in California? I mean my gosh, who can afford these houses? I can BARELY make my payment on a $280 mortgage and I make WELL above the average salary…