I'm new to this forum and to the RE investment world altoghether.
But I was reading a lot of posts on this site and different RE books,went to the
RE expo,and also I was among the others fulls who bought some of the
“gurus” programms.It was back in April,a long time ago,I know.Since then I’m
still trying to figure out what to do. I don’t think that I have paralysis of analysis.I
just DON’T REALLY KNOW WHERE TO START.I live in LA,I noticed a lot of houses for sale
signs so I figured that we are in the buyers market now and then what?
What is the better way to start? Wholesale? Sub2? Option?
I would really apreciate any help,advise maybe?
Contrary to the wisdom of the gurus, there are parts of the country where it may be VERY difficult (impractical) to do anything at certain points in time. I’m not an expert on LA, but my impression is that prices are extremely overinflated and starting to drop. That makes it difficult to buy a property and then sell it before the price drops more (don’t try to catch a falling knife).
The bad news may extend to rentals. If the price and rents won’t allow a positive cash flow, then I would not buy any rentals.
The best advice may be to MOVE! They probably did not say that in your guru program!
Hi guys,
Thank you for emphasize my worries once again.But what to do with all of this:"Invest
closer to your home to a have a control over the properties!".And how to [b]start[/b]
investing in different states.I am considering this option too.But I have no idea where
to begin.How are you guys doing it?Any suggestions?
Common 33 viewers and only 2 answers.
ninvest
It is healthy to be worried enough to thoroughly learn the truth. The TRUTH is that it is VERY difficult to invest in other states and make a profit. Those that told you to invest closer to home were right UNLESS you live in a terrible area to invest (like California).
Most of the United States has a better situation for property than California. If you intend to make real estate investing your career, then you should move to a suitalbe area.
I’d suggest doing a lot of research on out-of-state investing before attempting that. Talk to some successful investors at you local REIA and find out what their experiences are. If you’re thinking about rentals, learn what the REAL expenses are and run the numbers.
Thank you guys.
Somehow I thought that you will be among the ones who will answer.So I basically
have no way out. But I drive around a lot and there is a lot of construction work is going
on. Not only the new houses, but the old houses have been completely demolished and
rebuilt as new. There are a lot of houses on the market, but not enough buyers. What I
cannot understand is how those people actually flip all of those houses,hopping for
what? That someone will rent or buy it because it in the center of LA.
Mike thank you for advise but I cannot move at this very moment.
And dwj469, sorry don't know your name, I will be in touch.
Is there anybody from CA who invest in RE?
I am not going to believe that no one doing it here.