Accidental Realestate Investor
Whats up BP'ers!! Been creeping for a few months and thought I would newbie up and say hello. Ive been out here swinging in the wind solo for so long not knowing who or how to get in touch with other like minded people. Wow. My heads about ready to explode! I am such a NOOB!
So here is my story. It was a dark and stormy night.....wait....wrong story. lol.
I was a young dumb Jarhead (usmc) and was released into the jungle called Los Angeles. I went to a "Tom Vu" real estate seminar (Youtube him. You will fall over laughing) and I promptly used my
VA loan and "accidentaly" bought a short sale to live in. I had no idea what I was doing. I didnt know an ROI from a hole in the ground. Cap rate? What the hells that? So, I lived there for a few years, then moved to Orange County for work and became an absentee landlord. LUCKY enough, I had one renter for the entire seven years and NEVER put a single penny into it. Guy had a contract with Boeing and rented from me the entire time. Sold that place for three times what I paid for it and netted over 100k!!! I talked to him once in seven years and that he was moving back to his home state. Cha Ching!! "California gold" as another BP'er put it
I thought, man, this is too easy. So I went out and bought and even BIGGER place, at the height of the market in 2007, thinking everything would work out the same right? WRONG. Got my two front teeth knocked out whilst getting my rear thoroughly trounced. Im just now getting back to zero on that "deal". But I knew I was on to something. I had the "bug". So over the years ive picked up a few duplexes in high high density South Central LA.
My product is usually the best on the block so minimal vacancy. Very solid property management. Those dudes get it done. Im originally from Detroit so Compton is paradise to me. The crapiest ghettos out here are nicer than some the "decent" places in Detroit. (Sorry homies, not trying to hate)
Love me some BP. Im glad I found everyone. Its aparent I still dont know what the hell Im doing. haha. Got more guts than brains.