Investor · Long Beach, CA · Member since 2012 · 313 posts · 190 votes
Hello. I want to become a landlord so my pockets can swell up too. I am interested in Compton, Lynwood, Inglewood, South Gate, Bell, Huntington Park, N Long Beach...anywhere except Los Angeles city.
I will live in one unit to start, and I'm not rich, but I would like to be.
Chuy, the first tip I would offer is to keep your eye on the task at hand as opposed to getting rich. If that is your only objective, it will be reflected in your performance as a landlord.
Build your castle, but build it one stone at a time and focus on the skill and craftsmanship and the money will come.
Besides, I know all of the areas you mentioned very well. Your tenants will see right through you if you don't appear to be sincere about your responsibilities as a landlord.
Welcome to the site, Chuy. It sounds like you're looking to be a landlord and want to start by buying a duplex. Let us know what questions you've got and we'll be happy to help you get going.
You're obviously familiar with those areas and know those markets, so that's a good start. There's some deals that come up there, just make sure you know the neighborhoods, and do comps. Welcome to Bigger Pockets!
I'm in SoCal too (L.A) . Buying a duplex (or triplex, 4plex) sounds like it could be a good way to start out. Maybe you could have your tenants pay for most of your housing costs with the right type of deal. Also there is a good chance for future appreciation in SoCal I think. I don't really know the areas that you mentioned too
well, but maybe there is an opportunity to purchase something in a gentrifying area.
Chuy, the first tip I would offer is to keep your eye on the task at hand as opposed to getting rich. If that is your only objective, it will be reflected in your performance as a landlord.
Build your castle, but build it one stone at a time and focus on the skill and craftsmanship and the money will come.
Besides, I know all of the areas you mentioned very well. Your tenants will see right through you if you don't appear to be sincere about your responsibilities as a landlord.
William T. You're so right! When I first got my R.E. license, interest rates were 18%, everyone thought I was crazy getting into the business then. Every buyer I worked with, I was thrilled to be able to find them their first home, a house for their family, a retirement property, and every seller to be able to accomplish their goal, etc. Not really paying attention to it, within only a few months I had made the million dollar club at a time when properties in our area over $80,000 were rare, and I was one of the top producing agents for the year. Someone once said, do what you love, and you'll never work a day of your life.