Looking to Invest in Los Angeles and Seeking Advice

[Mark Hall]

Hello all,

I am looking to invest in multi-family properties (2-4 units) in the Los Angeles Area in the near future. I intend on financing the purchase via FHA financing, and living in one of the units. I atleast would like a large portion, if not all, of my rent to be paid for by renting out the other units. I am looking for advice on the type of metrics that I should be looking for when looking at properties that are realistic and the best way to research these items?

[Kimberly T.]

No problem @Ben Wakefield (sorry, tagging does not seem to work on my phone). It is great to have a mentor. My parents have been landlords since before I was born (I am almost 30), so I learned how to analyze and manage from them. Knowing how to manage is critical for succeeding in buy and hold.

AOA is great, and you can become a member and use them to run credit and background checks for cheap. Their articles keep you informed about federal and state laws, answer legal questions, have tips on marketing and turnover and all sorts of stuff.

You should also read the CA landlord tenant law (it is on Dept of Consumer Affairs' site), to start learning about legal requirements (notices, security deposits, evictions, etc).

Good luck!