Hello, I have an unusual starting point, and I could really use some good advice.
I'm 23 years old, moved to Los Angeles, California, 3 months ago. Originally from Israel, my father is an experienced real estate investor back there. He did some amazing commercial properties back there, and I've been with him in the last year learning as much as I can.
The biggest reason for me coming to America is that real estate here, comparing to Israel, is more beneficial and less complicated. So my goal is to learn the market, find good investments, so I can also build my own fortune, and also invest some of my father's.
He's looking to start to invest here around 1M for the beginning.
I was thinking about being a real estate agent, but I'm missing social security number, so I can't be qualified as one. I'll probably have SSN only a year from now. Yet - I want to get into the business as soon as possible. I have my dad money to invest, I'm young, smart and diligent.
I'm currently living in Sherman oaks, and doing some office job just to pay the bills. But both of these factors are adjustable.
I've read some of the information here, and I'll keep reading for sure, but I could really use some active pieces of advice.
Because I'm feeling stuck right now.
Thank you from ahead.
Welcome to Southern California. Your question is very broad & you have many possibilities. The key is to expose yourself to as many different possible profitable avenues in real estate investing & then continue to narrow them down to a select few which would be a good match for your strengths & personality. Being an agent isn't necessarily a must.
Good luck with your pursuit.
@Barak Maimon Go for EB-5 or L3 visa and you can have your visa with SSN. You might have to spend money around 15-20k for paperwork, logistics, and setting up a company. That’s a drop in the bucket for a 1M investment. Meanwhile, you can bring the money in and start buying/investing.
You don't need to be an agent to invest! However, if you just wanted the education and everything you can always start studying for your license test before you get your SSN.
I understand wanting to get out there and jump in ASAP. Don't skip the learning phase though, you have a great opportunity and if you can ensure you are knowledgeable and understand what you are jumping in to before you actually do it, then you will greatly increase your chance of success.
1. Listen to the podcast, find other podcasts and resources to learn as much as possible! There's so many options in real estate...SOAK UP THE KNOWLEDGE!
2. Be involved in the community. Talk to people! I feel like my first deal would be a less nerve racking if I had more of a network. This is something I need to work on too...
3. Think about the areas where you want to invest, try to find a few target areas.
4. Contact a realtor to get you set up with MLS alerts so you can start seeing whats on the market. Also ask him or her to give you a list of historical sales data for these areas for the past 2 or 3 years, this will allow you to analyze the areas to figure out the mean and median GRM for them. Break it down by subdivision or neighborhood
5. Run the numbers on the deals: analyze the properties and the numbers. Figure out the Gross Rent Multipliers for the deals and start thinking about comps. Run numbers through the BP calculators because they're freaking awesome!
6. Start to browse rentals to see what rents are for your target areas. Look at prices and comparable rentals too. I like padmapper.com and of course craigslist.
I feel like that'd be a good starting plan to get comfortable with things.
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