Professional · Canoga Park, CA · Member since 2016 · 3 posts · 2 votes
Hi it took me sometime to write because absolutely very new to this world of realty. Am in medical field of RN. Am the only one bread and butter in the family and been working for 15 years of service but still struggling because like I said am the only one working supporting my family. Now my question 1) my house now basically my first one with a mortgage balance of 420k and last month my house was appraised of 550. I bought this house in 2010. If My house sold for 550k is it a good starter to use the money for flipping and rehabbing.
2) am in Los Angeles county and houses in my area are kind of expensive too because housing market soar high. Do you recommend my property to rent this out and wait and see the value get on the top and sell?
Investor, Entrepreneur, Educator · Springfield, MO · Member since 2009 · 21k+ posts · 12k+ votes
10y
Welcome Jake, say, what did you have to do to be an RN, was there any schooling required? Same goes for real estate, don't assume reading forums or listening to podcasts or reading any rehab book that you'll know and understand real estate. Take just a few days to really educate yourself, then you can look at special niche areas and read some good books for tips and ideas of "how to", but you need to know the basics first.
As a professional, you can't afford to mess up and cross legal issues, be very careful who you get advice from especially at REI meetings. Read my blog, "How to develop a good BS Meter"! Start there! Good luck :)
Check out the free BiggerPockets Podcast - A weekly podcast with interviews and a ton of great advice. And you get the benefit of having over 100 past ones to catch up on.
Locate and attend 3 different local REIA club meetings great place to meet people gather resources and info. Here you will meet wholesalers who provide deals and rehabbers (cash buyers). Find them through Google and meetup.com Here you can find out about the local climate.
You might consider Niche or Specialized Housing like student housing. Rents can be 2-4 times more. Remember you don't have to own a property to control it.
Download BP’s newest book here some good due diligence in Chapter 10. Real Estate Rewind Starting over
Investor, Entrepreneur, Educator · Springfield, MO · Member since 2009 · 21k+ posts · 12k+ votes
10y
Welcome Jake, say, what did you have to do to be an RN, was there any schooling required? Same goes for real estate, don't assume reading forums or listening to podcasts or reading any rehab book that you'll know and understand real estate. Take just a few days to really educate yourself, then you can look at special niche areas and read some good books for tips and ideas of "how to", but you need to know the basics first.
As a professional, you can't afford to mess up and cross legal issues, be very careful who you get advice from especially at REI meetings. Read my blog, "How to develop a good BS Meter"! Start there! Good luck :)
Investor · Simpsonville, SC · Member since 2013 · 184 posts · 71 votes
10y
Jake Colina
Agree with Bill Gulley be careful of who you listen to at REIAs.
Don't be afraid to look at properties up in the valley or in the inland empire. Connect with other BP members in those areas.
You could rent out your house, or rooms in your house. Or even sell your house and move to the valley or the IE. Personally I'd stay away from taking out a loan against your equity. We saw a lot of that 10 years ago. It wasn't pretty.
A friend is a nurse down in Laguna Niguel. He purchases homes and turns them into assisted living facilities - in Laguna Niguel. He operates three or four of these now under his nursing license. Some state/federal program then pays off the house for him. It's labor intensive but very lucrative. Maybe you could convert your house for use as assisted living - I don't believe LA city/county requires a zoning variance for assisted living.
I'm not in nursing and I don't know all the details of this program, but ask around and you'll quickly learn more. I see more and more nurses exploring this option as baby boomers continue to retire in droves with only social security to support them.
Perris, CA · Member since 2013 · 40 posts · 13 votes
10y
Hi @Mark Vejnardo you have more info on state/federal program? I'm a nurse too in the CA and want to open an assisted living facility. Just waiting to get certificate from the State (passed the test) and of course find a property. That's one of the reasons I looked into RE investing. To help pay for properties for assisting living.
Agree with Bill Gulley be careful of who you listen to at REIAs.
A friend is a nurse down in Laguna Niguel. He purchases homes and turns them into assisted living facilities - in Laguna Niguel. He operates three or four of these now under his nursing license. Some state/federal program then pays off the house for him. It's labor intensive but very lucrative. Maybe you could convert your house for use as assisted living - I don't believe LA city/county requires a zoning variance for assisted living.