Investor from Southern California here and interested in what other BP'ers, particularly those in Southern California are gearing up to accomplish in 2015. Southern California has been such a ridiculous seller's market and it's a good time to sell due to many investors both local and international (particularly China) so I'm curious what other investors are doing (going out of state?)
Here are some of my goals for the new year:
- Close on an office building i'm in escrow for
- Sell an apartment in Riverside that i'm marketing and recently flipped
- Target land development, rezoning, and commercial rehab opportunities
- More involvement with BP and more in person networking
- Getting to know and building relationships with local investors and developers
- Helping foreign investors find investments in the USA
- Office condo - development and conversion
- Land development
Happy New Year!
@Jason Mak Looks like you've got yourself a busy 2015.
Thanks for encouraging us to write down our goals, as I feel writing them down and reviewing them often is the best way to hold yourself accountable. Here are a few of mine.
- Build an emergency fund
- Contribute to IRA
- Save for a personal residence
- Start saving for my 8 month old babies education
- Read 2 books a month
- Continue writing articles for my blog
- Find quality wholesale deals for clients
- Continue to build my network of investors, developers, agents, wholesalers, contractors in Southern California an Central Florida.
- Attend 1-2 networking events per week
- Get to know my local market even better through talking with other professionals and through the BP forum.
- Add seller financing and sub2 to my tool belt of solutions when working with sellers
- Originate 4-5 loans/month
Looking forward to hear what others have planned.
I am in central not southern. We are still way below the high so deals are still to be found. I am hoping to close on 3 more new house by June. Than the second half of the year my goal is save, to buy 2 more house by april 2016, hitting 10 house self funded shortly after my 28th birthday.
My other"professionalish" goal
- write an ebook on self-managing from anywhere with a hectic schedule.
- continue to grow my blog, potentially monetizing it to help hit my "house" goal
In 18 months once we have hit 10 "conventional" loans, I hope to enter into the vacation rental for diversification and hopefully higher cash flow.
@Matthew Nixon That's good stuff Matthew, perhaps we'll get to meet at one of the LA county networking meetups. Are you finding a quality blog helpful for your business? Or is blogging just something you enjoy doing for personal reasons?
@Elizabeth Colegrove Thanks for sharing! Good luck on hitting those two more houses. Out of curiosity, why vacation rentals? I did take a brief look into vacation rentals and just never thought they cash flowed enough after management fees to make sense economically. What's your approach?
I will self manage the homes so that will save me 20%. I am also looking in an area that has a summer vacation rental, and longer term winter appeal too. So I am hoping to make my money in the summer and than keep my earnings in the winter. Still working on my business model but from what I can tell it looks like it will work out.
@Elizabeth Colegrove that makes sense - best of luck with that transition. I heard elsewhere that vacation rentals are becoming nice investments so I'll too dig into this a little more
@Jason Mak Sounds like you have a lot of the same interests as we do.
Right now we are doing spec new construction in south Orange County. However; our experience before the crash was in developing small office parks with buildings that were bought by owner/users, or investors as buy/hold. We also developed office/retail condo projects, medical office, medical/dental clinic, general office, residential subdivision, and multi family. We hope to get back to that, as we know of a few great projects here in Orange County just waiting to be developed. For now, we are excited about projects we have going.
@Matthew Nixon @Elizabeth Colegrove
Looks like all of you have some ambitious plans mapped out and you're well on your way. Congratulations!
Wow @Jason Mak, you've got your hands full for the year.
I'm in SFV and just got into RE, so my goals are a little more modest, but here they are.
* In my time off the road, find, buy, rehab and sell 3-5 properties with my Fiancee.
* Network as much as I can on BP and find suitable SoCal Partners to work with
during the time I'm ON the road.
* This is a small one, but if I could MAKE $20K in profit from my first flip, I'll be a happy
* Read these 3 books:
The One Thing by Gary Keller
The Miracle Morning by Hal Elrod
Pitch Anything by Oren Klaff
That's more or less it from the business side :-)
Good luck with all your endeavors.
Happy new year!
The situation in SF bay is similar to that in the south - SFR prices are high up and keep soaring. My goals for 2015:
- Wholesale 10 off-market deals
- Fix&Flip 1 property
- Buy a house for myself (out of the 10 deals I find)
I considered going out of state to invest in an income property, but soon realized the latter goal is a much better investment
In SoCal ( San Diego), I will be writing a contract to acquire a property and plan to Flip it. My offer has been accepted by seller.
Also looking for funding this property (200K), so any of you that can point to flat fee lenders, please do.
@Assaf Furman - When you have a wholesale deal that you offer, please share the info. Add me to your distro list, please.
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@Jason Mak I agree, it definitely is a seller's market and from what I"m seeing in the area, we've surpassed pre-recession levels. This year, I'll be taking a back seat and let things play out.
@Martin Z. certainly takes a lot of discipline to take a back seat in but I agree with you that it may be the most judicious move given where our market is headed. I was looking at several apartment deals in Glendale in late 2014 and the cap rates were at like 3%-3.5%...hehe
yah, it's nuts and saturated in certain areas. 3 years ago, there was multifam going for 200ish a foot, now it's above 300. I guess you have to just think outside the box.
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