So much for out-of-state cash flow... I just bought locally in LA

[Ali Boone]

Oh yes, it happened. This "out-of-state only, I only want cash flow, and I never want to landlord" investor just bought a negative cash flow property in Los Angeles (Venice) and I'm now a landlord.

You've heard me talk all these years... Did you ever think it would happen? I didn't! But here I sit coordinating handymen, contractors, to-do lists, and beginning the search for tenants. I also have to be up stupidly early tomorrow to meet the termite tenting guy. 

This is a far-cry from my usual sleeping in, hanging at the beach, and only thinking about my properties if my property manager emails me about something.

Not sure the point in my post, other than to make the announcement that my usual preaching of cash flow outside of California has a twist in the plot now. I will say I'm super-stoked about the property, the negative cash flow isn't that bad considering it's a [nearly] rent-ready property in Venice of all places, and I think it has a lot of potential.

I could justify my reasons for the buy on here, or I could give you the numbers or details on the property, or I can just post this with a quiet mouth and see what the responses are. Don't worry, I can take it :)

But don't get me wrong... I'm not off my stance about out-of-state cash flow being the way to go! Just had to throw a little diversification into the mix. 

Sidenote- buying in LA is a process like I've never experienced! Especially considering I'm a licensed agent... geez, I had to learn a ton in this process!

[Jay Hinrichs]

Originally posted by @Ali Boone:

@Seth Borman Nope, it's a freestanding duplex with a finished 2-car garage (has a half bath in it). And it's already fully renovated. Will be able to max out rents without doing any renos.

 everyone who lives in CA should start there and get a CA property under there belt because history has shown if U own it 20 plus years your going to be smiling even if that's the ONLY property you ever buy.

then look else where ..