Real Estate Investor · Los Angeles, CA · Member since 2013 · 98 posts · 48 votes
Hello really glad to find a group where I can learn a lot about real estate investing. We like using creative financing to purchase distressed properties for buy and hold investing (cash flow). Seeking to meet lenders, other RE professionals etc. We are focused on a specific area of Los Angeles.
Realtor, General Contractor, and Developer · Redding, CA · Member since 2009 · 7k+ posts · 4k+ votes
13y
Welcome to BP. If you're looking for funding, partners, etc., you might want to provide more details. What types of properties are you investing in, SFR, Multi Family, or ? Are you looking or owner carry, hard money lenders, etc. The more information you put out the easier to find someone.
In the meantime, set up keyword alerts, do searches for your area, etc. Good luck.
Investor · Maui, HI · Member since 2009 · 13k+ posts · 3k+ votes
13y
Hey @Alma Mills welcome to the site! It's great to have experienced folks join the site! Feel free to answer any question you feel you can help others out with!
Oh - and be sure to set up some Keyword Alerts - especially for "Los Angeles" so you'll be notified when people mention it here in the forums.
Real Estate Investor · Los Angeles, CA · Member since 2013 · 98 posts · 48 votes
13y
Thanks for all the ideas and interest guys, I will put on the Los Angeles in my keyword alert Brandon.
So we are interested mostly in 2 to 4 unit properties that will cash flow at $1000 a month or so. I took a RE investment course at El Camino College a few years back and loved a book recommended called "Buy and Hold:7 steps to a real estate fortune" by David Schumacher. It's all about buying in areas where you see the signs of future growth. So I have found our area and we are now looking at the best ways to pick up properties without much money down. As our area is only about 20 to 30 blocks and most are single family homes (something we like) very few are on the market that fit our criteria etc. Additionally we put down a lot of money on our home (4 unit property with house and 3 units in rear) so we are now using Property Radar to find out who owns their home, who is in foreclosure etc to approach them for no or low money down purchases. I actually am looking at a SFR that appears vacant and will be at auction in a few weeks that I would like to purchase and rehab near my place. So basically I am trying to learn about how to best use multiple methods of purchasing as the number of properties that fit our criteria are limited.
@Karen Margrave thanks for your comments and questions, we are looking for hard money lenders or private money lenders that would be willing to fund up to 65% ARV - I have spoken to 2 kinds those who wanted us to put down a huge down payment irregardless of the ARV and another who was willing to loan up to 65% of the ARV for purchase and remodel without down payment requirements- would love to find more of the latter that lend in LA area or Private money lenders that would be willing carry the loan a little longer and without as many fees if you know of some.
Would love to learn from those who have done owner carry deals or negotiations with pre foreclosure or foreclosure owners etc. I could go on with questions but that is probably enough for now ;) thanks