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Updated over 11 years ago on . Most recent reply

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Eric Mitchell
  • Real Estate Agent
  • Long Beach, CA
2
Votes |
15
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Newbie in Southbay , Los Angeles

Eric Mitchell
  • Real Estate Agent
  • Long Beach, CA
Posted

Hello to all ,

What a wonderful site to become a member of. Thank you. My real estate goals are quite simple. I want to own SFR and MFU in the " not so desirable areas " of Los Angeles. I have a full time job and a high credit score , so that's my foundation. I am going to drive for dollars and write letters to the owners. Goals are to wholesale SFR and collect 5 - 15 k assignment fee ( I understand this amount can be more or less depending on the equity , deal structure , and strategy used ). If I come across what I may perceive to be a good deal on a Multi-family or SFR , with the help and info from BP of course , I will use either VA or Conventional financing for purchase. I will rent to Sec 8 tenants so I will go directly to Sec 8 and get a full understanding of policy , rules , and regulations. I know by reading BP that I would be required to put 20% down as an investor but I would purchase owner occupant to a tune of 3.5% ( Con ) and possibly 1.5% ( VA ). Once I get a property under contract or get permission from the owner to inspect , I will have a contractor and Sec 8 inspector there to make sure the property will be eligible for Sec 8 tenants if I plan on using a lease option to take ownership. I understand that each scenario will be different and there are going to be times where I will have to just walk away. I will document my journey on BP for all to enjoy. By the way , I am already pre-approved by a mortgage banker.

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Paul Timmins#2 New Member Introductions Contributor
  • Specialist
  • Rockland, MA
2,248
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7,730
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Paul Timmins#2 New Member Introductions Contributor
  • Specialist
  • Rockland, MA
Replied

@Eric Mitchell

Welcome.

Check out the Start Here page http://www.biggerpockets.com/starthere

Check out BiggerPockets Ultimate Beginner's Guide - A fantastic free book that walks through many of the key topics of real estate investing.

Check out the free BiggerPockets Podcast - A weekly podcast with interviews and a ton of great advice. And you get the benefit of having 40 past ones to catch up on.

Two Great reads, I bought both J. Scott The Book on Flipping Houses,The Book on Estimating ReHab Costshttp://www.biggerpockets.com/flippingbook

Locate and attend 3 different local REIA club meetings great place to meet people gather resources and info.

Consider checking out HUD homes for small multi's owner occupied gets first crack.

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.

Good Luck

Paul

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