I have been feverishly reading and listening to BP last few days. It's amazing. Just wanted to see if anyone was around from LA area. I am in Porter Ranch, CA. I think LA is a very difficult market for buy and hold to generate positive cash flow. I am curious to see if people have been successful in this market and if they have any words of wisdom for a newbie :)
Fellow newbie checking in for responses! Flipping and wholesaling seem to be the way to go from the research I've done in LA. Unless you have a lot of capital or amazing financing cashflowing rentals is difficult. I thought it wouldn't be too bad, but after learning about all the monthly and long term expenses I would need to save for every month, cashflow quickly went into the negative.
I am beginning to think you are right. I am working with Us Bank to establish a relationship and see about moving toward tri or quads. My current rentals are slightly neg to even
Welcome to Bigger Pockets. It appears to be more difficult to cashflow in various areas in California, but not impossible. Have you considered purchasing in a different market; perhaps a turnkey? Take advantage of what Bigger Pockets has to offer such as: word alerts feature, forums, blogs, ebooks, webinars, podcasts, awards, the learn tab, informative people in many fields of real estate, colleagues, and more. Connect with REIA meetings, accountability partners, and mastermind groups. Enjoy as you prosper.
Welcome to Bigger Pockets.
Welcome to the site.
I'd recommend setting up some keyword alerts for LA suburbs so when others on here discuss them you receive a notification.
Good luck to you & I'll see you around the forums.
Hey Sean! Representing Venice Beach here :) I haven't heard of anyone cash-flowing here, I've always dealt with out-of-state properties because of it. But looking forward to hearing of anyone who may have made it work here!
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