New investor to the Los Angeles beast.

[Lucas Allmon]

Hello all,

I'm a software engineer in Los Angeles, and have been an aspiring investor for about 10 years, ever since I read Rich Dad Poor Dad and the deal was sealed since I played Cashflow in 2007.

In that time I have gotten my finances in order; repaired my credit, created a cashflow positive (70%+ savings rate, liquid assets) lifestyle, getting rid of 99% of debt (just one car loan left, paying down aggressively) and have close to a top paying job. 

My wife and I are starting to look in LA, but it feels insane and overpriced, with mostly speculation driving the market. Most people say cashflow is nearly (but not totally!) impossible, yet long term hold and flips are the play on multiunit residential.

We are looking to house hack, and always appreciate any other LA investors advice and mentorship, and can always offer website/digital content/technology help as a value exchange. :)

Super excited, but sometimes worried I'm not on the right track, and then listen to things like "Set For Life" and I think I'm behind. :D

[Ham Merritt]

@Lucas Allmon You are heading in the right direction. Just keep plugging away at your plan and be patient. If you are passionate enough about it, you will make it happen and be successful with it. House hacking is a good way to get your foot in the door to start. Nice thing about house hacking is that the rental income of the current or proposed tenant can be used for qualifying purposes. I will PM you.