Newbie Ready to get Started in Los Angeles, CA!!

[Ricardo Porrata]

Hey Everybody! My name is Ricardo (Rick or Ricky work just as well) and I'm a Latin music producer currently living in sunny LA. I just moved here a little over a year ago from Miami, which was home for 3 years after having lived in Puerto Rico for about 11. Prior to that I spent 1 year in Brooklyn NY, which was the first place I landed after deciding to leave my hometown of Chicago. Sorry if reading that made you dizzy. I'm exhausted just after writing it, and frankly, I'm absolutely looking forward to finally planting roots and settling down here in LA. But LA RENT!!  And LA Homes!!! So EXPENSIVE right?? ugh!

This is actually what got me interested in real estate to begin with.  Considering the high median home price in LA county, I initially took steps towards getting my real estate salesperson license to capitalize. I'm currently studying for the test, but after coming across information on the world of real estate INVESTING with its many niches, strategies and financial benefits, (beats the market!!) I'm 100% convinced that this is something I NEED to be doing! I seem to be gravitating towards the buy and hold multi-family strategy, but I suppose only time will tell as practice replaces theory!!

I've attended a few seminars, expos and workshops, ( Yes I was bamboozled by one of the "GURU" programs.) I've done quite a bit of reading and research, and though I will continue to do so, I DO feel that at this point the only thing that is going to actually further my knowledge or get me going is real life, hands on experience...So I'm ready to bypass any more "feet wetting" and simply dive in!!

So my 1st step is an owner occupied multi-unit here in LA. I've also "got" a couple of family properties in Chicago that I'm trying to leverage into the plan. Perhaps a rehab, rent, refi? Scenario: 2 properties, 100% equity, but ZERO Cashflow!! I plan to change that and will probably post for opinions/ideas in the near future.

I think that about sums it up for now!!! I'm thankful for this community and the plethora of wisdom that runs through it. I appreciate in advance all of the expertise and different perspectives you all have to bring to the table but more importantly your willingness to share! Looking forward to chatting with y'all and hopefully even meeting some of you folks who are active and in the game at whatever level. I'm more than happy to write off any coffee expenses I might accrue in the process as well!!

See you all in the forums!! Thanks again!

#biggerpocketsforlife

[Frank Lodge]

Ricardo welcome to BP. Your living my dream, you jumped a step a head of me so it will be interesting to follow your journey as I plan my own. Unlike you, I am still in Chicago but looking to get back to family and friends in LA. I have a couple of rentals here and other great sources of income so the move is being given much consideration though the decision has been made. Will send you a colleague request.