Aspiring Real Estate Investor from Los Angeles, CA

New Member Introductions
7yFollow

Aspiring Real Estate Investor from Los Angeles, CA

Igal Shakh
Member since 2017 · 4 posts · 3 votes

Hi All, 

My name is Igal Shakh. I live and work in LA (construction) and can't wait to get started in real estate investing. I have some property management experience; however, being that I'm completely priced out of Southern California, I'm looking at either single-families or multiplexes in and around Las Vegas. 

I connected with an agent in the Vegas area who is sending me properties (just sent me a bunch of REO and have a friend who wants to invest with me and is willing to put 50% of the down-payment (I'll have to somehow come up with the other 50% of the down-payment). The goal is to buy and hold a property that produces positive cash-flow (doesn't have to be a lot - I'm just trying to have a first investment that doesn't fail).

Any suggestions, advice, and comments are welcome (especially about getting my half of the down-payment). I have very low debt, a decent income, great credit, but no savings (since I'm working on getting completely out of bad debt). 

Thank you!

2Reply
48 views

7 Replies

Jump to latestLatest
  • James Wise
    Real Estate Broker · Cleveland Dayton Cincinnati Toledo Columbus & Akron, OH · Member since 2013 · 30k+ posts · 20k+ votes
    7y
    Originally posted by @Igal Shakh:

    Hi All, 

    My name is Igal Shakh. I live and work in LA (construction) and can't wait to get started in real estate investing. I have some property management experience; however, being that I'm completely priced out of Southern California, I'm looking at either single-families or multiplexes in and around Las Vegas. 

    I connected with an agent in the Vegas area who is sending me properties (just sent me a bunch of REO and have a friend who wants to invest with me and is willing to put 50% of the down-payment (I'll have to somehow come up with the other 50% of the down-payment). The goal is to buy and hold a property that produces positive cash-flow (doesn't have to be a lot - I'm just trying to have a first investment that doesn't fail).

    Any suggestions, advice, and comments are welcome (especially about getting my half of the down-payment). I have very low debt, a decent income, great credit, but no savings (since I'm working on getting completely out of bad debt). 

    Thank you!

     Welcome to the site Igal.

    0Reply
  • Igal Shakh
    OP
    Member since 2017 · 4 posts · 3 votes
    7y

    @James Wise thank you, James!

    1Reply
  • Sandra Tatum
    Member since 2019 · 14 posts · 8 votes
    7y

    Igal Shakh welcome! I am also from the Los Angeles California area and I'm looking to complete my first deal. I hear you loud and clear on being priced out of the market. I have started researching some of the training, and have decided to do some wholesaling, to come up with more money to support my multifamily purchases to buy and hold.   Good luck you'll get it done!

    0Reply
  • Jeremiah Mon
    Rental Property Investor · San Diego, CA · Member since 2018 · 44 posts · 36 votes
    7y

    @Igal Shakh taking action! good job! 

    Becareful of Vegas. We're at the 10 year mark of the market cycle and you know what happened in 2008. But no-one can predict the future, but we can learn to be conservative and manage risks.

    Look at the types of jobs in Vegas. Vegas is risky because a majority of the jobs are in the entertainment industry. What happens during a recession? -nobody goes to vegas, people lose their jobs because business aren't getting revenue from the tourism.

    My simple advice is to invest in specific neighborhoods in Vegas with good job diversity. Heard there's a nice air force base there. Could be a good start?

    Good luck!

    0Reply
  • Igal Shakh
    OP
    Member since 2017 · 4 posts · 3 votes
    7y

    @Jeremiah Mon thanks for the advice! You raise a good point and I'll keep that in mind.

    I was attracted to Vegas because it's close to SoCal but significantly cheaper and more landlord-friendly.

    I've been finding it very difficult to find SFRs that will cash-flow in Vegas after mortgage and expenses (haven't looked for too long), so I'm going to start looking at other places around the country.

    Thanks,

    0Reply
  • Andres I. Cepeda
    Wholesaler · Temple, TX · Member since 2017 · 44 posts · 17 votes
    7y

    Hey @Igal Shakh! Nellis is a great air force base! However, the area around Nellis is not so great. That being said if you are looking to target military members as renters they generally settle in Aliante, Centennial Hills, Summerlin, and Henderson. In the Centennial Hills area you will also see military renters from Creech AFB about 35 minutes northwest of Las Vegas.

    I am new to real estate investing as well and the Las Vegas area. I would love to connect with you and help in any other way that I can!

    0Reply
  • Igal Shakh
    OP
    Member since 2017 · 4 posts · 3 votes
    7y

    Hi Andres,

    Thank you for your message. I'll check those areas out. In the meantime, I also started looking at Northeast Pennsylvania. The returns look good and prices are reasonable. 

    0Reply
Join the conversationCreate a free account to reply, vote on answers and follow this thread.
Log InJoin for Free