My name is Kyle and I'm a songwriter living in Los Angeles. The music industry is awesome because it's one of the few places you can accidentally fall into a lot of money really fast, but its also super fickle. I've watched more than a couple of friends waste opportunities by not properly investing money in the good times and are left struggling to pay rent when times are tough. I've been extremely fortunate to have some great things happen in the last couple of years so its time to start setting up a machine that will create some monthly income to support me in the lean times.
I'm most interested in buying and renting out small multi-family properties. I'd love to do so in LA but I'm also very open to finding properties in other cities where the cost barrier isn't as high. My life is set up kind of weird in that my schedule is SUPER flexible and I have lots of time to hunt for deals.
Looking forward to gaining some wisdom via the forums and if there's anyone with experience in the LA area I'd love to meet up and steal your secrets over coffee or a beer. My treat.
@Kyle, congratulations on starting the process of finding something whether it's here in Los Angeles or somewhere else. The most important thing is you're taking action.
Los Angeles can be a great market to buy as long as you understand that you will be buying for appreciation and not necessarily cash flow. You can find a property that will cash flow, however, it is very difficult to find and you may not be in the area you want or need to be in.
My recommendation is to buy in Los Angeles for appreciation and out of state for cash flow.
If your wanting to buy a multi unit here the and have good cash flow I recommend near USC, Leimert Park and Hawthorne. There are many areas throulos Angeles that still have good opportunities to appreciate over the next 5-7 years.
Buying in Los is a process but I'm sure you'll do well!
Welcome to the BP family! Good to have you here!
Here are some recommendations for you:
Find and connect with other BP members that are in your area: https://www.biggerpockets.com/search/users
Set up keyword alerts to be notified of the topics that interest you: http://www.biggerpockets.com/alerts
Read Beginner’s Guide: http://www.biggerpockets.com/real-estate-investing
Check out BP Podcasts: https://www.biggerpockets.com/podcast
If you wish to tag someone in the conversation on the forum, type @ followed by their name and then select the name of that person which should appear below the comments box. He or she will be notified of being tagged so that the conversation will continue.
Wishing you the best!
Hey @Kyle Neal, smart move to get started investing soon. I'm in Culver City and I've been investing out of state for 12 years. Haven't done too much in LA, aside from my personal residence, but I am considering a flip here. I'm always up for meeting with investors, just let me know if you'd like to talk.
@Jason Carter I'd love to talk. I'm very curious about what it looks like to invest out of state. Will send a DM to set up a time to meet up.
Free eBook from BiggerPockets!
Join BiggerPockets and get The Ultimate Beginner's Guide to Real Estate Investing for FREE - read by more than 100,000 people - AND get exclusive real estate investing tips, tricks and techniques delivered straight to your inbox twice weekly!
- Actionable advice for getting started,
- Discover the 10 Most Lucrative Real Estate Niches,
- Learn how to get started with or without money,
- Explore Real-Life Strategies for Building Wealth,
- And a LOT more.
Sign up below to download the eBook for FREE today!
We hate spam just as much as you