Cerritos, CA · Member since 2015 · 14 posts · 5 votes
Good Afternoon BP!
I'm getting ready buy my first investment property in the next year hopefully and am curious if anyone here in the Los Angeles/Orange County area has found good multifamily homes that could cash flow and/or help me pay down most of my mortgage. I have the VA loan available for use and am aware that I'd have to live in one to use it. I work in the area so I'm trying to find something without too long of a commute. Thanks!
Investor · Long Beach, CA · Member since 2016 · 45 posts · 19 votes
10y
Some people are scared of the rent control in parts of Los Angeles like where I am in San Pedro. I haven't had issues with it yet. I like to think that it weeds out some of the big league investors. Multi families in San Pedro sit for a while before selling giving you that little extra help when it comes to negotiation. Also, there is going to be a major rehab to the port's o call area. It is speculation but I think it may increase home values in the area as well.
Investor · Long Beach, CA · Member since 2016 · 45 posts · 19 votes
10y
Some people are scared of the rent control in parts of Los Angeles like where I am in San Pedro. I haven't had issues with it yet. I like to think that it weeds out some of the big league investors. Multi families in San Pedro sit for a while before selling giving you that little extra help when it comes to negotiation. Also, there is going to be a major rehab to the port's o call area. It is speculation but I think it may increase home values in the area as well.
Rental Property Investor · Los Angeles, CA · Member since 2015 · 50 posts · 19 votes
10y
@Brian Rule, Hey Brian! I'm from your neck of the woods, down the street :) Closing on my first rental (a SFH in Arizona) next week! But ideally, I'd like to bring investing closer to home so I am looking for the same - small multifamily in the LA/OC area in the near future as well. Would love to connect and chat if you're up for it, just send me a PM. Hope to talk soon!
Hawthorne , CA · Member since 2015 · 34 posts · 11 votes
10y
Hello Brian, I actually work out of the NORDSTROMS in Cerritos, CA. As a realtor, I get sent off market multi-family props from time to time and I also have access in the MLS. Let's connect and maybe j could be of assistance to you.
Investor · Orange County, CA · Member since 2015 · 2k+ posts · 3k+ votes
10y
A good multi-family home that you would want to live in, in a central location in LA/OC, that cash flows with a 0% down VA loan ... I wish you good luck my friend!
Personally, I think I would focus on house hacking a SFR or duplex in as nice a neighborhood as you can afford that has dated cosmetics but no major deferred maintenance so would still qualify for VA. Smallest, ugliest house on a nice block of SFRs sort of thing. Can rent out a room or two to offset the mortgage if you like, but make sure you can afford it all on your own. This is actually how I got started (minus the VA loan).
Another mentioned San Pedro ... right across the way there are multi's in Long Beach without rent control, but may be harder to find a deal there ... realistically you likely aren't going to be able to pull off a smoking deal anyhow with a VA loan.
Whatever you do, though, stay local and hands on ... do NOT be lured out of state by the cash flow sirens call as many have before you have run aground doing.