Long beach CA multifamily

11 Replies

Hi my fellow BP peeps! My family just recently moved to Long Beach CA a couple of months ago. I am experienced investor with investment properties in NC.

I am currently looking for multi family properties which are located at least on a good/decent school system, safe location, and safe for kids to grow. My strategy is usually I live in one of the unit till it ripens then transfer (1031) the profits to the next one. That way I don't have to pay taxes on the property profit since its my primary household upon my exit. Also that way I can manage the other units easily. 

I am also looking for partnerships for bigger deals. The value I can add are the following:

  • - property analysis
  • - my experience after I have managing my own rentals. I have done everything for smaller scale 9 units the most
  • - dealing with contractors. 
  • - I can be a quality on-site manager, ever since I have a manager I never lost a tenant because of some bad reason. It always is because they decided to upgrade and buy a house. I would only do this if the location is good and fits my plan for my family for the next few years. Right now my family is currently planning to make this move in the next 3-6 months or maybe sooner depending on the opportunity we get.
  • - I believe I am well verse on keeping the cost down since I have done my own renovation myself. And optimizing it always on the next opportunity. Example is I renovated a full kitchen with just less than 3.5k in budget. It consist of new bottom and upper cabinets, granite counter tops, new stainless steel appliances and very nice counter top fixtures. How did I do it? Ask me. I have also renovated a bathroom itself fixing the leak to removing the old tiles and replacing it with a modular one. It was fun and challenging at the same time. Harder than kitchen renovation. But anyways thats just an idea of a value add I can be.
  • - I probably would be able to handle anything. I have being studying the craft and constantly updating what I know.

For smaller multifamily

  • - I am interested on fixer uppers 
  • - plain out turn-key properties
  •  

If you have a strategy in mind that I can be a part of or just want to pick my brain, feel free to leave me a message I am eager to talk to local investors. 

Long Beach can be tough in terms of good schools and safety, but closer to the water is better.  Hands down I can recommend Cody Charnell with Buckingham Investments as a MF broker, and Borba Property Management for PM services.  In terms of meeting your criteria, I'd look in Torrance.  It's a good balance between expensive Manhattan/Hermosa/Redondo and the dives that are in other parts of the South Bay.  Of course the higher quality you go for, the lower your return will be, and it gets way more expensive than NC.  Cody would be able to steer you in the right direction, and he's no-pressure.

Make sure you're aware of the rent control laws that are in place wherever you end up buying, especially if Prop 21 passes.

I'm actually doing the opposite of you - I'm looking to exchange CA assets into the Winston-Salem/Raleigh corridor.  I'd be very interested in any NC resources you have that could help, in particular for larger MF properties.

@Tomas Gutierrez

I would look into the Del Aire neighborhood of Hawthorne, good school system and prime area to profit from flips or buy and hold. Besides that, the criteria is harder in South Bay with great school system and profiting from the purchase.

Long Beach is not well understood sometimes and that creates an opportunity. I own in Long Beach and always lived here. If you want great school districts check out Bixby Knolls. Los Cerritos area. But also Belmont shores and Alamitos heights. It’s more challenging to find deals there because of the school district being a 9-8. Long Beach is changing a lot but changing a big city takes years...

you might also want to consider Signal Hill- a small city surrounded by Long Beach with good school district as well.

Originally posted by @David M. :

Long Beach can be tough in terms of good schools and safety, but closer to the water is better.  Hands down I can recommend Cody Charnell with Buckingham Investments as a MF broker, and Borba Property Management for PM services.  In terms of meeting your criteria, I'd look in Torrance.  It's a good balance between expensive Manhattan/Hermosa/Redondo and the dives that are in other parts of the South Bay.  Of course the higher quality you go for, the lower your return will be, and it gets way more expensive than NC.  Cody would be able to steer you in the right direction, and he's no-pressure.

Make sure you're aware of the rent control laws that are in place wherever you end up buying, especially if Prop 21 passes.

I'm actually doing the opposite of you - I'm looking to exchange CA assets into the Winston-Salem/Raleigh corridor.  I'd be very interested in any NC resources you have that could help, in particular for larger MF properties.

Hi David, thank you for the insight. I will check with Cody definitely. 

For RTP I have a couple of resources that I can share. But I have no connection around Winston-Salem.

Let me know what you need around RTP, kindly send me a private message

 

Originally posted by @Charles Cooper :

@Tomas Gutierrez

I would look into the Del Aire neighborhood of Hawthorne, good school system and prime area to profit from flips or buy and hold. Besides that, the criteria is harder in South Bay with great school system and profiting from the purchase.

Thanks Charles for the heads up. I will definitely take a look at it. Do you have any recommendations closer to Signal Hill area? My wife has work around that area and would like her to have minimal travel. Thanks! 

 

Originally posted by @Amine Kallala :

Long Beach is not well understood sometimes and that creates an opportunity. I own in Long Beach and always lived here. If you want great school districts check out Bixby Knolls. Los Cerritos area. But also Belmont shores and Alamitos heights. It’s more challenging to find deals there because of the school district being a 9-8. Long Beach is changing a lot but changing a big city takes years...

you might also want to consider Signal Hill- a small city surrounded by Long Beach with good school district as well.

Thanks Amine and will definitely take a look at those areas. Appreciate the help.

 

Just a FYI here regarding Long Beach  as everyone here has given excellent insight . Long Beach has a unique placement system for highschools. I would research that too.