Los Angeles, CA · Member since 2015 · 21 posts · 5 votes
Hello everyone,
In the effort of moving from wide eyed Real Estate newbie to actual Real Estate investor, I'm hoping to speak, meet up and possible even do walk thru's with Investors in the Southern Cali area. I'm looking for advice on strategy's to get started, more ways to make myself useful in attracting possible mentors or becoming a part of a team and working my way up. I'd like to learn more about wholesaling, fix and flips, analyzing and rehab costs; or any other advice you have. I understand that your time is valuable and will make sure to it is not wasted.
Delving into the world of real estate investing (actually DOING it) is much more difficult than reading about it, watching it on TV, etc...
Hopefully someone in LA can let you take a look on some of their projects and let you ask questions and "shadow" them for a day or so?
I'm not sure how flexible you are with traveling, but I have a deal going now in San Diego (fix and flip) I could invite you to tour/walk through... I also have a pending one in Las Vegas (it's in escrow) and another active one in Independence Missouri (that's kind of far though). And I don't actively look in the City of Los Angeles, but often come across things in Orange County that if I take on, I could let you walk through and ask questions as well.
I might charge you an In-N-Out burger, but that's it :)
Delving into the world of real estate investing (actually DOING it) is much more difficult than reading about it, watching it on TV, etc...
Hopefully someone in LA can let you take a look on some of their projects and let you ask questions and "shadow" them for a day or so?
I'm not sure how flexible you are with traveling, but I have a deal going now in San Diego (fix and flip) I could invite you to tour/walk through... I also have a pending one in Las Vegas (it's in escrow) and another active one in Independence Missouri (that's kind of far though). And I don't actively look in the City of Los Angeles, but often come across things in Orange County that if I take on, I could let you walk through and ask questions as well.
I might charge you an In-N-Out burger, but that's it :)
Investor · Orange County, CA · Member since 2015 · 136 posts · 57 votes
10y
Hi @Damien Dear. You'll find there are many people like @Zap Martin who are generous with their time and knowledge to learn from. If you ever find yourself in Orange County, you're welcome to attend my group's meeting. We meet monthly and have a meeting scheduled for tomorrow evening. Details are below.
Flipper/Rehabber · Tustin, CA · Member since 2015 · 433 posts · 103 votes
10y
Hello @Damien Dear. Welcome to the site. Plenty to absorb here. Feel free to reach out to me or anyone else if you have any questions for us. I currently flip homes in LA and Orange Counties. I've had other investors come to my properties to take a look and I usually go over what I look for in a flip or what changes were made. Basic game plans. I currently have a property in Riverside that's now on the market and my next property will be in Long Beach. Good luck!
I am in the same wide eyed stage as @Damien Dear and am looking to connect with experienced investors in the San Diego area. I would be more than willing to trade some of my time or as many In-N-Out burgers as you can eat in exchange for a tour of one of your local deals!
Real Estate Investor · Rancho Santa Fe , CA · Member since 2016 · 323 posts · 107 votes
10y
Hi @Connor Martin, Feel free to send me a PM, I own a few properties and san diego and out of state, I saw your post on another page, 3.4% cap for that duplex in that area is not the prime, send me a PM, not to criticizes but you need a much better cap then that, to even put you time into it as a new investor, or at least see what the upscale value or future could be
San Diego, CA · Member since 2015 · 10 posts · 0 votes
10y
I agree with Paul that a 3.4% cap is not very attractive, I was posting that property to give the op an idea of what was immediately available in the area. @Account Closed I will send you a PM, I am very interested in learning more about out of state opportunities.
I agree with Paul that a 3.4% cap is not very attractive, I was posting that property to give the op an idea of what was immediately available in the area. @Account Closed I will send you a PM, I am very interested in learning more about out of state opportunities.
Connor
1. Neither you nor Paul cannot provide any cap rate comps on duplexes that supports your statements can you?
2. Cap rates are not classified as "attractive". You could say that lower cap rate markets are in more demand. That sure does not make a higher cap rate "attractive". It just means the NOI has LESS demand.
Real Estate Investor · Rancho Santa Fe , CA · Member since 2016 · 323 posts · 107 votes
10y
@Account Closed its because its here in San Diego the property he was talking about and I happen to own property right by it he was talking about it in another forum about San Diego, the cap I own in the area is 5.1% for a duplex similar to the own he was saying. and I own a 16 unit place which is not really comp in that area for 5.8% that's all I talk numbers, I am a former analyst trust me I know my numbers better then you I am sure its just we talking about something different, I remember on a post you wrote this poor kid in Florida wanting to open a drug rehab, place and you could even understand the concept, just relax and always go defensible on the cap rates that is 2 different occasions you have proven you don't know what you talking about and just go criticizing
Investor · Honolulu, HI · Member since 2013 · 3k+ posts · 1k+ votes
10y
Originally posted by @Account Closed:
@Account Closed its because its here in San Diego the property he was talking about and I happen to own property right by it he was talking about it in another forum about San Diego, the cap I own in the area is 5.1% for a duplex similar to the own he was saying. and I own a 16 unit place which is not really comp in that area for 5.8% that's all I talk numbers, I am a former analyst trust me I know my numbers better then you I am sure its just we talking about something different, I remember on a post you wrote this poor kid in Florida wanting to open a drug rehab, place and you could even understand the concept, just relax and always go defensible on the cap rates that is 2 different occasions you have proven you don't know what you talking about and just go criticizing
Paul, just the fact you are talking about duplex cap rates shows me that you do not know anything about real estate cap rates. I'll be happy to teach you but don't want to waste my time if you are the typical know it all that bails as soon as you figger out that you are wrong.
1. Let's start with your NOI calculations on the Duplex and your 16 unit place to see if you calculated NOI correctly. Then we can look at cap rates.
2. Please don't try to cover your ignorance by telling me to relax. When I see someone trying to scam a novice by using numbers incorrectly I do not relax. If you really can support your numbers then step up. Don't try the typical deflection of creating some "hostile" posting as others have done in the past.
3. "attractive" cap rates?
So the ball is in your court. How will you handle it?
Connor, beware of anyone asking you to PM them because THEY have a BETTER cap rate for you.
Not buying, just responding to your comment regarding available market comps. Not here to argue, just to learn.
Learn
1. There is NO cap rate until a SALE has been made.
2. Commercial properties are valued by using the analyzed cap rate from comparable sales and used against the NOI of the property you want to buy to arrive at market value.
3. THERE IS NO RELIABLE SOURCE OF DUPLEX SALES TO GET A CAP RATE.
4. Without a cap rate comp you cannot capitalize the NOI of the property you want to buy correctly.
Not buying, just responding to your comment regarding available market comps. Not here to argue, just to learn.
Learn
1. There is NO cap rate until a SALE has been made.
2. Commercial properties are valued by using the analyzed cap rate from comparable sales and used against the NOI of the property you want to buy to arrive at market value.
3. THERE IS NO RELIABLE SOURCE OF DUPLEX SALES TO GET A CAP RATE.
4. Without a cap rate comp you cannot capitalize the NOI of the property you want to buy correctly.
How come all the turn key companies offer SFH properties and say "capping at 8%"? Or an apartment going on the market which lists their version of the NOI and an ASKING prices saying "capping at over 11%!!!! ? :D
Riverside, CA · Member since 2015 · 47 posts · 11 votes
10y
Whew, pretty hostile in here...
Damien, the meet ups that were mentioned are fabulous. There are also a few in the IE if you're willing to travel out there. The OC meet up in Lake Forest is the place to start my friend - many great resources I have found there.
Investor · Poway, CA · Member since 2015 · 7k+ posts · 8k+ votes
10y
@Connor Martin there is an on site meetup that occurs about every month in San Diego that is run by a few San Diegans on bigger pockets. They are free, mostly flips (I do buy n hold), casual, good opportunity to meet other investors if you choose, and the one I attended I learned a little and I purchase my first REI in 1992 and my family purchased initial REI in 1970s. I have not seen a recent meetup announcement but @Justin R. is one of the people who put has been part of organizing it in the past. I suspect attending a few of these events would be worth your time (and if not the one I attended had free donuts :=) ).
Yeah I was hoping I would make it to one yesterday but couldn't finish what I had going for the day, in time to make the one I was invited to. Thanks for the heads up on the additional meet ups, if you have any links to the group pages I'd appreciate it. Either way I'll look them up. Thanks.
Not buying, just responding to your comment regarding available market comps. Not here to argue, just to learn.
Learn
1. There is NO cap rate until a SALE has been made.
2. Commercial properties are valued by using the analyzed cap rate from comparable sales and used against the NOI of the property you want to buy to arrive at market value.
3. THERE IS NO RELIABLE SOURCE OF DUPLEX SALES TO GET A CAP RATE.
4. Without a cap rate comp you cannot capitalize the NOI of the property you want to buy correctly.
How come all the turn key companies offer SFH properties and say "capping at 8%"? Or an apartment going on the market which lists their version of the NOI and an ASKING prices saying "capping at over 11%!!!! ? :D
Andrey, to be fair there are a few reputable TurnKey business that have a good product and know how to manage and market their properties. They will usually be the larger outfits and have a longer record of being in business. They will not use fake "returns" based on fake "crap rates".
Two providers of Turkeys that I have directly confronted here on BP about their use of crap rates claim they have to use the same marketing terms as the scammers to be competitive. I'm not buying that. I will go so far as to say that ANY TURNKEY COMPANY THAT ADVERTISES A CAP RATE ANYWHERE IN THEIR MARKETING MATERIALS IS A SCAMMER! If any turnkey providers want to contest that then PLEASR STEP UP.
San Diego, CA · Member since 2016 · 8 posts · 6 votes
10y
@Account Closed Which are the reputable TurnKey Businesses in your opinion? Can you give me their names? There are so many scammers out there so it would be great to get good recommendations. Thank you!
Investor · Los Angeles, CA · Member since 2015 · 325 posts · 75 votes
10y
Hello @Damien Dear, great to always have an open and expanding mind. I am a RE investor in OC with a portfolio out of state. If you are ever in Orange County on Fridays, feel free to stop by one of my cashflow games. I have sent you invite to your email. Great opportunity to network and learn more about real estate investing.
Lender · San Diego, CA · Member since 2014 · 143 posts · 38 votes
10y
@Connor Martin, I work with a team that holds Meetup Groups in San Diego at our rehab projects to go over sourcing properties, the rehab of subject property, ARV analysis and networking with like-minded individuals to gain more knowledge about the process. There are a couple of other groups on BP that hold these type of events as well. Feel free to DM me for more info. We have an event coming up this Thursday.
Rental Property Investor · San Diego, CA · Member since 2016 · 507 posts · 171 votes
10y
@Antonio Gonzales is this Thursday meet up the one for a North Park property? I RSVP'd to one on Thursday on Meetup.com so I'm curious if this isn't the same one then I would like more info so I could make it to yours as well.
You guys should continue this awesome back-and-forth at this weekends event in San Diego. The property is a flip to duplex and will have a lot of these factors addressed.
Antonio Gonzalez put up the property as a host 2 months ago in fact.