Rental Property Investor · los angeles · Member since 2019 · 12 posts · 1 vote
Hey bp, no ********t, my dad is willing to lend me up to 350k cash to help me start my career as a real estate entrepenuer. I personally am interested in starting out as house flipper to build up personal capital. However statistically, I live in the top ten worst cities to flip homes (Los Angeles).My question is, I would love to know where the Bp professionals believe my 350k can go the furthest in a three to four year span. Please don't advise to me any long term commercial investments.
Rental Property Investor · Phoenix/Lima, Arizona/OH · Member since 2012 · 4k+ posts · 4k+ votes
6y
Originally posted by @Account Closed:
Hey bp, no ********t, my dad is willing to lend me up to 350k cash to help me start my career as a real estate entrepenuer. I personally am interested in starting out as house flipper to build up personal capital. However statistically, I live in the top ten worst cities to flip homes (Los Angeles).My question is, I would love to know where the Bp professionals believe my 350k can go the furthest in a three to four year span. Please don't advise to me any long term commercial investments.
Thanks---Ben
@Yonah Weiss and I both would like your father to adopt us...LOL
Developer · Charlottesville, VA · Member since 2018 · 4k+ posts · 4k+ votes
6y
Originally posted by @Account Closed:
Hey bp, no ********t, my dad is willing to lend me up to 350k cash to help me start my career as a real estate entrepenuer. I personally am interested in starting out as house flipper to build up personal capital. However statistically, I live in the top ten worst cities to flip homes (Los Angeles).My question is, I would love to know where the Bp professionals believe my 350k can go the furthest in a three to four year span. Please don't advise to me any long term commercial investments.
Thanks---Ben
People are flipping houses everyday in your area as well as Orange County and surrounding areas. Cool thing is you can generate serious margins in LA and surrounding counties. First step would be to educate yourself on the space and markets so you become a complete expert on flipping houses and everything involved with the process like the cost associated with renovating properties, time frames and what to do to a property to realize the most profit.
Cost Segregation Expert and Investor · Lakewood, NJ · Member since 2017 · 1k+ posts · 1k+ votes
6y
@Account Closed I would be careful putting that information out here on a public forum. You should be very cautious of anyone trying to sell you on anything...especially if it sounds too good to be true.
Find someone who is successful in RE who would be willing to let you apprentice under them. If you don't know any, go to local RE meetups, and network. @Jeff Greenberg & @Ellie Perlman both respectively host their own meetups in LA.
New to Real Estate · Los Lunas, NM · Member since 2019 · 5 posts · 2 votes
6y
@Ben Haridim thats crazy, good for you boss
My 1st thought is invest in education, hard work in the trenches for a little bit to know what its like if u havent already, and build ur network like ur doing now
After that gatta buy low low low with no emotion, focus on profit and know and understand the numbers when u make decisions
I'm no real estate pro, just offering my 2 cents, for what its worth
Multifamily investor · Boston, MA · Member since 2017 · 281 posts · 521 votes
6y
Originally posted by @Account Closed:
Hey bp, no ********t, my dad is willing to lend me up to 350k cash to help me start my career as a real estate entrepenuer. I personally am interested in starting out as house flipper to build up personal capital. However statistically, I live in the top ten worst cities to flip homes (Los Angeles).My question is, I would love to know where the Bp professionals believe my 350k can go the furthest in a three to four year span. Please don't advise to me any long term commercial investments.
Thanks---Ben
Ben,
Like @Yonah Weiss mentioned I do host a local meetup in LA. Have you ever considered multifamily syndication?
Real Estate Consultant · Camarillo, CA · Member since 2010 · 2k+ posts · 1k+ votes
6y
@Yonah Weiss for the shoutout. As Yonah mentioned, we have a meetup in Santa Monica. PM me for more information as I cannot announce it in this forum. We have many BPer's from around LA in attendance.
I also agree with Yonah as far as not announcing your new-found wealth.
Flipping in the LA area, while not impossible, is challenging even for the more experienced. Take your time and get educated as to which path in RE you wish to travel. Some people are very hands-on and want to be swinging a hammer and others would prefer to invest their funds in more passive investments. Your challenge is to spend time getting educated before involving a lot of money.
Upstate SC · Member since 2019 · 32 posts · 38 votes
6y
The pros aren't looking to get rich in 3-4 years. A $350k loan for me at 18 would have been a colossal disaster. Maybe the best thing you could do is get a job, learn to save, and pay some bills. Branding yourself as a "Rental Property Investor" based on a loan from your dad is not a great start, but you can learn from this. Buy some books and pay for some lunches.
Rental Property Investor · Stratford, CT · Member since 2019 · 154 posts · 115 votes
6y
@Account Closed, you are 18 years old, with a loan of $350k to potentially invest.
I would definitely look for a seasoned, well-experienced individual that has proven to be successful in subject field you are looking to get into, even if it cost you a few thousand dollars of the money that your dad is loaning you. You have no experience whatsoever in the field, and the probability of you loosing it is higher if you don't have a good mentor or adviser, at least in the first couple of deals as you get to really know the ropes.
Good luck and bring up the idea to your dad. I am sure he will appreciate you being cautious and thinking carefully about not blowing his money away.
Rental Property Investor · Phoenix/Lima, Arizona/OH · Member since 2012 · 4k+ posts · 4k+ votes
6y
Originally posted by @Account Closed:
Hey bp, no ********t, my dad is willing to lend me up to 350k cash to help me start my career as a real estate entrepenuer. I personally am interested in starting out as house flipper to build up personal capital. However statistically, I live in the top ten worst cities to flip homes (Los Angeles).My question is, I would love to know where the Bp professionals believe my 350k can go the furthest in a three to four year span. Please don't advise to me any long term commercial investments.
Thanks---Ben
@Yonah Weiss and I both would like your father to adopt us...LOL
Rental Property Investor · TN · Member since 2018 · 2k+ posts · 2k+ votes
6y
I'd suggest letting your dad hold onto that money for a few years. Go to an area where they are building houses and ask for a job as a laborer. Learn how to build a house, then you will know how to fix one when you are doing flips. You will also know what you want to fix and what you want to hire out and be able to talk construction with potential contractors and know the level of effort for various tasks.
Right now you will blow through and waste that money are you do not have the experience to do this job … yet. In a few years you will appreciate it more and manage it better.
And never ever tell strangers that you have $ as each and every scammer will say that they have a great deal. Just say you are starting to learn about flipping to see if its something you might want to do in the future when you have a better background and skill set to do it well.
Real Estate Agent · Southington, CT · Member since 2008 · 5k+ posts · 3k+ votes
6y
@Account Closed I would be wary of anyone sliding into your BP DMs after they see this post. Make sure to vet anyone that comes to you with an opportunity.
Investor · NJ · Member since 2018 · 869 posts · 921 votes
6y
What does your father do? Does he invest in real estate? Has he flipped before? I think what you should do is try and have him mentor you and learn as much as possible about investing before jumping in so deep with other people's money. At the end of the day him lending you that kind of money it is not your money.
Why 3-4 years? What is so signficant about that short of a time span? Cant imagine trying to retire in 4 years at only 22 with soley investing in flips and no other investments to live off. At 22 you have at least 50 more years of expenses to pay. When it's easy to make a quick buck over night it's also very easy to lose it all over night. I think you should be thinking more long term.
My advice is to gain some life experience and keep on learning. Maybe go work a trade for a few years and learn how to estimate jobs accurately if rehabs & flips are your thing. Save up your own money and learn the value of a dollar. Meet other investors and learn from their mistakes. At that point I'd say you'd have a lot better chances of success.
Rental Property Investor · los angeles · Member since 2019 · 12 posts · 1 vote
6y
@Trey Burns I understand 100%.
However, I only want to enter the single family rehab space to build up my personal capital, as the money I have now is only a loan. I then want to enter the commercial real estate space to build up my portfolio for the long term.
Thanks for taking time out of your day to comment on my post in the first place.
Rental Property Investor · Eugene/ Springfield, OR · Member since 2012 · 99 posts · 69 votes
6y
Hey man! Firstly LA is a great place to invest if you can swing the price tags (I couldn't which is why i moved oos). If pops is offering 350k with no interest or anything like that you're in a very good positions because you can leverage that money. Learn how to flip and what the actual expenses are. Get with a flipper who's doing what you want and see if you can partner with him on a deal putting in leg work and sweat equity and if they'll let you do it from start to finish seeing everything involved (finances and all). Track a few properties on zillow or realtor and estimate the value you think they are worth and when they sell see if you were right. If you think they were sold to a flipper go and look them up and meet them. Don't let them know you have access to money but see if you can find them a deal.
Don't worry about how much money you make you're first deal or two because what you're learning is worth millions down the road and at 18 you've got a very long road ahead of you.
just a little math
with 350k if you had a HM/private lender give you 80% and covering rehab costs you could quickly be leveraging over 1.5 million dollars in real estate and turning that several times in a year (assuming your paying cash for properties with the proper margins) you could clear high 6 figures pretty easily (maybe more). but if you don't educate yourself you could lose 350k in a few short breaths.