All Forum Posts by: Albert Gutierrez
Albert Gutierrez has started 25 posts and replied 67 times.
Post: Tired of waiting!!! I think I'm just going to go for it
- downey, ca
- Posts 70
- Votes 13
Originally posted by @Todd Rasmussen:
Impatience and desperation are both terrible business partners.
Very True, great advice
Post: Tired of waiting!!! I think I'm just going to go for it
- downey, ca
- Posts 70
- Votes 13
Originally posted by @Jon Schwartz:
@Albert Gutierrez, I commend your enthusiasm but also advise a little caution!
I don't think the bottom's gonna fall out, but I do expect prices to decline sometime in the next 12-24 months. Right now, our economy is being propped up by a huge amount of stimulus. The hope/prayer is that a vaccine will suddenly emerge and the economy can just restart, but that's not very realistic. Eventually, additional unemployment benefits will end, the foreclosure moratoriums will end, and some people are gonna lose their houses. When that happens, prices will dip.
Will they crash? Will you be screwed if you buy a house today? I doubt it.
Can I ask a few questions to tailor some advice your way? Are you looking to buy just to stop paying rent? Are you planning to househack a house or a duplex, something like that? Are you looking in Downey? Do you have the down payment you need for this market?
Best!
Jon
Great Advice, here is to answer your questions:
Can I ask a few questions to tailor some advice your way? Sure
Are you looking to buy just to stop paying rent? Both to stop paying rent and to get some equity going, also taxes purposes
Are you planning to househack a house or a duplex, something like that? Yes
Are you looking in Downey? Anywhere in Southern California or possibly Out of State
Do you have the down payment you need for this market? I have some money for an FHA Loan in Cali and maybe a 20% in a different state
Post: Tired of waiting!!! I think I'm just going to go for it
- downey, ca
- Posts 70
- Votes 13
I think I'm just going to jump in the dragon's mouth, I live in the Los Angeles Area and I'm tired of waiting to see if the RE market dips or drops, should I just jump in and if I get burned I will learn from the experience? What would you do if you where in my shoes? newbie investor anxiously trying to get out of rent and owning property on an over-evaluated city of California
Post: What does everyone think of the current market?
- downey, ca
- Posts 70
- Votes 13
Originally posted by @Rachel S.:
I felt like the market was cooling off before the pandemic hit. I have been paying close attention to the multi and single family market in my target area (LA County - mostly on the coast from Santa Monica to Long Beach) for the past 2-3 years. I feel like 2017-2018 was the high point. Now, people are listing at those same price points and properties are sitting for a long time. The buyer may withdraw the property and relist it a few months later (at the same price or with a ridiculously small reduction) to make it appear to be a "new listing" but if you look at the history, it's still been on the market on and off for months. I see a few properties go into escrow as "Active under contract" but then they fall out because the buyer can't get financing. From what I can see, only a small percentage of properties are actually selling, relative to the number listed.
We are around the same area (LA here) so this caught my attention because I also noticed a pattern on a bunch of re-listings for the same property with (as you mentioned) ridiculously small decreases on the price.
Post: House Hacking in Orange County, CA
- downey, ca
- Posts 70
- Votes 13
Hello Hannah, we are in the same boat, new to RE and investing, CA is a touch market have been looking for 1 year and haven't found anything that was worth investing in. With the COVID-19 causing some major disruption on the economy, I'm wondering how it will affect prices and RE in general
Post: What does everyone think of the current market?
- downey, ca
- Posts 70
- Votes 13
Wondering what is everyone's opinion on the current market? It seems that RE prices are the same and nothing has changed
Post: What does everyone think of the current market?
- downey, ca
- Posts 70
- Votes 13
Wondering what is everyone's opinion on the current market? It seems that RE prices are the same and nothing has changed
Post: What does everyone think of the current market?
- downey, ca
- Posts 70
- Votes 13
Wondering what is everyone's opinion on the current market? It seems that RE prices are the same and nothing has changed
Sorry to hijack your post, Also from CA and also new to investing, trying to find people to partner with, if you want to connect let me know
Post: Is wholesaling legal in California?
- downey, ca
- Posts 70
- Votes 13
Great info, just to recap what everyone said and to make it in simpler English:
-Wholesaling in CA is not illegal by definition, but there is a small gray area where you have to be careful in terms on how you approach the seller and how you assign the contract
Now for the questions:
-Do wholesalers create their own contracts for assignment?
-Where can one create or buy these documents in order to start wholesaling?
-What legal documents if any do you need to have in order to protect yourself during a transaction?
-Any advice for someone starting out?