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All Forum Posts by: Derek Smith

Derek Smith has started 2 posts and replied 7 times.

@Tim G.

I would like to commend you on your own awareness of privilege on this issue and seeking to do your part to make a difference. I’d love to connect with you on some future ideas on this front.

In all honesty, I saw this topic and was almost afraid to walk into the room and read the responses I expected to find. I must say that I am pleasantly surprised to see thoughtful dialogue. There are some responses that completely miss the mark that I won’t entertain but instead offer a suggestion.

If you want to understand what systematic racism and oppression has meant for the black community, I highly suggest you read The Color of Money by Mehrsa Baradaran. FHA loans were introduced in 1934 and propelled working class white Americans into the middle class. Black Americans weren't able to take advantage of these loans until 34 years later in 1968.

I personally find it offensive when neighborhoods are looked down upon as “war zones” when they were designed that way to keep the poor contained within. I likewise understand why investors avoid these communities and therein lies the problem. Nobody invests in these communities until they becomes the site of redevelopment because location, location, location. The reason gentrification is looked down upon is not because of the redevelopment and all the new amenities coming to the area. It’s the fact that the poor people who’ve lived there for generations as renters finally getting an opportunity to have nice amenities and safe neighborhoods. How ever they immediately get pushed out as rents price them out of the neighborhood as it begins to turnaround.

What am I doing? Currently educating myself on investing with the ultimate plan to develop a mentorship program and teach investing. My wife and I own our home in Los Angeles but come from two different backgrounds. In recent years, my wife has made me aware of my Black privilege. I grew up in a stable home in New Orleans with both of my parents.

My wife grew up in south central Los Angeles in the 90s. Her father went to prison for 17 yrs when she was about 8 yrs old. And her mother, with a high school education, was left to raise 3 children. My wife’s uncles (her dad’s only two other siblings) also did time in prison. Her uncle (mother’s side of the family) also spent decades in prison and her aunt (mother’s side) has been a drug addict and prostitute her whole life. How did these obstacles affect her? She had a natural love or learning and it sheltered her from what was going on around her. She earned a full scholarship to college, went on to get a masters in communication from The University of Southern California, received her J.D. from Southwestern Law School in LA, and is now a licensed attorney working in entertainment.

Our stories are vastly different but I’ve recognized how fortunate my childhood was compared to hers. We have two children, 4 and 2 who will reap the benefits of our hard work. However it is absolutely our responsibility to give back to the communities we came from. We currently work with a nonprofit that does outreach here in South Central LA. Our kids are right there with us so they can recognize their privilege at an early age and know it is their responsibility to help others.

Hi, I recently read a post by a BP User who mentioned the use of a Speed Equity System. I had never heard of this so I did some research on the subject and it took me to the creator Harj Gill's Speed Equity Website. I purchased his book, Own Your Home Years Sooner and Retire Debt Free and just completed it. While I find the concept interesting, I'm hoping to get some feedback from BP Users who may be using the system to get thoughts on if the system is working for them.

For the life of me, I can't recall the post where the BP User mentioned it otherwise I'd message the individual directly. I appreciate any feedback good or bad. Thanks

Post: Southern California ADU (SB-13) granny flat

Derek SmithPosted
  • Los Angeles, CA
  • Posts 7
  • Votes 14

@Boris Suchkov the structure isn’t tall. I’m not sure the actual height but it’s what I’d suspect to be a standard height for a detached garage. I’m not

looking to build an ADU on top of the garage. I'm going to stop by DWP and look into this further and as suggested i will stop by and try to talk with the contractor working on the one on my block. I'm curious if it's being constructed with permits or not.

Post: Accessory dwelling units

Derek SmithPosted
  • Los Angeles, CA
  • Posts 7
  • Votes 14

@Paul Skikne Hi Paul, have you had an recent success with ADU conversions with existing garages in LA? We pursued this in 2018 and were denied by DWP due to existing power lines that run parallel to our property line and directly about the garage. I'm in south central off 92nd and van ness and curious if the new changes would be more favorable for our conversion.

Post: Southern California ADU (SB-13) granny flat

Derek SmithPosted
  • Los Angeles, CA
  • Posts 7
  • Votes 14

@Robert Geiser

Hi Robert, in the spring/summer of 2018, my wife and i worked with a contractor to turn our existing garage in LA (south central area) to an ADU. The process took months and ultimately we were denied by Dept of Water and Power. The issue was the fact that these homes have been here since the ‘40s and have above ground power lines that run parallel to our rear property line. DWP denied the conversion due to a dwelling (ADU) being directly beneath the power line. The concern is if a line fell, it would likely fall on the newly create residence and start a fire.

Just this week, I read that Gov. Newsom signed something to make the process easier but i haven't had time yet to see if it would now allow our conversion. I did notice a house on my block that is currently gutted and being renovated also has what I'm 99% sure is a new ADU going up in place of the garage. I haven't caught the contractor yet to ask if the restrictions have been removed but the same line that runs over my garage, runs over that property.

Post: From teacher to 10 units in 10 months!

Derek SmithPosted
  • Los Angeles, CA
  • Posts 7
  • Votes 14

@Sammy Lyon Wow and Well Done! It’s great to hear these success stories as my wife and I are preparing for our first opportunity. As many have said before me, meeting up with others in LA to expand my knowledge and shoot ideas would be awesome. Plus i like beer and sometimes brew my own.

However, it’s your day and enough about me. Cheers to your victory!

Post: New Member in Los Angeles

Derek SmithPosted
  • Los Angeles, CA
  • Posts 7
  • Votes 14

Hi, my name is Derek Smith and I'm a new member of Bigger Pockets. I live in Los Angeles with my wife and two kids (4yrs and 2yrs). Im born and raised in New Orleans, Louisiana. I found the website and forum after recently finding the podcast while seeking education in future goal of locating multifamily (2-4 unit) rental properties for monthly cashflow. We purchased a home in South Central LA at the edge of Inglewood (approximately 2 miles from the LA Rams Stadium Development) two years ago. With the appreciation on our personal home we intend to pull some equity in a cash out refinance. We will be looking for investments in the New Orleans Area as the properties vastly contrast in price with those in LA. I've learned so much in the newer episodes of the podcast that I've take the task of starting from episode one to learn it all. I look forward to interacting with members and continue to learn from your vast experience. 

My first question as a newbie may be the easiest to answer (I hope). Since becoming a member my email has been bombarded with 30+ emails per day as notifications of forum posts. I've gone to my settings and tried to turn off most of these emails but the changes won't save. I've tried to adjust the settings on my iPhone, iPad, and laptop but none will save the settings. I'm almost to the point of wanting to unsubscribe from the emails but don't want to miss some of the other relevant emails of webinars etc that I may be interested in. If anyone can assist, I'd appreciate it.