All Forum Posts by: Diya Wahi

Looking forward to this month's meet up. See ya'll soon!

Quote from @Zach Herbert-Burns:

Hi BP'er. I am new to investing in RE and am in the process of starting an LLC for our first big RE deal. I need to put an address in the paperwork to start the LLC and want to put a PO box or UPS mailbox as the address. BUT, in order to open one of those I need the date the LLC was registered. It seems like I need the LLC started to open a PO box but I need a PO box before I can open my LLC with the State. If I put my personal physical address down in order to open my LLC can I change my business' address later on? Any advice? Thanks!

In California, you need to choose a Registered Agent to put on record for the LLC. It can be you (a member of the LLC) or another trusted entity like a lawyer or CPA. But that registered agent still needs a physical address. Perhaps googling the rules for your particular state will give you some clarity?!

Quote from @Nikki Nicole:

Does anyone know where I might be able to find some reasonable land in good areas. Would the MLS be a good place to start ? Just want to start out and I believe land is a great investment. I would appreciate the help if possible.

Hi Nikki! I believe the MLS is a good start. But I would also seek out some local Real Estate Investment Groups where you can talk about what you are hoping to do. Another potential option is reaching out to the city/county you live in. I just learned by county, Orange County, has the 2nd largest land owner in the area. So if I wanted to purchase land the county would be a great resource for potential deals.

Quote from @Peter Lin:

Can I earn the commission if I buy a house for personal use under my inactive real estate license?  TIA

 The short answer is no. You will need to hang your license with a broker. If you have a relationship with a broker that will allow you to hang your license with them for a small cut could be your best bet. Otherwise, you will need to look at one of those brokerages like RealtyOne or EXP that have minimal fees, no splits, etc. to hang your license. Good luck!

Quote from @Morgan Menees:

Hello! I have been considering getting licensed for a while now and am ready to get started. I was wondering if anyone has any advice as to what I should be looking for and/or avoiding during this process? I have heard tons of mixed information about the industry and would love a little bit of guidance as I try to navigate this next step. Thank you!

 Hi Morgan. What kind of questions/concerns do you have? It's a great industry to be a part of. But it can also be a bad fit for someone that gets their license with unrealistic expectations. Let's chat and hopefully I can help with your curiosities.

Quote from @Sam Bob:

Hi everyone, I'm a junior in high school (16) and finance is one of my hobbies. Right now I'm just learning everything I can about real estate before I start to house hack in a couple years. I currently have about $5,000 saved up from my part time job. Does anyone have any recommendations for how to make more money to save up for a down payment with an FHA loan? Any other tips for when I finally hit the real estate world? Thanks!

I am very impressed. I am a Realtor in Orange County. You are on the right track to be prepared to buy your first place in a few years. As for making more money...Maybe reselling/flipping items in your house. Baseball cards, technology (TV, cameras, etc). Go to Ebay and see what items are doing well on the resale list to get an idea of what you can sell or flip. You can also go to garage sales to buy popular items that will resell for more on ebay. Or work a side job after school. 

Good luck!

I am an agent and look forward to negotiating my own deals down the road. But I also understand I have zero experience in the role of investor. It would be wise to work with that agent for your first few deals. She has valuable experience and connections that will help shorten your learning curve. I would also advise you to be up front about your future plans. I'm sure she will appreciate the honesty and still be willing to work with you on your first few deals.

Good luck

Quote from @Berdine Ramos:

We have a rental opening up Nov 1, and have one applicant with a credit score of 790 offering to pay the full years rent up front. Red flag?

Thank You

 You and I live in the same general area. Paying up front has become more common in this part of Southern California. I also agree with the advice that you proceed with caution while screening the prospect. But I think this is normal now for LA/OC. I was helping a client look for rentals in Irvine a few months ago and many of the renters we were up against had the ability to pay 1 year up front (approx $60,000).

Quote from @Jonathan R McLaughlin:

wow, I have no issues with counties/towns regulating business entities, which is what strs are, but that is a pretty hostile ordinance. Might be easier to build an adult book store :)

I hope they find a middle ground because it will be a great model for other counties and cities to model with STR investors.

Short-term rentals have become so popular. And many cities are banning or restricting properties being used for STR. My personal belief is that this will set a precedent other STR owners can follow. What are your thoughts?