All Forum Posts by: Daniel Y.

What are the banks you tried? I'm curious.

@Chris Tran

I work in Irvine, so we can meet up after work. Also, a lot of the meetups are in south OC like Irvine, Lake Forest, etc. We can talk about those if we get together before one of the meetups.

Hey Chris,

Glad you are going to become more active. It's never been a better time to try to network in OC, there are so many meetups and resources in the OC and LA area. You can find them on Meetup.com. Also feel free to reach out to me to talk. I currently foucs on DFW, TX and looking to expand out to a couple other markets. Looking for large apartment complexes and repositioning, not easy so I do flips and development to build up capital.

Daniel

 Yes, I can vouch for the Santa Monica meetup hosted by Jeff Greenberg. It is hit and miss depending on your goal and what you are focused on already. However, there are lot more experienced investors at that meetup compared to a lot of the OC meetups I have gone to.

Hey @Philip Eaton,

I recently did one in TX, and I live in OC, CA. Let me know if you have any questions as the TX market is starting to look more and more similar to our market.

Daniel

I have seen many of these post before and had a chance to think about it. I would definitely buy. I saw that Dave Ramsey quote in the beginning, the poster mentioned that Dave said that owning was the 3 worse decision regarding how to acquire a car. Not too sure what Dave means by that, does he mean not owning a car at all? Terrible if that's what he means as we use it for both transportation and convenience (trying carrying all your stuff on the city bus, taxi, or Uber).

If you want you can check out AutoGravity, it's a car buying platform like Better is for mortgage. It can at least get you started with the model you want, dealerships around you, and approval for financing to avoid the haggling and wasting time at only one dealership.

Hi Ben,

Great that your area is appreciating, but rent not being about to catch up in proportion and heavy competition in the rental market is common here in SoCal as it is in the growing areas of DFW (I invest in DFW so I understand your problem, on top of living in a peaked real estate market).

I am sure you have thought about this before, so really there is no much options on the hold side. There are some little things that you can do like turn it into an AirBnB or corporate housing where you can charge more. However, then you have to follow any local regulations regarding that (we have that here) and you have to account for cost and time invested for the turnover. Overall, then it becomes a more hands on business, which may not have been your intent. You want to check the market if it is strong for that and if you will hit your targeted goal with that strategy.

Cashing out is a good way to go, probably look into doing a 1031 to maximize your investment. However, I'm sure you know there is a lot of work involved with no only trying to sell and find a new property, you will now need to need follow procedures to make sure your 1031 is completed correctly.

Overall, it depends on what you want. I've heard story of people who held onto a buy and hold, complained about negative cashflow from raising cost and rent not adjusting to how they like it non-stop, but also doesn't want to sell because they like the appreciation (dead equity as some may call) and find it a hassle or just don't know what to do. Don't be that guy, you are just bring unnecessary worry and a negative loop thought process to your life. At the end of the day, just pick the strategy that best fits your personality, execute, make the best of it, and live with it.

Best of luck to you! Feel free to reach out if you have any questions and I'll see what I can do for you.

Daniel

-Ron Swanson

Hi Moustafa,

Have you visited some of the local meet ups? Those are informative and you will find people that invest locally. I do most of my investing out of state, however I was looking for a property here to do a live-in flip so we can talk a bit about that.

Let me know if you are interested in the meet ups. I also go to one in Santa Monica, bit of a drive but there are a decent amount of experience people there compared to most of the other ones I go to. @Roli Prasad looks like you are pretty close to Santa Monica, you might be interested in checking that one out if you have never been, let me know if you want more info.

So I assume you are looking to househack in Riverside, CA, based on the info provided. Did you have sale comps pulled and what do they say? I'm asking because 1% rules doesn't really apply here in CA. Don't get me wrong, I understand there are sub-markets and OC is different than Riverside county. However, I do know Riverside felt the impact of high value increase from their OC and LA county neighbors. Unless you are deep rural area of Riverside, the seller may not be over asking, at least not by a lot. I will need more information to draw a better conclusion and for all of us to help you.