All Forum Posts by: Joseph M.

Originally posted by @Danny Allegra:

To clear statement, there will be little to none noticeable bump to residential in LA. Bump right around Staples for businesses

 Yeah.. I don't see there really being a way for the average person to really profit on it. I could see L.A live restaurants/bars maybe doing better and probably good for AEG...owner of staples center/L.A live.. AEG is a private company though  so can't even buy the stock in it. Even so Staples Center  is just one of their many investments. 

@Matt R. , yeah I do wonder how they come up with that figure in terms of jobs/economic impact.. I guess if he keeps buying more mansions in L.A it'll keep his real estate agents  making good money too! But L.A is a much bigger economy of course so I could see it being a bigger loss for Cleveland. Kind of like if Amazon's new HQ came to L.A it wouldn't be as huge a deal for L.A as it would for a city like Cleveland or Detroit. 

I always do find it kind of interesting when these celebrities buy multiple homes in the same area. Brentwood is a very nice and exclusive part of L.A though. 

I've been noticing some celebrities that buy houses and then they list them for what might be break even or a loss even after paying real estate commissions/closing costs, property taxes ,maintenance over the time they owned it.. .and that's not even taking into account the massive amounts they likely spent on renovation. Of course the media headline makes it seem like they are flipping the home. I'm thinking might be some kind of tax strategy to it?.. 

The general market average homes have gone up a lot, but the luxury market is a lot different it seems. 

17 mins from Inglewood with zero traffic maybe haha, sometimes it can take 30 mins or more just to get on the 405 from brentwood...although haven't been around that area for a while during rush hour..used to commute from there to the SFV and with the construction and traffic on sunset would take forever just to get on the freeway.

@Peter Hanson...yeah nothing really cash flows in the whole SoCal area from what I've seen..plus there is strong rent control with the threat of it becoming stronger on the upcoming November ballot. 

Might be an opportunity to cashflow renting on airbnb ....but of course L.A and other cities have been 'cracking down' on that too..

Gorden Lopes I’ve just been looking at the market recently. The current and growing tech industry seems like a big positive . Education level is high there . Looks like a lot of new development too . Mid city Huntsville is a big one that is a $350 million project . Are you buying SFH there or multi family ? What kind of cap rates are you seeing ?

Congrats , looks real nice . Nice to see when a flip in L.A is posted here since although it’s a huge city it seems rare to see people post about flips they have done here . Was this a deal you bought off the MLS or off market deal? . If off market , Do you do your own marketing for leads? Looks like everything took 6 months, is there anything that could of been done to reduce this time ? Were there a lot of delays dealing with the city ?

Ben Howard Oh ok that makes sense in that situation . Once a month or more is pretty frequent . Yeah those are good points regarding insurance coverage. Speaking of that in general do you need a certain insurance policy on your personal vehicle as an agent , like a commercial policy that covers one when driving around clients? Something I hadn’t thought of before.

Ben Howard just curious how often do you need a 7 passenger vehicle ? Is it like a couple times a year or more like once a month or more That does make sense some people might bring kids along , but I would think there would be some notice if bringing several kids and one could rent a larger vehicle for the day ? Guess it depends what area one is working if it’s more suburban or urban . In L.A it can be a pain parking larger vehicles . The Honda Pilots are nice though .

John Sauber In L.A when there weren’t really other hybrids or electrics available a lot of wealthy people and celebrities would drive the Prius as a “statement vehicle” I remember Leonardo DiCaprio and some others would drive them around . Doing their part to save the environment and then hop in their private jets !

Hi Andrea Barbee , I am in CA as well . I know this topic has come up quite a bit over the years . Everything I have heard is that as long as you disclose you are licensed there is not an issue being an investor . You also have to work under a broker though so you’d want to be upfront about your investment plans prior to signing with them. I have never heard the thing about having to pay 70 percent value for a house if you are a licensed agent, it sounds like a myth . Basically from my understand , if you are buying a home directly from a homeowner and you are licensed you have to make it clear that you are not representing them in the transaction. I haven’t heard anyone ever mention that they lost a deal due to being licensed . I’ve also heard people say that they feel being licensed gives them more credibility, this does make sense too . If you are targeting properties on the MLS being licensed could be a big benefit as you could see the properties quicker and write your own offers without having to rely on another agent. There are costs to keep in mind but one decent deal should pay for several years of costs at least here in California .

Thomas Ayres What amount did you spend on rehab on the flip ?