All Forum Posts by: Joseph M.

Griffin McKisson That is great that you want to invest in real estate at your age . If you start investing in your 20s consistently you can have paid off rental properties in your 50s or earlier and a nice retirement . I think you have gotten some good advice . Pursuing a trade can lead to a high income. I know a plumber that recently retired from six figure job working for the county and has had his own plumbing business as well and now seems to be busier than ever . He has a nice house and lifestyle as well as great pension and other investments . That’s up to you if it’s the path for you . Getting a license can be a great tool if used properly . You mentioned that you are limiting your work hours so that you can eventually work with clients during the day but how about pursuing a real estate industry job instead ? Something like this seems like it could be good , they pay a base salary plus commission . On indeed Entry Level Real Estate Sales Homestead & Co Realty Oklahoma City, OK Base salary 24k year plus commission If you type real estate in indeed and your area you’ll find several others . Or Working for a property management company would teach you about managing rentals . Sometimes there are local investment companies investors, flippers looking for assistants etc too this could be a good opportunity to get paid to learn and gain hands on experience. Best of luck

Haven’t done a BRRRR but I view BRRRR more about acquiring property quickly rather than bringing in a lot of monthly cash flow . I know David Greene says BRRRR allowed him to go from buying 2-3 properties a year to 2-3 per month . But he’s not relying on the properties for cash flow it doesn’t sound like as he does well a real estate agent . If you can buy a property fix it up rent it then pull your money out you are basically getting a “free” property ... well your tenants will be paying it off for you over the years . Also over time historically in most places rents are going to go up and properties appreciate over time .

Cassidy Burns glad you got through it. What was the unit located in ? Is it a tenant friendly area ?

Dan Heuschele yeah it seems kind of complicated but there are some loopholes I guess . I guess it’s a nice little cottage industry for the lawyers too specializing in these types of evictions etc . Yeah it seems the insistence on developing low income housing means that there is a lack of redevelopment in general . They say they want more housing built but they make it difficult and costly to build . I remember reading an article about these people that had lived in echo park forever in a rent controlled apartment and the property was going to be developed into small lot homes. Not sure if you have to build affordable units when building those though , maybe . I notice a lot of the new larger developments mention they have a certain number set aside for low income housing like 10 percent or something it seems , I believe the developer gets a low income housing tax credit for building it .

Caleb Rogers yeah I know that is a high income area so there doesn’t seem to really be many run down homes. Seems like everything is kept up and updated mostly. Even in the valley it’s tough but you do see run down places but all those deals seem to be off market now.

Originally posted by @Ivan Barratt:

@Caleb Heimsoth I started with house hacking a duplex on fha financing. I now own about 2,000 units and growing. If I had a time machine I would have a house hacked (add value, refinance out of fha) and moved to another house hack (use fha again, add value, etc) as many times as possible before settling in on a home for the family.

 I bought a live in flip in 2010 and sold last year.,but I was thinking the same thing. I should of done something similar. People should take advantage of strategies like that when young and single. Congratulations on owning 2,000 units  !

Originally posted by @Randall Krongard:

I’m returning to California after 10 years out -headed to the Bay Area and working for a group in the tiny homes business - key from what I can tell is people willing to have people live on their property and the local governments easing up on codes etc

 I hear the tiny homes business is BIG business...  (pun intended) 

Juan Escarcega I know last year the city passed something to supposedly make it easier to legalize illegal units due to the housing shortage but not sure if it would apply to your unit and you may have already heard about it , here is an article from last year http://www.latimes.com/local/lanow/la-me-ln-illegal-apartments-20170510-story.html Are you able to rent the vacant unit on Airbnb in the meantime to bring in some rental income ? On the plus side prices have gone up in L.A especially the south la area since last year it seems so if you did sell hopefully you wouldn’t lose money after transaction costs .

Seth Borman interesting idea about converting large studios to 1 bedrooms.. I don’t think I’ve heard of someone doing that before , have you done this before ? What does it usually cost per unit . I guess the thing is it seems rent control tenants rarely move especially if they are getting such a great deal . Seems rare to find buildings with that many vacant units in L.A

Hi Renee Harris I’m in L.A as well , are you looking to buy notes on properties in Los Angeles or just in general ? There is a BiggerPockets forum on notes and tax liens too if you haven’t checked it out : https://www.biggerpockets.com/forums/70-tax-liens-notes-paper-cash-flows-discussion