All Forum Posts by: Kevin Phu

So, I live in Oxnard, CA (Ventura County) and there has been a huge spike in crime this year. Since Jan 1, there have been 9 shooting homicides (pretty much all gang related), 15+ shootings (most appear to be gang related from initial investigations), and a bunch of car thefts (had a recent one month stretch that had 25 thefts).

I'm sure this will affect the local market a but as potential buyers would see this and be turned off right? Are there any VC investors that can shed some light on this from their experience. Other investors from different areas are welcomed to share their experiences too if they've had to deal with a local market like this.

Would this trend (unsure if it's short term or long term) cause lots of people to sell quickly just to get out? 

Would that open opportunities to acquire property for below retail?

Is it even worth looking for properties in this city?

Thanks!

I'm a baller...shot caller...20 inch blades on the Impala.

In reality when I'm not dreaming, I am an Electronics Technician that does testing and evaluation on the US Navy's Aegis Combat System for the Dept of Defense.

Hey BPers! I know this is the LA county forum but it's the closest one to Ventura county. Hopefully I'm able to post my question here!

So, I live in Oxnard and there has been a huge spike in crime this year. Since Jan 1, there have been 9 shooting homicides (pretty much all gang related), 15+ shootings (most appear to be gang related from initial investigations), and a bunch of car thefts (had a recent one month stretch that had 25 thefts).

I'm sure this will affect the local market a but as potential buyers would see this and be turned off right? Are there any VC investors that can shed some light on this from their experience. Other investors from different areas are welcomed to share their experiences too if they've had to deal with a local market like this! 

Thanks!

 This was something another BP member made me aware of as well. I haven't looked into this much yet but I did see that the city you register in may allow you to drive in surrounding cities as well. I'll have to look into the details.

I don't see driving in my local city being very profitable so it would either be Los Angeles or Santa Barbara.

 I'm willing to commit to purchasing this asset for personal use that I will also use as an Uber side hustle when able. 

That sounds like a good business model. I don't intend on getting into the rental car business though. Who knows, maybe that will change in the future. As of now though, I have a stable/well paying job and only intend on doing Uber as a side hustle to further my REI capital building.

@Jaclyn Peyton @Elizabeth Wilson @Jason Chen @S. J. (won't let me tag you) 

Thanks for the thoughts and suggestions.

So, to be clear, I wouldn't be purchasing this vehicle solely just to Uber. As mentioned in my OP, I had already considered purchasing a second vehicle that was gas efficient that I would use as my daily driver. Uber would be a side hustle to piggy back off of the purchase. 

As for trading in my current vehicle, no dealer is going to take it in it's current setup. The cost, for me or dealer, of putting it back to stock would not make economical sense. 

I could sell it in a private sale but I would probably do that after getting the second vehicle. Don't feel like juggling the two transactions to make sure that I don't have a lapse in transportation because I do have to go to work.

As stated in a previous post, I am in no position to get into REI with the exception of education. This is not necessarily due to finances. I've set an easily obtainable goal of paying off my $9k in CC debt in less than 12 months. The big reason for not being ready is that I just made a huge life transition (active duty to civilian) so I am still trying to get my day to day life all sorted out. Also, because I just started a new job (that also involves almost 60% travel), multiple banks have already told me that they need me to have a longer work record for my current job for a mortgage loan (conventional and VA).

Overall goal for the next 12 months

-Pay off CC

-Establish work history at current job

-REI education

-Build capital (Uber would aid in this goal)

 My toy doesn't cost me anything besides gas and insurance. I have been considering getting a 2nd vehicle anyways as a daily driver. Even if I felt like taking the entire month off from Ubering, my finances would not be squeezed one bit. 

My current car does fine as a daily but I'm just seeing if getting a more gas efficient daily could bring some benefits. Looks like it does. Unless I'm missing some points...which is why I have you guys! :)

@Justin R. Definitely crossed my mind!

@Dan Krupa I currently have a government job that pays very well. I intend on using the pay as a strong and steady source of capital for my future REI.

 Definitely would be an option seeing as I'm somewhat near it! How frequent were the ride requests? I haven't been up there before so I don't really know how busy it gets there on a typical weekend night.

 Does not include gas but on average it costs about 25-40 per day depending on how much time is spent driving. Downtown areas are very hot for this service for obvious reasons and price surges add a nice bump to the income.