All Forum Posts by: Lee L.

@Chad Duncan Dang, you must have a fantastic lender to score 3.25%. I have great stats, but I wouldn't get anything near that. 

Am I just missing the boat? Or are a bunch of people getting such good rates? 

@Anson Young Did you buy this with no contingencies? I was looking at a hoarder house in L.A. a few months ago. But there was so much trash that it would have been impossible to do inspections. 

Very impressive. So much so I shared it on my FB. Would love to do something like this sometime down the road. 

@Ewa Reza 

I agree with you in saying that downtown area has a lot of potential. I'm heavily looking into areas all around downtown, in every direction basically but more northeast and east. Thus Chinatown would fit this bill perfectly. But where are these Chinatown SFR's you are referring to? I haven't really seen much listed on the MLS at an affordable price point. Are you talking more along the lines of Lincoln Heights?

I'm wondering if there are still a lot of people in the Chinatown SFR's from way back when, and they just need someone to knock on their door and put their house on the market.

Lee

Welcome to BP @Tony Chen . There are deals here in socal. As @Karen Margrave mentioned, although CA doesn't cash flow as well, it's a very high demand area, which provides opportunities for appreciation. And because of L.A.'s quirks, there are many opportunities for 'forced appreciation'.

Let me know if I can help answer any questions for you. I bought a small MFR last year near downtown and it's worked out pretty great so far.

Are there certain areas you're focusing? 

@Liz Habibi Welcome to BP. Nice to see you're interested in the foothills area. I grew up in Claremont. I definitely think those areas you suggest have potential especially with the gold line. I might also tack on Chino Hills, San Dimas, Baldwin Park, western Cucamonga. We should connect at some point. 

How much do you guys recommend spending on each machine (washer + dryer? From what I've seen, there are $300 machines, $600-$800 machines, and $1000+ machines. Does it even make a difference if you buy the more expensive machines for a rental? 

Ever buy used machines off craigslist? More trouble than they're worth? Any appliances to avoid buying used? 

@John Malahay @Anthony A. Do you guys know if there is rent control in those area? Bellflower, Santa Fe Springs, Whittier, Norwalk, Pico Rivera, Downey, etc.

I work in Santa Fe Springs and have thought about buying income property near my work. 

@Josh Prince Thanks for your help!

Thanks@Josh Prince  Now that's we're no the topic, are 1-year or 2-year leases with an additional stipulation saying that the lease will not go MTM after it expires, enforceable? I heard no, and that's just what I've always assumed.