All Forum Posts by: Robert Hamilton

@Stephanie Trevizo As I am sure you have already heard, Joe Buscaino (councilman) did not like the proposed look for the Johnson Tower as it does go with the historical feel of the area. I can definitely see as others have mentioned gentrification coming. 

@Kevin Lefeuvre Yes, the nix on the SpaceX plans was quite a blow to all that were interested. 

@Jr Trotta Dislcaimer: I am in no way affiliated with the following: Housingalerts.com (Ken Wade) has two videos of the top 50 markets on YouTube. They promote their software and the metrics that go along with it. I must say it's interesting.

I agree with many of the opinions stated here. I have lived and worked in the area for 17+ years. My wife has lived here her whole life. The development itself has been plagued by politics. That would be a while other post. As far as the area goes,it is interesting. The reason being is the closer to the water, the more lower income housing their is. There is a large housing project across Harbor Blvd. and the cruise ship terminal locally known as "The Ranch". Overlooking that is a modern high rise condo building called "The Vue".  Quite a contrast. My daughter attends the charter high school across the street and attached to the Portal Police building. The thing is that the area has tons of homeless. They camp across the way from the new development. There are also many half-way houses and sober living adjacent to the development. The city of Los Angeles and the local councilman have been trying to find alternative means of housing the homeless. Another political fight. Many of the homes in the area are from the early 1900's with lots of charm and character that need work. Also many multi-family buildings mixed in. 

San Pedro has for many years tried to be a destination for locals. It has a nice "bar/pub" scene. After "First Thursday" of the month, the food trucks hang out. Also, as stated earlier, usually two cruise ships a week come and go from here which brings in many tourist a day or two before departure to add revenue to the local businesses.

@Hyunwoo Shin Podcast 310. Jen Bayless and her husband bought first property, did a refi on closing and used that cash to close on their second property at the same time! When there is a will there is a way!

As Brandon Turner always quotes the famous motivational speaker Jim Rohn. He said "If you really want to do something, you'll find a way. If you don't, you'll find an excuse".

Thank you Lance for your advice! Definitely sheds some light on our situation.

Regards,

Robert

Marcus,

Thank you for your response. You gave me a lot of info and things that I did not even consider. At this point, I am so early in the game that I don't really have anything in place; team, capital, etc. I am just now getting hooked up with the local "Out-of-State" investing group here. Great point on the amount of due dillegence required for the vast amount of properties as opposed to a large multi-family. That did not cross my mind!

Thanks again,

Robert

So tonight I was going through Realtor.com and checking out multi-families and come across a listing in which the owner wants to sell two of his properties as a package. While reading the description, it states that the owner would like to sell them as a package if possible; that he/she is selling his/her portfolio. For whatever reason, I check out the tax assessors website on this particular address and find that this owner has at least 50-60 properties. I did count them all. I'm thinking if the owner is selling off the portfolio, this could be lucrative. So, being that I am a newbie, I don't want to sound like a total dunce when I call the broker. Any advice?

My home that I currently live in is owned by my wife's father-in-law (through her mom's marriage to him). He is getting on in his years and placed the home in his trust. It is to be inherited by my wife upon his passing. Our concern is that her stepbrother is shady and could be possibly trying to manipulate her father-in-law to change his trust to give him the home after his passing. 

He has stated in the past that he would sign the home over to us via a quit claim deed. Couple of issues. First is that our credit is dinged up so we could not qualify for a loan right away. Working on our credit now. But more importantly, what tax implications would there be for him if he deeded us the property? Also, I am assuming the mortgage company could call the loan if they so choose.

@Jen W. I will preface what I am going to say with that I am a "noob" here. But I did own a duplex many years ago. It was nice,so when I did have a vacancy I had many people wanting to be a tenant. Meaning if you have a nice property there should be no shortage of qualified applicants. Why put yourself in a position of liability, insurance policy or not. There should be many other quality applicants minus the anxiety of "if/or when an issue will arise" regarding the dogs. If someone gets injured, you are sure to be a defendant whether you are actually liable or not. Why put yourself in that position. Just my 2 cents.