All Forum Posts by: Robert Reynolds

Hi Roger, 

Welcome to BP. Ken, to answer your question there are still ways to make money in SoCal. If you can combine a live-in flip with a househack, you can buy properties that don't pencil out for traditional flippers and gain equity while not paying rent to a landlord. There are a handful of properties that could work for traditional, but it's usually 3-4 unit properties around $1.2 million. Would love to hear what everyone's strategies are. 

Hi Skylar, 
Welcome to BP! I house hacked my first house to help me save for my next. I strongly recommend it. David Greene is a huge proponent of it also and is how he started investing also. It's a great way to lower your housing expense when starting out. Would love to connect and share my story and help you however possible. Please reach out if you would like. 

Take Care,

Robert 

Hi @Christopher Caldwell, 

If you are currently renting, my suggestion would be to buy a home for yourself and house hack it/live in flip. The appreciation (Forced and Natural) you will gain out here in LA will more than likely trump any "cashflow" you will find out of state. That is what I have done and will continue to do out in LA as long as I live here. If you do already own out here, you could look at renting that out and buying another one and repeating the process. If that is not in the cards, you are in the right space to find advice about markets outside of California. Please feel free to reach out if you'd like to talk further.

Take Care, 
Robert Reynolds

Hi @Jack Elliot, 

I second everything Nicole said. I started in a similar scenario when I was 24 my father passed away and left me about $30k and I had saved up another $40k and bought my first house where I house hacked before that was a term. I had friends of mine that were still in college rent the extra two rooms and it paid 2/3's of my mortgage. I was a little easier with prices being lower in 2009, but is still possible today. I would love to connect and see if Pasadena/Los Angeles is the right choice for you. Seems like you have two solid options, and having options is always great. I know my pops is proud that I've multiplied that $30k several times overs and was able to by a house, a dream he was never able to fulfill. Owning real estate and being financially stable will open many doors for you in the future. 

Take Care, 
Robert

I recommend start by buying a home, living in, fixing it up and renting out extra rooms to friends. I did this when I started out and sold that home to buy my next. My biggest regret is selling that home, I wish I had found a way to keep it. Please reach out with any questions, and I hope to see you at a meetup one day. They are great ways to meet other investors and pick their brain. 

Mike,

Being an agent could be a Realtor could be great for you, just depends on if real estate and sales is your passion. I love it, and have been doing it for just over 2 years out here in Los Angeles. I also have a w-2 full-time job, but working on a team has really helped me learn fast and grow faster than if I was on my own. If you have a mentor that can guide you and give you his business one day that could be a great catapult. In my 2 years in the business I've seen several agents falloff because it can be a tough business. I would recommend doing alongside your other job while you start out, because for most agents, you won't be selling as much as you think, and having the safety net of another job is great. Just make sure you have support, and other agents that can help out when you can't show a home or be at an inspection. Feel free to reach out to me if you have any questions. I love being a realtor and am glad I made the leap!

Hi Pauline, I think flipping is a great way to make money out here in LA. Would love to connect and see how I can help. I work with several flippers out here and it can be tricky to find the right property to start with. It’s hard to point you in the right direction without first hearing more about your goals, timeline and budget. Would love to help in any way. 

I look forward to meeting everyone at the meetup. Please register at the meetup page so we know how many to prepare for. Thanks!

 Hi Marco, 

I am currently finishing up my ADU, and with construction prices these days, I would recommend renting out your current primary house and buy a new one. There are definitely pros and cons of each. Let me know if you have any questions or would like to talk further.