All Forum Posts by: Tim Ryan

Hi Janet.  Welcome.  I had a similar story years ago as I was looking for another, and even multiple, streams of income. I first thought about coin op laundry, then other things. I landed on real estate and it's been an amazing journey. So glad I did it. I'm also in LA and although I do developments in LA, I only invest in rentals out of state. Let me know if you want to connect. You mention looking for a mentor. I mentor some, not many, investors.

Hi Jonathan,  I think option 2 is best but I don't see why you need to save and wait. You can start investing now if you can put 5% down and $30k rehab.  Many rentals won't need any rehab.  I think there is a push for new investors to see themselves living in a home they own. Why?  Make money first, build assets - the banks will love that later when it's time to settle down and buy a home for yourself (and family?).  But since you are in LA (like me) you will have to buy out of state.

Pablo,  In my opinion, you should be looking to invest in rental properties and not buying a primary residence that will become a rental later. This is because a $1m property in San Diego will not have positive cash flow but your cash could get enormous cash flow when placed in specific rental properties in growth areas that are still at lower prices.  

For multifamily and syndications check out RE Mentor - David Lindahl.  I did his program and syndicated several properties and have own over 400 units.  Great program and great people.  I would have never known what to do as well as had the motivation to get out there and do it without that coaching program.

It being on the second floor and a bump, this will likely have nothing to do with the concrete slab. Usually when I've seen this is when there will be a structural beam going across the second floor. If the framers didn't take a lot of care, it's actually easy to have a hump.  In this case, it's likely not a structural issue or anything scary. It's a cosmetic issue and something that may always bother you.  I would ask for the blueprints for the house, which since it's new they will have. If you send to me and locate the area of the hump, I could probably figure out at least if my hypothesis is correct.  To fix this, they might have to remove the flooring in that area, sand down the wood beam, and lay flooring down again. For a new build purchase, I would require it. If it's a steel beam there's nothing within reason financially that could be done.

There's a long expanse of real estate between California and Florida - lol.  Best is to invest in your own backyard (so to speak), but only if it makes sense.  If you are finding cash flow positive, and appreciating properties in Sac and Fresno, then why go to FL?  If you aren't (and I expect you are not), then the next step is to buy out of state where it makes sense.  So, Florida? Well that's a large state. Which city, what's happening there? Are they gaining jobs and seeing a revival?  I've invested in cities in the South and now the Midwest. They were and are extreme growth markets. That's the only way. It must be good, and growing...

The first piece of advice I will give you is that your list needs to be cities and not states.  It's impossible to narrow down to an entire state. Secondly, pick one market, go there often, buy brokers and agents lunch and coffee, get to know the locals.  Then you'll start seeing serious results.  I've been doing it this way since 2009.

The "something not right" is likely a sales price which is too high. DM and I can take a look at the spreadsheet with you.

Hi Daniela,  I am from CA also so I understand the need to purchase investment properties out of state.  For me, I don't do Section 8. I do love multi-family.  I can help you with information about markets. DM me to discuss.  By chance are you in the LA area? 

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