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Updated over 6 years ago, 04/11/2018
Suggestions On How To Start Investing in Los Angeles Real Estate?
Hey there BP Family! This is my first forum on here and I would be incredibly thankful for any kind of advice on what I'm looking to do.
I'm a 24 year old Marine Corps veteran living in Chicago looking to move to Los Angeles this summer. I do understand that the barrier to entry in the LA market is much higher than Chicago, which is why I am seeking advice in this forum. Outside of wholesaling, what would be my lowest barrier to entry to kick start my real estate investment in LA? Or the most effective?
My resources include:
- The VA Home Loan
- By the time I move, roughly around $30K-$50K of my own working capital
- A real estate partner and mentor based out of Chicago
- My brother, a real estate broker who I can go to for access to MLS
- Currently trying to build relationships with lenders
I got out of the Marine Corps at the beginning of 2015 and have spent since then learning everything I can about real estate investment before trying to pull the trigger on anything. I have been networking as much as I can (as I live by the philosophy, "It's not about the grades you make, it's about the hands you shake!) So if we have any LA area real estate investors on here, I would love to connect with you when I'm in town.
I am currently pursuing wholesaling in Chicago and just recently began. I have built my cash buyers list to about 50 people and am now ready to build my inventory of properties to wholesale in Chicago before I move.
What's the wholesaling market like in LA? I decided to pursue wholesaling first so that I can learn as much as I can about real estate and then gradually progress into flipping and acquiring rental properties.
Any advice for a new LA investor? Areas to stay away from? Areas to be in? Reputable lenders? Popular meetups or investor associations I should know about? Anything!
Thank you in advance guys.