New member in LA - hello!

[Matthew Carlin]

Hi there,

My name is Matt and I recently moved to Los Angeles after 12+ years in Brooklyn, NY. I inadvertently became a landlord in the process because I still own a condo in Brooklyn that I now rent out. (I'm currently renting in LA.) I've thought a great deal about real estate as an investment for both income and long-term growth and now that I've accidentally jumped into these waters, I want to learn as much as possible here on BP and elsewhere, and decide what my next move should be.

My specific situation has some pluses and minuses and I'd love to hear some opinions on approaches I might want to think about.

On the Plus side:

- I bought at the bottom of the market in NYC, so holding onto my Brooklyn condo seems like a good long-term investment and a source of passive income in the near term. And a possible place to move back to at some point.

- I have excellent credit.

- I have access to a small amount of capital that I want to invest in real estate (when I'm educated enough and find the right deal).

On the Minus side:

- I'm new to LA, so I don't know enough about the local market. And based what I'm reading here on BP, LA seems like a very difficult one to jump into in terms of renting laws and the large amount of capital I would need.

- I know NY very well, but the amount of capital needed there, and the distance, seems daunting.

- I tend to be a conservative investor in general, so buying real estate in other cities that I really don't know seems a bit risky to me. As does buying and flipping.

- I carry a mortgage for my NY property, so I don't know how that would affect financing for another investment property.

Nice to meet you all and looking forward to learning from you!

Matt Carlin

Los Angeles, CA