Newbie from Los Angeles

[Qemal Shaholli]

Hello everyone!

My name is Qemal and I was referred to this site by a colleague and fellow BP fan. My wife and our little fury friend in my profile picture currently reside in Los Angeles, CA and are eager to begin our journey into REI.

Throughout our own residential property purchase and rehab, we have acquired a solid understanding of the immediate LA/OC market here in CA and a better understanding of rehab budget and timeline.

With that, I think the biggest challenge we are facing is that the local market here in California is not conducive to the traditional REI strategies for positive cash flow returns. As such, we are fast realizing that we may have to consider out of state. The obvious concerns are gaining a comfortable knowledge of the target investment market and gaining and trusting a management company to oversee the property while we remain at a distance.

I am interested in hearing any advise, insight and guidance from those that have found themselves in a similar position.

In the mean time, I will continue to gain as much knowledge from this wonderful and resourceful website.

Thanks All,
Qemal

[Paul Timmins]

@Qemal Shaholli 

To find out about an area go to IREM.org search for ARM certified property managers. Call 5 ask them what parts of the city they like/dislike and why. Ask them what they see expenses running per category per unit. What do they see them selling for per unit, what is the market occupancy rate. What are the market rents? Ask them if they know anything coming up for sale. Great way to pick up some good info and possibly a deal.

Paul