Investor from Santa Monica/Los Angeles

[Carlo Medina]

Hi everyone!

I've been lurking on Bigger Pockets since November so decided to introduce myself formally. 

Started in real estate when I moved to Los Angeles in 2010- used a generous relocation bonus from my full-time job to buy 2 triplexes in Anaheim. I did a 1031 exchange into a newer, bigger 6-plex in Orange last September. I discovered Bigger Pockets a few months ago and I wish I had known about it sooner as me and my girlfriend handled the property management ourselves and could have used the many tips and community support BP provides.

I want to continue to acquire buy and hold locally (MFR) as the market permits (prices seem a bit frothy right now in LA/OC) and I am also interested in vacation rentals. Love the idea of house hacking as well as we are currently renting an apartment in Santa Monica.

 I also set up a solo 401K last month with the help of Sense Financial (and Dmitriy Fomichenko) so I'm looking at opportunities to invest within the 401K - (e.g notes, note funds, crowdfunding, other funding/lending, etc.)

Right now I'm currently researching vacation rentals- looking into the Palm Springs area as this is an area we love. Also researching funding opportunities from within solo 401k. 

I love the content on here- the podcasts, blogs, forums-- and I'm happy to have found Bigger Pockets.  I'd also like to network with people in the area

Thanks!

-Carlo

[Jeff Greenberg]

Welcome to BP.  Come join us on the 20th in your town Santa Monica.  A group of BPer's have been meeting monthly.

Provide your email and I will put you on our mailing list.

[Bob Collett]

Hi Carlo... Welcome to BP

I am in Cleveland area, but I did some vacation rentals in West Coast of Florida a few years back. I had about 16 units under management including a couple that I owned myself. I did not know at the time that in Florida, renting vacation rentals requires a license if you do not own the properties.  I enjoyed it a lot, but decided to wind down the operation until such time that I get licensed in Florida. Make sure you check with the State where you plan to work. The best source of info is either VRBO or Vacationrentals dot com... they sort of own the market, but lots of good info on the subject in their forums.

Another issue, is that you will be competing for renters with owners who tend not to pay local room tax, but as a manager, you would face stiff fines for doing the same.

Good luck

[Eric Dowling]

@Carlo Medina Welcome to BP! You have come to the right place.

I also live(rent) in west LA, and have a vacation rental in Palm Springs. It is a great area and we have been very successful. I've also been considering house hacking, but it has been tough convincing my wife it is a good idea.

Again welcome and don't hesitate to reach out!

[Carlo Medina]

Originally posted by @Jeff Greenberg:

Welcome to BP.  Come join us on the 20th in your town Santa Monica.  A group of BPer's have been meeting monthly.

Provide your email and I will put you on our mailing list.

 Thanks Jeff

Very convenient! I'll try to make it-- I'll send you my email so I can get on the list

[Carlo Medina]

Originally posted by @Bob Collett:

Hi Carlo... Welcome to BP

I am in Cleveland area, but I did some vacation rentals in West Coast of Florida a few years back. I had about 16 units under management including a couple that I owned myself. I did not know at the time that in Florida, renting vacation rentals requires a license if you do not own the properties.  I enjoyed it a lot, but decided to wind down the operation until such time that I get licensed in Florida. Make sure you check with the State where you plan to work. The best source of info is either VRBO or Vacationrentals dot com... they sort of own the market, but lots of good info on the subject in their forums.

Another issue, is that you will be competing for renters with owners who tend not to pay local room tax, but as a manager, you would face stiff fines for doing the same.

Good luck

 Thanks Bob- very useful information- I'll check those sites out

I'll look into California requirements for vacation rentals

[Carlo Medina]

Originally posted by @Eric Dowling:

@Carlo Medina Welcome to BP! You have come to the right place.

I also live(rent) in west LA, and have a vacation rental in Palm Springs. It is a great area and we have been very successful. I've also been considering house hacking, but it has been tough convincing my wife it is a good idea.

Again welcome and don't hesitate to reach out!

 Thanks Eric!-- sounds like you're doing well with the vacation rental

Definitely will reach out as I get closer to deciding on this-- to get more info on your particular experience -- would love to know what particular area you decided to invest in and if you manage the rental yourself.

[Mark Nolan]

@Carlo Medina

Welcome to Bigger Pockets.

[Tom Ott]

Originally posted by @Carlo Medina:

Hi everyone!

I've been lurking on Bigger Pockets since November so decided to introduce myself formally. 

Started in real estate when I moved to Los Angeles in 2010- used a generous relocation bonus from my full-time job to buy 2 triplexes in Anaheim. I did a 1031 exchange into a newer, bigger 6-plex in Orange last September. I discovered Bigger Pockets a few months ago and I wish I had known about it sooner as me and my girlfriend handled the property management ourselves and could have used the many tips and community support BP provides.

I want to continue to acquire buy and hold locally (MFR) as the market permits (prices seem a bit frothy right now in LA/OC) and I am also interested in vacation rentals. Love the idea of house hacking as well as we are currently renting an apartment in Santa Monica.

 I also set up a solo 401K last month with the help of Sense Financial (and Dmitriy Fomichenko) so I'm looking at opportunities to invest within the 401K - (e.g notes, note funds, crowdfunding, other funding/lending, etc.)

Right now I'm currently researching vacation rentals- looking into the Palm Springs area as this is an area we love. Also researching funding opportunities from within solo 401k. 

I love the content on here- the podcasts, blogs, forums-- and I'm happy to have found Bigger Pockets.  I'd also like to network with people in the area

Thanks!

-Carlo

Hello Carlo!

Welcome to BP! It sounds like you are already making some great progress in the world of REI.

I'm really excited to hear about your next adventure in investing! Keep us posted!

Happy Investing!

[Jo-Ann Lapin]

Hi Carlo;

What a great start you have. Happy to network.

[Nadine Lajoie]

Awesome!! I'm in Long Beach and doing few deals in LB/OC areas in 2016, so let me know if interested in doing something!