Introduction from a West Los Angeles native

[Colby Schwartz]

I am a new member to the BP community. I hope the following is what an introduction post is supposed to look like. I am a Los Angeles Westside native that works as a project manager for a high end construction company specializing in custom residential homes. My wife and I have decided it’s time to start thinking about amassing wealth for retirement and to leave for our four children. I have experience in real estate- I have a contractor’s license as well as a Real Estate Broker’s license (I used to be an agent years ago). I have a degree in economics and some exposure to bonds and commercial real estate so I have a pretty good base to build on. Other than our residence I have never utilized my experience for my own investments, mostly because with our gaggle of children and the expense of living on the westside we don’t exactly have money falling out of our pockets.

We now have a little bit of our own money to invest (under $100k) with the possibility of accessing other private money. We would rather find a few projects on our own to validate proof of concept before we ask for investment money.

Here is where we are in the process:

• We are currently trying to identify which markets to target. I think we would like to find blue-collar neighborhoods where home pricing is sub $200k. I realize this will require some driving on our part.
• I am thinking SFR or Condos are probably the way to go for us for now.
• Ideally we would look for short term flips to build some more equity to invest although holding and renting is also an option.
• We will look to finance purchases through banks as we are both W2 employees. We might as well take advantage of “working for the man.”
• As time is a premium for us, we will probably not be doing any door knocking or yellow letters to find properties – at least not yet. Finding quality deals, as with everybody, is going to be the struggle for us. I'm willing to work with an agent within whatever market(s) we target. We are also open to all other possibilities (wholesalers, REO's, foreclosures, etc.)

The purpose of this post is to introduce myself, but I certainly would not turn a deaf ear to sage advice. Even if you don’t have any words of wisdom for me, I welcome a hello and the opportunity to start new a relationship.

Thank you all for taking the time to read this.

Colby Schwartz 

[David Friedman]

Hi @Colby Schwartz. Welcome to BP!

I'm an investor/licensed broker/property manager/etc./etc. I flip homes in the Inland Empire. I currently have 7 homes going at one time. If you are looking for blue collar areas, there are a good amount out here. Rialto, Fontana, San Bernardino, Beaumont, Yucaipa. I suggest you check out those areas. The other option would be the high desert, but I really can't suggest that to someone new. As you haven't invested in flips or rentals before, I do suggest you be conservative. If you think a repair is going to cost $5,000, expect $7000. If you ever want to grab coffee and chat, this is my full time job. Feel free to contact me.