intro

[Loretta C.]

Hello, I currently live in California, and I aspire to own an apartment building one day. 

[Loretta C.]

Dear Steve and Jo-Ann,

Thank you for the warm welcome! I fell into real estate in 2007 when I realized that my then-fiance owned two empty homes in the greater Los Angeles area (Pasadena and LaVerne), and he did not have the emotional energy to empty them (difficult family situation; deceased parents), so they just sat there, in gross disrepair. (At one point, I am pretty sure that some crackheads were living in one of them!)  I took out a massive loan, stripped them down to the studs, and made them both gleaming properties, which are now cash-flowing beautifully. One is a long term care facility for seniors (operated by the renter), and the other is a historic bungalow. We picked up a third property as well. Now I am looking to invest in an apartment building. I have a great property manager, and would love to find an apartment in the San Fernando Valley or Santa Monica area, but not sure about the returns. I am also debating picking up a property in an area with better returns such as Arizona, Georgia, or Texas. I am moving to Pennsylvania soon, and will be assessing the markets in the mid-Atlantic region (Delaware? Pittsburgh? Philadelphia?).  We will see. I am thrilled to have found this forum,and I love the podcasts. Thanks for the information.

Sincerely,

Loretta