Intro from Los Angeles

[Mike Van Kleeck]

Hi, name is Mike.

I've been looking for M/F (3-6 units) for about 12-18 months. I'm looking to finance the purchase for as little down as possible (25% down is what I'm counting on for investment properties). Nothing much in the greater LA area looks good on paper (cap rate and cash on cash return) so I'm open to any ideas on where to find the most attractive deals.

I've made several offers, paid for several inspections and walked away from every deal so far, for various reasons. I've also bid and lost on several deals (cash buyers are tough competitors).

I'm obviously patient and will not get into a purchase unless it's a screaming deal, but am also frustrated that perhaps my expectations are a little too high.

Friends who own several properties say patience will pay off sooner or later, as they regret all the deals where they compromised on price and paid too much for a property. When expenses come up, it eats into the profitability and they wish they had paid less for the place.