LA investing - w/in an hour+ driving of Greater LA

[Ian Gilligan]

Hello LA investors! 

My name is Ian Gilligan, I'm just getting started, and I'm looking for insight on areas within 2 hours or so of the Greater LA area that might be a bit more affordable investment than most of LA proper. Live/work in Studio City but willing to drive to make something happen. In an ideal world, would like for my first investment property to be local (would LOVE to house hack), for the knowledge I'd gain from having a hands-on experience, vs. an out-of-state investment.

Any thoughts on an area(s)?

Thanks all!!!

[Nick Marrs]

Ian, some thinngs to consider: LA has a housing shortage, and we are in a multi-family building boom in part to address this problem. The city has given developers incentives to build ADU's for existing single family homes and increased the number of units you can build on a multi-family lot (re-zoning / updating the code) with multi family bonus densities. If you are going to buy an existing home, the price you will pay per SF will be expensive. Therefore, the best way to make a profit is to either increase the square footage via and ADU for a single family residence, or add an addition for a multifamily, or even better find a rare vacant lot and build a new multi-family. Since you are just starting out, the most important thing you'll need to find is capital and someone who has done it before to help guide you along the process. Best of luck with your first investment!