All Forum Posts by: Aditya Oza

It might be a predicament that many places are facing, but you can't just trust two realtors. You want them sending you deals daily/weekly/etc.  Start going to open houses and finding out who the agents are and what they have going on. Build a mailing list and start to email them for deals.  Let them know what you are upto.  I always stress on getting things before they hit the market.  It took us a few months to start getting deals sent to us in LA. Once we did, we had to come through with what we thought the price would be and make sure we did our homework.  Start to become more aggressive with the deals that are on the market, if something has been sitting on the market for 60+ or 90+ days, they are distressed properties, start sending offers in.  Go back and forth it takes time.

If all this is not working, its time to search for another option, mate.  If the deals are not there and the above doesn't work, I would start looking at other options. $200k is good amount, where I live it doesn't even get you a full rehab budget. It might be better to just BRR, become private money, or start to focus on a different type of market- may be go into triplexes, or MF.  Usually it takes time, I have flipped for a year now and it took me 6 months just to feel comfortable with the process.   

Best of luck.

Hello all,

My name is Aditya and I flip houses in Los Angeles. I am currently looking at a duplex property in Burbank, CA to buy for myself. I will fix it up to essentially live in one and rent the other half.  I need to do some work on the property but I have heard horror stories about how Burbank's inspections and permits are a killer. Several flippers have told me to avoid it because it can take up to two years just to do a simple remodel. 

I would LOVE to hear from anyone who has flipped in Burbank before.  Is the horror stories an exaggeration? and What can I expect if I go into a house remodel from the city of Burbank.

Thank you much! 

Thanks Curt! That is good to know.  A home for $250-300k can easily cashflow positive.  I don't think rents have gone up any higher than that now when i checked online on a couple of websites. 

Hello BP members!

I am an LA investor looking to invest a home in Memphis, TN specifically Mud Island.  The home is more for my brother who is looking to go to school there this fall.  The idea is to buy a home and then rent the rooms out to other students. I was curious to see what the market was like over in Memphis and get more information about the local market there.  Many thanks!

Gratefully,

Aditya

 Karthik- I would agree with the sentiments that others voiced.  Your cashflow is severly limited and there are much better properties available in San Bernardino or other Inland areas... If your ultimate goal is to own 5 rental properties work $200k each- why not just half the price and double up on the properties? IE. have 10 rental properties worth $100k each which you can find around Apple Valley and Victorville (it's been a while since I looked there but I remember properties that are cheaper and did remember seeing something that $100k grossing $10k).

Jeff B.  Sounds like you have found a nice niche! How are you doing in terms of cash on cash return?

I looked at the market, but was not too keen on it.  It is not really producing great returns only about 10% (leveraged) if you are lucky.