All Forum Posts by: Allan Glass

I'm about to start a project (SFR) in Bel Air and would like to talk with other spec builders who have built in Bel Air, Beverly Hills, Brentwood, Santa Monica.

Thanks

Allan

Hi @Miguel Garcia I recommend FIBI - for investors by investors, they have chapters all over the area and are having an area wide event on Thursday.

http://www.meetup.com/investing-363/

the founder Jeremy Roll is also a bigger pockets member

Hi @Francis A. best of luck with your search.

I don't mean to pull you off topic, but would you be interested in sharing the economics of your search in Minnesota? (private message if preferred) I'm always curious to hear the thoughts behind moving money out of one's primary market, particularly when the deals are small (SFR or duplex) and only accessible by plane if you need to visit the site.

I've been resistant to do so myself over the past 20 years and have heard far more regrets than success. No judgement, strictly curiousity.

Best of luck

A

Good observation @Tavi Perttula , and as @Joshua McGinnis points out in the curbed article the data supports your assumption.

I've owned in West Adams / Mid Cities for about 11+ years now, and can say the trend started before the downturn.

I'd notice on rehabs that prospective buyers didn't come from neighborhood brokers, they were often newly married couples or young singles looking to make their first purchase. Many of them grew up on the Westside (Beverly Hills/ Santa Monica / Brentwood, etc.) and had a limited budget, (at the time $500k-$550k seemed to be the dividing line) and were represented by agents in Beverly Hills, Brentwood, etc...

They didn't want to go South, were opposed to the valley, downtown resurgence was still in its infancy, and everything to the west or northwest was far more expensive.

I like to buy between "bookend". Downtown is one bookend, the westside is another, we've seen a consistent fill in over the past 15-20 years in between. Another bookend gap is between Pasadena and Downtown, also filling in nicely over the past 15+years.

I'd next watch for a fill in between the Southbay and traditional Westside neighborhoods. Many are already hot markets, but expect good things for Inglewood adjacent areas.

Best,

A

hi Zac,

Welcome to the group and career #2. Best of luck finding a deal, there are still a few out there...

-A

Hi @Anne A.

Your not alone in your desire to rid yourself of partners; oddly most of the circumstances I come across involve siblings looking to split assets.

good luck and careful with the small asset investments out of your home market, hate to see you spend your profits on plane tickets should the asset require a visit...

Best

A

Welcome @Tim Russell . Here's to finding what you're looking for...

Great start @Adam Tompkins best of luck!

Hi Chris, we've got one in planning near the new Expo Line. As @Joshua McGinnis points out the challenge is finding lots that lay out properly for the idea. Modative has done a good job synthesizing info and programs in the links Joshua provided, but there are also others that have done some creative work.

Jay Vanos is a spectacular architect and is very well versed in the THO/SLSD. I'd also suggest googling Mott Smith and his Maltman Bungalows.

Another note re: zoning. they are allowed in C zones and some R2 depending on how close you are to commercial zones.

Good luck

A

@Annunciata R. I've had this happen before on land in urban areas such as Los Angeles where the assessor adds a zero.... This can happen when you have a piece of land that does not "fit" value wise. They look at closed land sales for buildable lots and compare you to them, assuming your low number was a mistake.

In Laurel Canyon, there can be wild swings in value of land based on how "buildable" the lot is, how flat, soils conditions, etc...

Best of luck.