All Forum Posts by: Ben Wakefield

Nope it's a different one. :) Wow 6 bedrooms! According to the zoning doc that @Joshua McGinnis posted, any number people over 5 in a single family dwelling (that aren't related) requires it to be re-zoned as a boarding house, and if there are more than 6 "guest rooms", as a hotel.

Thanks for the advice and resources, @Allan Glass and @Joshua McGinnis ! I'm a bit gunshy regarding a grey area so early in my career, so I might avoid this one... I think the guy I spoke to wanted to actually have them in one room with bunk beds instead of each "tenant" having a room in this SFH, which seems like it should be illegal.

Doesn't feel right. Probably not going to do it. :) I appreciate the responses.

Hi all,

If somebody wanted to convert an old house into an SRO for flight attendants (near LAX) by putting in bunk beds, etc. is that legal? Are there restrictions as to what can be converted to an SRO, or zoning issues? It is in a quiet residential neighborhood and there aren't any other ones in the area.

Thank you!

Hi Yari,

Welcome to BP! I live in El Segundo and I'm about in the same spot you are, except that I'm also in the process of getting my real estate license. This is the right place to be!

First thing to do is read the Ultimate Beginner's Guide right here on BP. It's free and really well written!

Good luck soaking in the knowledge! There is a ton on here. :)

-Ben

Thanks for the advice, @Account Closed ! I didn't consider talking to the agent themselves. I guess I figured they would view me as potential competition.

Hi folks,

I'm in the process of studying for my RE salesperson license in CA, a state which has a mandatory minimum time for training before taking the exam. So I have 2-3 months until I can get my license.

Do you recommend that I approach RE agencies now and get things rolling? Or do I need to wait until I'm actually licensed before reaching out to these places?

I'm in Los Angeles, so I have a packed market and lots and lots of options for agencies. I'm leaning towards approaching the larger ones for training purposes...

Thanks!

Welcome to BP! I recommend keeping an eye here on BP for in-person meetings and go to Meetup.com and find a FIBI or similar group (there's probably one in Simi) and go chat with people. They're pretty receptive to newbies trying to learn all they can.

They might be stalling to see if they get better offers. If you're firm on your price, you can say "well my offer stands, so give me a call if you change your mind". They might call you back after they don't get the price they want.

Also, a (much debated) trend people cite is "visit 100, offer on 10, close on 1", so I would estimate you may just need to go out and do more.

@Ali Boone I think that pretty much sums up what I've been reading. And I bet the best way to find out who's awesome in any given area is to ask other investors. Do you think people would purposely not share their PMs? Or is there not generally a feeling of competition?

@Tom A. thanks for the insight! I grew up in Ann Arbor also, and it has always seemed like it didn't decline, and it's been rising a lot recently (with Google and others moving into town, and all those highrises downtown). I was thinking Chelsea? My brother might be looking for some extra work there, but there's that whole "working with family" thing, as you said...

And thank you @Ali Boone for the perspective on income with a PM. It definitely seems like having a PM for investing out-of-state is feasible since SO many people do it and aren't screaming about it (well most aren't).