All Forum Posts by: Brandon Foster

Welcome Teresita. I'm relative new to bigger pockets as well. I'm looking forward to hearing about these meetup groups as well. Great question.

I've seen individuals jump right into investing by working with a mentor and essentially learning on the job. Have you thought about taking that route? In my case I decided to obtain my license and practice commercial real estate. This has opened many doors to successful investors in Los Angeles and I've also learned a tremendous amount about real estate. I'm already applying what I've learned to my investment career. There are times though where I run into a great deal, but because of my fiduciary duty to my clients I have to tell them what their property is truly worth. It's much easier to work with deals like this if you're approaching them as a pure investor. Good luck with your next move! Miami is great. I was there for three years getting my law degree from the U.

Thank you for the great answers Charlie and Wayne

Hello BP.  We have a deal in Los Angeles in which an elderly owner wants to sell her home for $600,000.  The area is low income, but high traffic and investors are actively converting homes into small multifamily units.   The house has two beds and one bath, zoned LAR3, and 924 sq ft (Lot size 2,300 sq ft).  We researched the home and found that the owner has a reverse mortgage loan on the property.  Does this hinder our ability to purchase the house?  What would you do in this situation? 

1031 exchange or carry the note

Hey Kristen. I don't have any at the moment. I do have a multifamily on the outskirts of downtown that could possibly be converted because it's zoned correctly. Let me look into it.

Thanks Michael

I'm a commercial real estate agent in Los Angeles and one of my good clients started by purchasing a property with a laundromat in it.  Now all he invests in are properties with laundromats (even larger strip centers).  He's moved onto development.  Heck, even one of the biggest investors in South LA started out by purchasing a property with a laundromat.  He opened a pizza shop next door because he knew customers would be hungry and he went on to open a chain of pizza shops all along LA because the concept worked so well.  Of course LA is different than New York, but I thought I'd share about two success stories I've seen with individuals purchasing laundromats in them.  

Hey Erin.  I'm from Pasadena as well and I worked with my family brokerage selling homes in the area.  Have you ever thought about Altadena area?  There are still some pockets that are underdeveloped.  I know growth is creeping up to those areas of Altadena.  Maybe now would be a good time to buy if you can find a good deal there.  What do you think?

I'm a new member as well!  Welcome James