All Forum Posts by: Collin Wallace

Don, 

I think the BRRRR strategy works in some areas of Los Angeles county, happy to connect and chat more. Let me know if you would like to chat more.

Hello Everyone my name is Edwin. 

I am semi new to Real Estate investing. I recently purchased (11/2022 ) a triplex in Los Angeles CA. I wanted to ask advice on what your experience is with buying a property with tenants in it? What do you do with previous rental agreement's? Do you implement new rental agreements? If I wanted to start charging for washer and dryer use would that be possible? Any recommendations? 

Thank you,

Edwin  

In your case, don't buy. Mine is still cash flowing on my newly acquired property. I used BRRRR method.

Probably time to move past turnkey and SFHS. It took me to 11 of them in 2015 to realize that accredited investors move away from direct investments in non scalable rentals. 

Hello Alec, 

First off, thank for your service. I read your post and thought I'd extend a hand. 

So, it seems you have already found a great lender that does VA loans or you wouldn't be mentioning the removal of the purchase limit; now, if you find a property that is cashflowing or find a property where you can develop into a cashflowing investment property, the VA will allow the financing of that? I have to ask, is there a limit on how big or how many units you can build or purchase?

I'm asking because we just made an offer on a 60-unit property that sits on 24-acres that is zoned for an additional 200-units; no charge for the land, with a very high Cap Rate considering the area and market conditions currently. 

Not sure if that fits your scope of interest. It's there if you'd like to have a conversation. 

Back to your original question; the city planning department has regular appointment with local developers that propose new construction builds either weekly or bi-weekly(ot sure about your area). You can start there; just call and ask for the planning department for any references or a "list" of local developers or architects. If they say they don't or can't give you references ask who might be able to...

You can also go to the city archives to search the recent applications for permits for developments or "new construction". There you will find a lot of different architects, developers, draftsman on record. 

You can also call local general contractors and ask for referrals. This should get you started. 

Pro Tip:
The city will know who does mainly that size of New Development structure; they see them regularly.