All Forum Posts by: Daniel Whitmore

@Tanner Marsey thank you for the quick reply. Are you recommending I find something for much cheaper so that I’m not tying up a large percentage of my total assets?

@Darius Ogloza thank you, sir. I think this is very wise advice to ensure I don’t put myself in a difficult financial situation.

@Tanner Marsey thanks for your insights. I agree with your points. House hacking is exactly my goal. Not sure if you are referring to house hacking a SFR specifically. My focus has been a duplex as a straight forward first deal with the goal of positive cash flow. But to your point, finding one in LA with my financial position is going to be very difficult. Positive cash flow will be even harder to achieve. Based on all the comments here that is abundantly clear.

I now need to identify a market where I can successfully find a duplex or SFR under $200K and house hack. I'm looking at SLC, AZ, KY, ATL, TN. I have family in some and potential job opportunities in others. If you have any market recommendations, I'd love to hear them.

@Phil Kessel thanks so much for your feedback. A lot of the feedback has been a bit harsh and discouraging. I appreciate your empathy and support. Even with my humble financial position, if I think creatively, and maybe find the right lender or partner, I know I can make things happen, create a deal, grow my assets and achieve financial freedom.

I have not read the book you mentioned but it is on my list of books to read. I’m gonna check the library tomorrow and if it isn’t there I’ll probably buy it. Again thanks for your kindness.

I went to college in UT so it holds a special place! I have some friends that work in real estate there (attorney, property manager etc) so I feel like I might be able to build a solid team / network there. And of course the mountains are epic!

@Eric Carr I would love to hear your thoughts on this question of mine as well. Will also give you a snapshot of my current financial situation. Most of the advice pertaining to investing locally is discouraging but a healthy dose of reality.

@Kalyanii K. thanks for your positivity and creative thinking. If I do decide I want to continue living in LA, I realize more sacrifices are necessary. I need to cut my expenses significantly. I need side hustles like you mentioned. Where there is a will, there is a way. I just have to stay confident and get more creative. It’s the self doubt that is my biggest stumbling block and inhibits my ability to act. Thanks also for the tip to connect with @David Greene

@Eric Carr thanks so much for the feedback, Eric. I totally agree with you and appreciate your positivity. It’s iust a matter of me doing my due diligence and then having the courage to take action. Knowledge is power. After I finish my first deal, I’m sure it gets much easier for the 2nd and 3rd. 

I’m now looking at out of state markets such as PHX, SLC and ATL. Is there a good website or online resource to find the info you highlighted - evictions, foreclosures, rental Income, annual appreciation etc? Even just a quick snapshot?

@Damaso Bautista thank you for the generous advice Damaso. I forgot to tag you above. As much as I love LA, I don’t think I’m willing to live in my car so I think I will start exploring other markets and a possible move. 

@Lee Ripma

@Dan H.

@Adam Michael Andrews

@George W.

Thank you all for your feedback. I needed a dose of the difficult truth. It’s hard to hear but much needed. I think it is probably unrealistic to focus my search locally in LA. Because I’m not willing to cut my living expenses by living in my car, I think I will either have to move to a cheaper market (doable because I’m single) and/or find a better paying W2 job. This is probably my biggest takeaway from all the feedback here - get a better paying job! Sadly I quit a good paying corporate job 2 years ago to move to LA. I really hated that job but in hindsight not the wisest move. 

Back to the rat race as one step towards financial freedom!

SLC, UT is at the top of my list of places I would consider relocating. I also have family in TN, KY and NC. I may need to seriously consider a move and also start looking for jobs in these markets. 

@George W.

George, thanks for the feedback. I work as a wardrobe assistant on TV and film projects. Usually I’m paid through 2 major payroll companies from which I review W2s. So for 2018 I think I had 5 separate W2s with total income of $40K or so.

I’ve never heard of anyone in my role starting their own corporation / business and I’m not sure that would fly but I like the creative thinking. Ultimately I would love to have my assets under a corporation for tax purposes.

You touched on a big concern of mine which is obtaining a good loan. I had my first conversation with a lender yesterday and I'm hesitant to get pre approved because I've had gaps in employment the last 2 months. So now I think I'll hold off on getting pre approved until I have a TV job that will employ me for 12-18 weeks (typical). On those projects I typically gross $4000 per month which isn't great but it's consistent income. Worst case, in order to get a loan (preferably FHA) I might ask dear ol' dad to co-sign as he does have consistent (much higher) income. But I don't really want to go there unless I'm in a pinch.