All Forum Posts by: Dan Portka

@Brandon S. @Denise Evans i'm having the same problem and will be putting in a complaint with the sheriff's office this week. They're months behind on executing writs. What has me worried is that since the eviction process is taking so much longer, many are turning to other options such as cash for keys which dont end up on a tenants record.. they end up moving and doing the same thing with the next house/landlord and we continue a perpetual cycle of non paying tenants. If this continues for awhile it doesn't bode well for Birmingham/Jeff County real estate, it will drive away investors. Somebody please tell me I'm crazy.

@Jack Budd i'm a local investor and agent here in Pedro. also have some out of state rentals. I'm limited on time and could use some help in exchange for a learning opportunity. Let me know if you ever want to chat.

@Alex Ng The answer to most of your questions are it depends... Lots of experienced flippers in socal have established teams and processes geared towards maximizing profit, but that optimization comes from years of experience and having done many deals. some shoot for 6 figure profits but many are okay with a lot less. Its tough finding good deals and you'll need to put in a lot of work doing your own marketing, finding the needle in the haystack on the MLS, or through networking (wholesalers, agents, other investors, etc).

I agree with Robert here. Live in flip or even house hacking would be a great way to get started in investing if you're new. I say that because I think its important to start somewhere. Its easy to get caught up in all the little details, but really none of that matters if you don't ever start investing in the first place.

Hey @Lauren Andrea

Since you're currently renting, I'd recommend focusing on buying a primary residence (house hack preferred). You can likely find a house hack where your equivalent "housing payment" is roughly what you're paying for rent now, but instead you'll be getting loan paydown, appreciation, and tax benefits. I say this because being able to put down 5% on a primary residence w/ FHA or similar is a huge advantage when you compare it to the potential returns of putting 20% down on an out of state rental property...

run the numbers yourself...  but in short as an example you can put 50K down on a $1M duplex in LA or $50K on a $250K house in Atlanta. Say both appreciate 5% over an arbitrary time frame... that's $50K appreciation in LA or $12.5K appreciation in Atlanta. It'll take years to make that difference up in cash flow that people will argue is better in markets outside of CA.

If I were you I would:

1) Focus on increasing your income. Add skills to your resume, try to get promoted, look for a better job, find a side hustle, etc

2) Pay down your debts - car payments, student loans, credit cards, etc

Both 1&2 will allow you to qualify for more and possibly afford to buy in LA.

A couple things to note:

Have you talked to a Invester friendly lender? Some questions you may want to ask them:

- you can use potential house hack rental income to qualify for a higher loan, is that included in your $675K pre qual?

- If you end up buying a rental out of state, will it affect your ability to qualify for other loans (personal residence) in the future? Depending on what the cash flow looks like, it could.

Hey @Matt Howard - Percussion sounds like you've got the right idea and have come to the right place. I'd start by networking with a few different agents, PMs, and other investors out in Louisville to get as much knowledge as you can and narrow down exactly what you're looking for based on your goals. Your family can also likely provide some helpful insight into good/bad areas and could be helpful as boots on the ground if you want another opinion from someone you already know/trust. I don't have experience with KY, but have a few out of state and LA rentals, so happy to provide you with any insight. Feel free to reach out any time!

@Matt Jordan Nice! I'm local here in Pedro and have out of state properties and some locally too. Let me know if you ever want to chat

@Joseph Nahm considering being hands on and building equity are your goals, house hacking/investing in LA would be the way to go (as opposed to investing out of state). Breaking even cash flow wise will be extremely tough if not impossible, though you can likely achieve a lower "house payment" via hh than if you were to rent instead. Sounds like you're on the right track, keep networking and doing research. Feel free to reach out if you ever want to chat.

Welcome @Matt Jordan ! Do you do any investing yourself?

@David B. live in flip is a solid strategy, combine that with house hacking and you've got yourself a winner

@Mat Yuriditsky sent you a direct message just to avoid name dropping to the masses!