All Forum Posts by: Dan Schweit

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• 02/25/20 06:30PM - 08:30PM America/Los_Angeles
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No input for you, but I am looking for props in the So Cal area. 

I have put together a group of partners that want to begin our, hopefully long term, venture in to the real estate world. We have high hopes of eventually getting into buy and hold on bigger properties. But to start, we think building a base in flipping properties locally is the best option. This is to build more capital, but just as equally important is to build our knowledge base and frame of reference. We have the time, money and resources to invest  marketing. So I am coming to the community to seek advice on the best options for finding deals in the local markets. Any advice on where you have found success is greatly appreciated. 

@Whitney Hutten Thanks so much for the response. I read the link as well, love it. I am definitely going to message you and I appreciate the offer. 

My question is......who has completely left their prior career/job/w2 behind to pursue real estate investing full time? I know there are many out there in the community that fit this description, but id love to know the details of the process you went through prior to taking the plunge. What were the main contributing factors to your success? What niche did you pursue (flipping, buy and hold, brrrr)? Did you start with money or no? How long did it take to start generating a decent income for your lifestyle? 

There are honestly a million questions I could ask about a life transition like this, but the mindset of a person who accomplishes something like this is the most intriguing. So, please, elaborate on why you decided on this, how you planned to make it happen, and where you find yourself today.

Jason Mattson 

Orange Realty Group

Good for you John! I grew up near van nuys and still live in the LA area today. I think most successful people say it was all about taking the leap. That was definitely the right move for the path you've chosen. You will more than 10x your chances of rapid success being boots on the ground yourself. LA being what it is, I need to go OOS, but haven't gotten down to the nuts and bolts of where it will be. 

@Narek Karamian

I second the consistency issue. It really is all about timing. I recently sold a property that I had previously received countless pieces of mail for. One day, went to the mailbox, and there was a piece from what would be my buyer. I threw 99.99% of them away, but that day I was ready to sell, and that was the piece of mail I opened. The more you consistently mail, the better chance you have of being in the box on that day.

 Hi Dave, Carey just brought this question into the trending category and it caught my attention. Seeing how you posted this 3 months ago, im curious if you have yet moved forward with the project or what progress you have made in the past 3 months.

Im not sure what exactly your price points are in the IE, but for a majority of so cal, its very difficult, if not impossible to obtain cash flow. So the BRRRR strategy will not work the way it is intended too. You're going to be looking to remain in a positive CF position after refi, and I just don't see that penciling out in most of these local markets. So although possibly doable, you're going to be hard pressed finding anyone that is currently attempting this strategy here. Markets with high rents and low prices are best suited. Think....under $150K, sweeter spot under $100k.