All Forum Posts by: Dorian Jones

@Odie Ayaga

Nothing in concrete. I have had conversations with a few people.

@Evan Polaski

Thank you. So it really comes down to making sure you have a really great deal? Good to know. I need properties well below market value.

@Odie Ayaga

If I were to flip out of state I’d like to join someone who’s already active in the market and has systems in place that I can learn from.

I’d consider small multi family properties in markets with lower entry points.

@Cameron Tope

Thank you. I’ll definitely keep that in mind.

@Courtney Rollins

Thank you. When working with local banks, are they looking for people who are natives from the state or it doesn’t matter as long as the deal makes sense?

I am slowly getting back on the REI train. It's been about a year or so and I have been weighing all possible options. I would love to partner with investors in other markets on flips if possible just to build a little more cash. I am in Los Angeles, but looking at other markets with lower entry points. I love Detroit, but I am open to different markets as well.

Worst case is if I do it myself, I may go with Hard Money lenders for my first few deals. I know it can be more expensive, and I am ok with that. What are your thoughts and experience with hard money lenders? Are there any particular ones you'd recommend?

@Scott Jensen thank you. I will speak with my custodian and explore that option as well. Especially if I could keep more money in my pocket. I’m all for it

@Justin Windham thank you for the info, I will look into that option as well.  I will consider all options especially ones that'll allow me to have more money in my pocket.

It's been a while since I've been in the forums, I've been working on building my speaking business, I also recently launched my podcast as well. While doing these other things I have still been cold calling and searching for deals in the LA market. Los Angeles has been very challenging and I hear about everyone going out of state and finding deals. I've decided to jump on the band wagon. I've been studying the Detroit market closely for the past year and I love the upside. I have also looked at others as well, but not as close.

I am gearing up to leave my W-2 job in the coming months and have deiced to pull out my pension(which has been sitting there for the past 3 years, I can't roll over until I leave), and my 401k( I did the numbers with the penalties and taxes as well). I know some may think why not let it stay in and have more money to invest. If I were to invest after rolling my money over into a solo directed IRA all of my profits will go into there as well. The reason I'd prefer to pull out is because I will be leaving my W-2 and going solo and would like to have access to the capital if I need it(which I doubt).

I would ultimately like to partner with others who are already active doing flips and rental properties so that I can build up my cash reserves. I am open to all opinions. This has been something that I've sat on for a while and feel like this is the best decision for me in pursuing my future goals which include more than just REI.

Christopher M Silva thanks for the response. I chose Detroit because I have been following the market trends there and see that the city is really working on revitalizing it. Not looking for it to be super cheap, but it is cheaper than Los Angeles and May have a lower entry barrier. Before I pull the trigger I will come to the city to make my final verdict to invest there or not to invest.