All Forum Posts by: Julian L.

Thanks for the advice guys, will definitely hit you up for that coffee @Nick Hedberg. Started poking around in those areas and finding some nicely remodeled condos. I have found a few non-remodeled condos in the coastal cities as well in our price range. I would prefer a stand alone house but condos are an option for us as well. Any thoughts on House vs condo? At our budget it seems like the options are remodeled condo vs. small outdated house. If we can get a house at a “good” price and do some fixing up ourselves I’m not opposed to that either, as long as it’s cosmetics that a rookie with little experience but a strong work ethic could handle.

If you are really not looking at appreciationthen, buying does not make sense as without appreciation your purchase, if at retail, will not have positive cash flow. SFR purchased at retail have negative cash flow in the areas you listed. How they work as purchases is due to rent appreciation and property appreciation.

The rent appreciation can, in a few years, convert a negative cash flow property into a positive cash flow property.  

The property appreciation historically has made the purchase produce outstanding ROI.

Without appreciation retail SFR purchases in the cities you listed do not make sense.

Good luck. 

Ok, I'm adding my long-winded two cents here - because I've invested the $3000 for the coaching and am currently in the middle of it - and yes, they do employ hard-sell tactics that I easily spotted (because I'm a part-time copywriter and understand how these things work).  And yes, the "coaching" for the course I selected, a foundational financial literacy course I plan to build upon with real estate investing, didn't quite fit my expectations.  

What I really wanted was someone to hold my hand and tell me what to do.  What I got was something different...  a foundation to explore and build upon.

But I committed to seeing it through, despite all the arguments my inner critic made.  Some of my inner wrestling was frankly exhausting as my fears tried to shout down my determination to learn and stop living such a whipped life.  But the thing of it is, RichDad coaching never promised me a step by step HOW TO become rich overnight, or that this one course would be all I'd ever need to change my life.

What they did promise me was a commitment to educate me on something not taught in our school system - finances - and believe me, I've done it all wrong financially.  Credit card debt, no assets to speak of but plenty of liabilities (that others claimed were assets), and built a house of cards for myself that a job layoff quickly blew away over the course of a couple years.

I've been through my husband's layoff... car repo... foreclosure (and a move to a lovely trailer park)...  ... even the threat of jail for unpaid credit card balances (thank you, Capitol One)... and finally, the humiliation of a Chapter 7 bankruptcy that I had to do on my own because we couldn't even afford a lawyer.

And finally, my husband abandoned me and our two daughters to our fate four years ago.  And that's when my search for how to live the rest of my life began, from that rock-bottom point.

Yes, I could write the book on what NOT to do with your money.  Can you relate?  Since those days of financial ruin, I've lived with a policy of if I can't pay cash for it, I don't need it.  A couple of years prior to his abandonment, we did buy another home (that I still live in and pay the mortgage but that's another story)

And being poor sucks... but today, I've got more credit cards than I should, as well as a brand-new car.  Not more income, but that's coming.

But unlike the old days, I understand much better how credit and debt works, and how to wisely use my credit, as well as use debt and other people's money for my own benefit.  

My tested IQ is quite high... but if you don't even know you don't know about a given subject, like personal finances, it's hard to find out the answers to questions you don't know enough to ask, in order to learn what you lack.

Over the last few weeks, as I've worked through the lessons and trusted in the coaching process, it's who I've become in the process, rather than the knowledge I've gained, that will ultimately make the difference.

Yes, I've had some difficulties connecting with the resource line, mostly because of my split-shift work hours and overload of responsibilities.  It wasn't for a lack of trying of their part to return my calls. But I've also made new connections with my mastermind group members that will last after the program ends.

Am I sorry I ponied up the 3 grand (using a brand new credit card) for the coaching course?  Not yet, despite not knowing how I'll pay off that credit card. Will I plunk down even more for a more specialized course offering from RichDad Coaching in real estate?  Not likely at this time - because now I've greater confidence in myself, and I know the questions to ask, because now I know what I didn't know back then.  I'm plugging into local investing networks via MeetUp groups with others who can help me learn. 

And now I'm plugged in here with you fine folks, too :)

Should I ever feel like I'd like to move up in the Rich Dad Coaching chain, it's available.  I expect my $3,000 investment in myself and my financial literacy to pay dividends for many years to come, and will help me leave a better life behind for my kids and their kids...  

To me, it's worth it.  

As an L.A native, It's kind of crazy to hear people saying South Central or Inglewood will be the next hot area. Of course many other neighborhoods have gone up that many probably never expected like Echo Park, Highland Park etc. 

Prices have gotten nuts in Culver City which used to be affordable , but now I see homes are over $1 for smallish homes..

Does the property currently cash flow? What do you expect it to be in 5 years? Do you buy off the MLS or off market deals?