All Forum Posts by: Account Closed

Definitely a tough neighborhood but also becoming more and more of a self proclaimed 'Arts District'

West Adams.

I'm curious to see what those houses are currently being rented for and if the owners are gaining cash flow. What do you think? 

The area is called Mount Washington and I love it up there. Recently a couple buddies and I went on a hike in that hidden little park called Elyria Canyon Park. Super fun, great views, and some really big new developments. I have a couple of friends that have houses up in the hills there and I know that there's a handful of celebrities living in the area as well. 

I found this 2 house property on zillow the other day: http://www.movoto.com/los-angeles-ca/1947-wollam-s...

The two for one house combo seems really neat and it would be a dream to live in one the units myself and rent out the other, but that price! OOF!

I would love to do some BRRR strategies in LA but the prices I'm seeing make it seem difficult to pull off. I know there are always deals to be had and sought out but wow the market does seem pretty saturated. I have heard and seen for myself that the Boyle Heights area is very up and coming. Lots of new galleries are popping up there and many artist lofts are sprinkled about. The locals are not all receptive (there was an article about this on the NYtimes recently) to the looming gentrification that is slowly taking hold. I get it! I would hate seeing hipsters buying up properties out of no where and the identity of my hood quickly disappearing. 

I believe now the best action for us to take is hunkering down with some of books that cover the core fundamentals of REI, listen to the BP podcast, and getting active on the BP forums.

All while being weary of anyone asking for anything. I'm actually kind of surprised that I haven't gotten any direct messages on here from anyone looking to "help me out" with a deal. 

Motivational books are a big favorite of mine, I'm currently reading Eat That Frog and it's made some big impacts on my life so far. I love making my list every night and crossing everything off on it the next day. 

I've read RDPD and quickly I realized that I can do without all the fluff and stories. Thats not to say it didn't have a big impact on me because it certainly did. I'm looking for a book with concrete information to raise my "financial IQ". 

The Rich Dad Advisors book seems like a good one to get started with. Does anyone have any other suggestion? 

Rene, 

I appreciate you looking out for me! I've covered my tracks covered here quite well. I'm always on the look out for sharks. Again, I appreciate your words of wisdom. 

Thank you guys for the swift replies! @troy durrette, @Michael Evans, @Robert Lindsley Very much appreciated! 

The immediate (I use immediate lightly because I know REI takes time) plan right now is to get our feet wet with a basic real estate investment. We want to pull off a deal start to finish and start making money on our own terms. Down the line buying and selling notes sounds like a very viable option. We want experience first.

There's a part of me that has always wanted to flip a house, but at the end of the day I want to get a solid and stable ROI and have a good experience doing it.

On the subject of vultures in the industry: What are some good plans/tips for avoiding them? 

Hi, everyone!

This story could be very long but I'm going to keep it as short as possible. Here goes:

My best friends father passed away recently. Her father amassed a large amount wealth in his life which now has come into her possession, around 2 million in a trust and 7k in cash flow every month from from existing rental properties. We both want to get into REI but we don't know where to start. So that's the big question: Where do we start? The overall goal is to build an empire and gain FI just from the cash flow off of our investments. 

I know this is a loaded question packed with many different answers. What would you do if you were in our position? 

Thank you for reading, I look forward to the responses. 

-James