All Forum Posts by: Justin Gottuso

@Theresa Harris

First goal: financial freedom for my family via income properties replacing my wife and my incomes/250k within 10 years, but ok if of takes 20, I’m 34. But then the bigger and more important goal is to grow to much more than that over time so I can GIVE considerably to charities, start ups (especially social cause ones) and self fund my own creative ideas/imagination within healthy limits/hence having our incomes being replaced first. Then teaching my kids and nephews about the business so they have a solid foundation to begin their careers/to learn principles of finance and RE.

What are your goals?

@Ashleigh Leach

I figured given not having a big portfolio of properties I wouldn’t qualify or get a larger apartment building deal. Maybe it’s possible after all? Right market, property, timing and connections are presumed.

@Timothy Hero

Hmm... note to self... determine who is pulling your leg in BP forum before giving their words any credence...

@Mark Fries

I’m looking forward to checking out Cedar Point after I move to Ohio. Does that count? Lol

@Timothy Hero

That looks great... what kind of returns do you see on your properties?

@Mike S.

Hey Mike! Thanks for sharing. Red 32, is that a paint color? ;-)

Many of my relatives from LA have moved to phone over the years. Investing in places where Californians flee to seems like a smart decision haha

Do any of your properties have Casitas/guest houses/are those properties better or worse in your eyes as an investor?

@Fay Chen

Thought about this but the risk of the 7k per month mortgage after we'd refinance is too much for us to bear at this point (I.e vacancies and unexpected events/repairs). The property will appreciate over time no doubt, especially as more ADU's are sold, but at this stage in our life/young family, having good amount of cash from the sale and re-investing in the Midwest where prices are much lower/less financial risk seems to be the way forward for us. But part of me might kick myself for selling a prime property in west Los Angeles...

@Clarence Johnson

Very helpful information! Yea the super nice flips and rebuilt properties I see with ADU's sell high/likely appraised well and I imagine their connections or creativity help them come out on top. I'm trying to learn from others who have gone down this path to understand ways to get a fair appraisal.

Good to know FHA loans don't recognize ADU's at all.

Will come down to finding the right buyer at the right price I think.

Thanks for sharing

@Dan Heuschele

Hey Dan thanks for sharing! Your mom sounds awesome, someone who pushed forward and did things beyond herself for the sake of her family (you and your brother). Great role model. Seems like you learned the trade and have carried it on, and expanded on what she started :-)

@Dan Heuschele

Thank you! That’s what I’m concerned about too, low appraisal. I know there are some people who will have the cash to make up the difference between asking price and appraisal, if it is indeed low, but I’ll keep going and find a way to get it done.

How did you get into real estate investing? What has been a valuable lesson you have learned along the way?