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All Forum Posts by: Margarita A.

Margarita A. has started 4 posts and replied 9 times.

Post: Mental block buying your first property

Margarita A.Posted
  • New to Real Estate
  • Posts 9
  • Votes 10
Quote from @Bruce Woodruff:
Quote from @Margarita A.:

Wondering if others have had any mental blocks when making offers on their first property or buying their first property in general.
What were they and how did you overcome them?


I'm the opposite....I jut plow ahead and get myself into trouble :-)

My business strategy is 'paint yourself into a corner and figure a way out'. Really.

But if you are having paralysis, one thing that works is to analyze the crap out of the deals. Build your own spreadsheets, do comparisons until you're blue in the face, walk neighborhoods until you're crippled. This tends to build an inner confidence because you know that you know everything......

Do not rely on Social Media and Apps and the 'how can I make it easier' mindset....


 Thank you! I like your strategy. Great advice too!

Post: Mental block buying your first property

Margarita A.Posted
  • New to Real Estate
  • Posts 9
  • Votes 10
Quote from @Manny Vasquez:

Yes, I think a lot of BiggerPockets members will admit to suffering from  "Analysis, Paralysis", I know I did!  I also had fear of the "unknown" and fear of "not making it".  However, I sat down with a Real Estate mentor at the time and we looked at all of the "What-Ifs".  He discussed each one of my fears in detail and logically explained how those fears were "far away" from happening.  Pretty much he gave me the confidence to move forward with my first purchase and I haven't looked back since!

Every now and then, some "Analysis-Paralysis" flares up again and those other fears will rear their ugly heads.  But I quickly spell them away.  A couple of quotes I always like to use to give myself confidence are:

"Timing the market does not work, however, Time In the market makes all the difference in the world!"

"Knowledge is Power but Knowledge without Action is useless.  Therefore, put what you learn into Action!

Its totally normal to have some mental blocks before your first purchase. It happens to all of us. That's what the BiggerPockets community is for, to help you get over them.  Anytime you have some mental blocks, share them here and we will help you walk right through them.

I hope this helps and good luck!


 Thank you for your thorough reply!
How did you find your mentor?
I listen to podcasts, read books, use BiggerPockets calculators, do my own analysis, have an agent and lenders. Maybe the mentor is the missing part?

Post: Mental block buying your first property

Margarita A.Posted
  • New to Real Estate
  • Posts 9
  • Votes 10

Wondering if others have had any mental blocks when making offers on their first property or buying their first property in general.
What were they and how did you overcome them?

Post: Help analyzing duplex deal in West Adams

Margarita A.Posted
  • New to Real Estate
  • Posts 9
  • Votes 10

Duplex in West Adams area.

Asking $830000

Spanish style house on a nice street with similar houses, mixed single family and duplexes.

2 units total, 2b/1b and 1b/1b

About 1600 sq feet total

I think 2 bedroom could be rented for at lest about $2500 and 1 bedroom for around $1800-2000.
I will live in one of them though.

Also has a 2 car garage which can be converted into ADU.

Has parking plus street parking.

Both units need reno.

Considering that all units need renovations and I will live in one unit and rent the other and that at some point I will convert garage into ADU.
Does it still seem like a good deal? 
Based on my calculations it seems a bit overpriced. I am looking for an appreciation and to cover most of my mortgage.

Also any tips how much such reno could cost are highly appreciated.

thank you

Post: Which option is better

Margarita A.Posted
  • New to Real Estate
  • Posts 9
  • Votes 10

Los Angeles market for house hacking.
Is it generally better to buy a duplex for house hacking in a better area, for example, Silver Lake, but pay a bigger down payment(20%-25%) for a move in ready home or buy a fixer upper duplex in West Adams and pay minimum downpayment 3.5-5% and spend the rest on renovation to gain forced appreciation.

Post: Strategies for New Investors

Margarita A.Posted
  • New to Real Estate
  • Posts 9
  • Votes 10
Quote from @Zach L.:

@Pedro Magallanes

Seems like you have a good amount of capital to get started with, congrats! Like John mentioned, it's not always best to go for the cheapest areas, since those areas are likely cheaper for a reason. Have you considered using the capital you have to purchase a house hack in a nice area of Los Angeles? While you might not cashflow on it right away, it can be a better way to grow wealth given the opportunity to leverage a higher amount of the purchase price since you'd be an owner occupant, and Los Angeles is (in my extremely humble opinion) more likely to experience appreciation in the long run than a cheaper market, therefore generating more wealth to continue investing with. I realize it isn't a strategy for everyone, but something to consider!


 Hi Zach!

Can you recommend any nice areas in LA for house hack for similar amount of capital as the author of the post?

Thanks!

Post: New member intro

Margarita A.Posted
  • New to Real Estate
  • Posts 9
  • Votes 10
Quote from @James Carlson:
Quote from @Margarita A.:
  • Hello,
  • 🌎 I am currently located in SF Bay Area and looking to invest in Los Angeles market and make it my primary residence as well.
  • 💫 My plan is to invest into a duplex or a single family house with existing ADU....

 No big advice here other than to say, congrats on taking a big step. I've seen so many house-hacking clients in Denver and Colorado Springs where we work change their lives by getting that first-property (which led to a second and third, etc.) 

Definitely find a good house-hacking agent, see homes and run numbers, but also, don't overthink it too much. The idea of a "killer deal" will do harm in delaying purchase or preventing purchase at all. Find a good-enough property, get some experience, and repeat again in a few years. 

Good luck!

Thank you James!

Post: House Hacking in Los Angeles County

Margarita A.Posted
  • New to Real Estate
  • Posts 9
  • Votes 10

Hi Angela!

Hope your search is going well!
May I ask how did you get access to MLS listings?

Thank you

Post: New member intro

Margarita A.Posted
  • New to Real Estate
  • Posts 9
  • Votes 10
  • Hello,
  • 🌎 I am currently located in SF Bay Area and looking to invest in Los Angeles market and make it my primary residence as well.
  • 💫 My plan is to invest into a duplex or a single family house with existing ADU.
  • 🏠 I got interested in real estate investing after listening to financial independence podcasts a few years ago. 

    Would love to connect with other first time buyers looking to start house-hacking in Southern California in order to support each other through this journey as well as with experienced house-hackers for some mentorship and just to make new friends.