All Forum Posts by: Matt Casey

Where in burgh is the property?  I'm cash flowing $650/month on a property that I rehabbed and lived in while renovating.  There are rough areas (like any city) but there are good opportunities.  Screen the tenants hard! Feel free to reach out with any questions.  

Hi BP community, 

I am going to a probate overbid situation in LA County and am curious to hear from others regarding the process.  I have read a few threads regarding this process but I am looking for more details from someone who has successfully purchased a property this way.  

The following documents that I will need are:

1) Probate Form - Bid in open Court on Sale of Real Property PRO009; 

2) 10% of the overbid amount in cashier check; 

3) Checks for further overbidding / Proof of Funds (i.e., bank statements, etc.);

4) Verification of LLC

Also, it says a Fincen form will need to be completed in court by all buyers? I'm not sure what that is?  Is there anything else I need to be be prepared?

Appreciate any of your insights!! 

Hi Jose, 

Section 1031 of the Internal Revenue Code provides an exception that allows you to defer payment of capital gains taxes when you sell business or investment property if you reinvest the proceeds in similar property through a like-kind exchange. A like-kind exchange means you can exchange property used in your trade or business or held for investment for property to be used in your trade or business or held for investment. Thus, the phrase 1031 exchange was coined from the parameters of this tax code. This may seem simple enough, but there are many steps to take and requirements to meet when actually going through the 1031 exchange process.

Hi Ali, 

It's on Marian Place.  They are asking 10mm.  Shoot me a DM for more details!!  

Thanks, @Matt R.  Do you know the name of the group? I'd love to get in touch with them!

Hi all,

The owners of my rental are selling their property. It consists of (5) 1920's bungalows. And (1) 2bd/1br craftsman that was built in the late 1890's and (1) 2bd/1br craftsman built in the 1920's. I am sad to think that it will be another Venice historic property demolished by a developer. If you know of any groups that are dedicated to preserving Venice or know of interested buyers to keep it as is I would love to connect with them!!!!

Hello! 

I have been studying real estate/analyzing deals for a few years now and waiting to pull the trigger on my first rental property.  Someone asked me the other day what I thought would make the right deal?  I couldn't come up with a response as I guess I don't really know what the right deal is!! The beauty of real estate is that everyone's path is different, and everyone views "the right deal" differently pending their situation.  Some are looking for a quick flip, others are looking for a B&H, others are looking for to be hands-off investors, etc.  

When you begin to analyze a deal, what makes it the right deal?  How do you begin to analyze your deal?  Are you looking for a certain cap rate?  Are you using the gross rent multiplier?   Just curious how others view/analyze a deal from ground zero.  Thanks!

Hello Alan - I am new to RE as well and in the Venice area.  Welcome to BP! 

Hello all, 

I am looking to break into my FIRST real estate investment and the only deterrent is the HUGE amount of upfront money.  I am getting creative with how I can break into the market and have been thinking about purchasing just a PLOT of land, potentially with a really nice view or near an ocean, and then rent it out (i.e., for events, family reunions, weddings, airbnb as a venue, potentially campsites?).  I am curious if anyone else has ever teetered with an idea similar to this and what were the results and/or pros and cons of it.

My strategy is to make just enough income per month from the property to cover the monthly payments.  Once the property is paid off I am thinking about either a) putting the plot back on the market for a higher price, or keeping it for myself for future ventures.  I know this would really be a GRIND and HUSTLE type of entry idea but just wanted to throw it out there to see if anyone has tried this before. 

Appreciate your feedback! 

Matt 

Congrats! Great work. Thank you for the detailed steps!