All Forum Posts by: Matt Wilson

Whats up everyone?

I just joined Bigger Pockets and really impressed with what the community has to offer. I live in LA and right now trying to close my first deal. I'm looking at on-market properties and actually have several deals but haven't yet put together a list of cash buyers and would love to connect with any that are looking for their next deal. I would also really like some advice on how to get proof of funds if I don't have an LLC yet. Do I need a Hard money lender for that? Also, is there any way to get any kind of loan without having to put a down payment? I have several great deals that I'd like to submit an offer on with the agent, but what is the best way to go about doing that? Ideally, would finding a JV partner be the best way in? If so, where can I find those kind of partners? Timing is crucial as I don't want to let these deals slip through my fingers. Really appreciate any help with this...thank you!

@Matt Wilson in my opinion, L.A. is probably not the best place to look for a cash flowing property. I live in San Diego, and it seems to me that California is just not a great place for buy and hold rentals, because the prices are so high they just won't cash flow well. Also this state is not landlord friendly at all. I would definitely recommend you start looking at investing out of state. Look for Red States because they are probably more landlord-friendly. And look for places with growing populations and a diverse and thriving economy. That's the key for appreciation and continued rental demand. Then look at home prices on Zillow under the Buy tab, and then look at those same types of homes under the Rent tab. If they meet the 1% rule you might have something. One percent rule means that you can rent them for 1% of the purchase price. That's a good rule of thumb to gauge whether they'll cash flow. Remember, the definition of insanity is doing the same thing over and over expecting different results. If it's not working in L.A., try somewhere else. Out of state investing really is not as scary as it sounds. It's just going where the opportunity is. I bought 7 properties without even seeing them, you just trust the numbers when you analyze it and also trust the team that you build on the ground with your realtor and property manager to tell you if they think it's a good deal.

 Are you set on LA? There are a lot of people who find success with great turnkey operations.

Just throwing a shot out there…. Is there a Real Estate Discord that other Investors/Agents/Etc use to communicate with each other? Definitely not trying to take away from this platform but I do think that a discord has its own pros/cons. Thanks!

I haven’t seen a bigger pockets but they’re a couple I’ve came across… they’re not quite as active as other discord pages 

Looking for some insight on how to approach my current landlords on if it would ever be possible to do a rent to own the current place I’m living. I feel it would be a good option for me to do a house hack situation. It would be my first home, I’ve rented up untell this point. Open to any ideas or suggestions…