All Forum Posts by: Phil Hong

@Shane W. 

Excellent news Shane! Congrats! It looks like you and your future wife are starting your lives together on the right foot. 

@Peter Mckernan 

My understand is this: California doesn't require interest on security deposits but individual cities might. I have a property in Los Angeles and I am required to pay interest on security deposits. LA provides this information on how to administer the interest:

LA rent control info

@Shane W. 

My advice is to start by investing locally. Brandon and Josh are always saying there is something investable within an hour drive. Seeing that you are based in Santa Monica, you will probably have to drive a bit farther to find something within your range.

The reason I recommend investing locally is because when you first start you are learning how to do everything. Learning how to manage real estate is much easier if you can visit the property and understand the situation using all five senses. 

When you buy out of state you are going to need a team on the ground to act on your behalf. Assembling the team is already a difficult task. Trying to direct this remote team when you are still learning will make the process even more challenging. 

One other piece of advice, unless you and your girlfriend are planning to get married I would suggest finding a different business partner or have well-defined exit strategies that allow one partner to buy out the other should the love relationship go bad. 

Good luck!

Phil

@Kevin Dugan South Bay FIBI hasn't planned their next meeting yet. However Long Beach FIBI has something on the calendar for July 31.

FIBI Long Beach

@tyler kimmel Check out FIBI on Meetup.com. I attend the South Bay chapter's meetings. Meetings are held at the Manhattan Beach Country Club. Last night's was about tax strategies. Great information and a great group of attendees.

FIBI South Bay