All Forum Posts by: Ryan Sommer

Thanks for advice.  Yeah management seem to be the killer but I've stayed in a few Air BNB rentals out there and owners were just paying maid/cleaning service to turn the place over after people check in.  Everything else was remote and they were all using electronic programable door locks.  I can find some really cheap cleaning people under the table where I live in LA and I would have to imagine you can find people as cheap or cheaper up there.  

I've been thinking about it for a couple of years.  I'm heading up there for Thanksgiving so I might take a little time on the trip to talk to a realtor and look at some places.  

I see a lot of small 1 bed cabins on the market in Big Bear for around $100k.  My only real estate experience so far is a condo I bought a couple of years ago in LA area that is my primary residence and I have no experience renting.  Would it be reasonable to expect to be able to buy an inexpensive place in Big Bear that is "move in ready" and be able to at least cover the mortgage by renting on air bnb?  I've stayed at several cabins/houses in Big Bear as an Air bnb customer and it seems like most have no problem booking solid through the summer and winter holidays and ski season.  

What I am really looking for is owning a place somewhere that my family enjoys to vacation but be able to have it pay for itself and eventually make some income off it.   

Judging from discussions on other forums and talking to people I know that are looking to buy Inglewood and South Central keep coming up.  Inglewood is more obvious with the NFL stadium/mega complex being built and it looks like most houses are already going for $500-650k right now.  I'm much more skeptical about South Central just as far as how long it will take to fully gentrify and be a place that yuppies and hipsters will want to live but I have heard from a young professionals who are seriously considering buying there with the hopes that their home values double in a short amount of time.  The geographical location is obviously great so eventually it will happen but I feel like it's still 20 years away

I was reading a new article on the development yesterday.  They are predicting a 15-20 year build out.  I expect to move in 5-10 years and not sure if I will sell at that point or keep as a rental but there should be plenty of time to let things play out.

I did see artist renderings of what basically looks like the Americana in Glendale with a huge outdoor retail/living spaces and I have to admit that would be nice to have down the street.  I actually lived in Glendale previously and building the Americana and adding luxury apartments there and several new luxury apartment/condos that have gone up on Brand in the past few years have not hurt the existing home values there at all and in fact they forced me out of my rental because rent went up over 50% in 2 years

Thanks.  Yeah the more I read about it and how phased out it will be it sounds positive.  It sounds like the amount of new homes being brought on the market will still be severely outpaced by predicted Los Angeles population growth over that time.  And as you said an influx of 60K permanent jobs in the area that they are predicting and additional shopping and restaurants will make the area more desirable.  That area is the best location in SCV for commuting to LA because of easy access to the 5 but shopping/dining options aren't great there so adding more options right there instead of having to drive 15-20 minutes into Valencia shopping area would be nice

Apparently this is getting approved and moving forward and there will be 5500 new homes built right by Magic Mountain and 21,500 total units including business space, retail, elementary school, fire station etc

http://www.dailynews.com/government-and-politics/2...

I just bought a condo last year in an expensive market that is about a mile away from where this will be and trying to get a feel about whether or no I should be concerned about value of my place?  My condo is work about $30k more then I paid last year but will $350-400k condos correct to $200k with influx of new construction?  Will all of the $800k houses in my neighborhood be selling for $400k in a few years?  I know that nobody can predict the future or markets but seems like that many new homes at once could greatly effect the market values.  But on the other side I know that if it leads to more businesses there and more jobs then the area could potentially boom too.

 Thanks.  How do you find out of state investment or rental properties?  Do you buy in areas you are familiar with already?

Hello.  New member here and pretty new to real estate.  I'm almost 40 and just bought my first property.  I purchased a condo in the expensive LA market for my primary residence.  I am interested in investment properties but not sure where to start.  My only current debt is the mortgage on my condo and two small car payments.

The local market is so inflated I'm not sure if I would be able to make any profit here.  For example if I turned around and rented my condo in the current market I would probably just break even or maybe make $100-200/mo without accounting for management fees.  I am curious if buying property in other markets for rentals would be feasible?