All Forum Posts by: Sarkis Gezalyan

Hello everyone,

I have a back house I’m going to rent out, I was just wondering if I have to report the rent I collect? What are some things I should be aware of tax-wise? Any responses would be greatly appreciated, thank you!

@Cornelius Charles I read that Zillow is starting to flip houses in the area as well. Being from California, do you see them wiping everyone out or will the “mom and pop” flipper still be able to participate?

Hello everyone,

Is there still a market for flipping in the Los Angeles area? I’ve been reading negative articles saying that profits have dropped from flip projects. Now I know it’s a case-by-case situation, but is it still profitable to buy houses cheap and flip them? If you’ve noticed a substantial decrease, what would you attribute it to? Thank you!

@Jim K. Thanks for the info Jim, you really put things into perspective

@Jim K. Sounds like you’re being sarcastic. I’m new to this so I would appreciate it if you explained your comment. Is your comment coming from a “go big or go home” standpoint when investing out of state?

@Mitchell Litam let’s take this listing for example. I know it’s not your area, but how would you approach something like this? https://www.zillow.com/homedetails/264-N-54th-St-Mesa-AZ-85205/7672487_zpid/ Based on rentometer, I’m averaging gross income of 1750 let’s say. Would your first instinct be to offer a much lower price?

@Peter Ledger it looks like everything I look at is distressed. Turnkey properties don’t make any sense financially, there’s very minimal returns.

@Jaysen Medhurst born and raised in L.A. I don't have a team anywhere but looking around I won't be able to purchase anything here. Are you not a big fan of investing out of state? Obviously I would be doing thorough research and even visiting if need be. 

Hey @Jaysen Medhurst , I did some searches in the Cleveland, Indianapolis, Memphis areas. Everything seemed out of wack. I'm from Los Angeles and things are very expensive here. So I was looking to get my feet wet in some of the more affordable areas in other states. 

Hey guys, 

I've been doing searches on Redfin for properties in good investment cities/areas that individuals from these forums often talk about. When time comes to run a quick analysis on the numbers, they don't make any sense. NONE of the properties are worth investing in. Am I doing something wrong?  Is Redfin not a good option, or do people usually bargain the price down in order for the numbers to make sense?