All Forum Posts by: Steven Scott

Hello,

I am currently looking to rent one of my units. I have had a few people come by to veiw it.  One thing i had noticed is a new trend.  5 out of the 16 veiwers said "Oh yes i have a job... i work for Uber." or "...of course my husband is employed... he works for Uber." Though i respect anyone making a living, i see this as a side hustle and not any form of steady employment to count on. Has anyone had similar experiences? Is "I work for Uber" the new "I'm Unemployed"?

Hello,

I'm planning on attending.  Please put me down as RSVP.  It'll be good to hear others experiences in real estate.

Again, Thanks everyone for the replies!

My update is I finally found a triplex and am in escrow in Harbor City...

The Rundown: Price $520,000, Down Payment $130000 (Gulp, whew sometimes its hard to say that), Mortgage (4.25%No Points), insurance, taxes, & water = $2700 a month. Rent for all three units together is $3200.  Redfin.com Refund $4200 ( I love Redfin!).

Annual ROI ~ 4% with me maintaining and managing.

The numbers could be better. I know it doesn't follow any investment rules. I don't think any property in SoCal does.

I like Investing in Duplexes, Triplexes, and Quads by Larry Loftis also.  It is basically my plan for investing.

Thanks for the replies!

I had thought about leaving the Los Angeles County area a few times, as some of my colleagues and friends have actually done so. 2 moved to Texas. Just not ready to leave yet and don't really know where I'd go.  And being fairly new to investing I am reluctant to buy in a place I cant get to in less than an hour.  Maybe ill expand my search up to Bakersfield which is 2 hours away.

Tanya are you actually living in Washington and investing in Texas or did you just totally move your base?

Is there anyone Investing within LA County... and making money? Or any hopes of doing so?

My info: Primary residence is a Triplex bought at $320000 in 2011, current est $465000. Rent collected for 2 units $2300. Mortgage, insurance, taxes, & water = $2000 a month.

My initial plan: Buy a triplex or quad every 2-3 years.  Build income & get rich slow. lol.

My Dilemma: I have feverishly been working 3 jobs saving and looking for a new property for the past 2 years in the just outside Los Angeles city areas. Prices are skyrocketing! I mean, the places I recently looked at are lower end neighborhoods are $550000 with foundation and roof damage, where the rents would barely cover the mortgage, these would be investment only properties. The ones I really like, or would move into as well as be an investment, are $850000 to >1mil. 1. These are just out of, or are completely out of my price range.  2. Sometimes the financials on the more expensive ones wont break even and are in the Red!. Even My property I currently own, would barely make a profit if bought in today's market.

My Question: I've built up a significant down payment to buy a place up to $650000, but am starting to tire and be discouraged looking at the crap being offered. I could pay off around 3/4ths of my existing mortgage, but the investment seems to be doing fine the way it is. 

What wold be the better option? And what do you think is happening or will happen with today's market? Should the better option be to wait, build a larger down payment & see if prices fall?