All Forum Posts by: Spencer Wardwell

@Will Barnard thanks for the advice!

About how much capital should I aim to have before starting?
I currently live in a property in West Adams that I purchased in 2016 that I have about $500,000 equity in, so it's possibly for me to get more.

However, I'm trying to avoid having the mortgage rise by too much, as I want to hold onto the property, but need it to, of course, be cashflow positive once I move out.

Thank you @Christopher J Driscoll! Congrats — that sounds like a very solid plan, and will likely follow in those footsteps.

I would love recs for contractors!

Thank you for all the advice, everyone!

I'll definitely keep that all in mind as I continue my search.

Any advice on finding a distressed off-market home for renovating? Or on how to find a reliable contractor to take on that type of job here in LA?

Hi all!

I'm looking to get some advice on my next real estate endeavor in Los Angeles.

My current goal is to not only make a wise investment, but I'd also like to upgrade my current living situation (I currently live in a 5br 2ba SFH in an "up-and-coming" neighborhood I purchased back in 2016, and want to live in a nicer neighborhood with fewer roommates).

Since buying in LA is insane right now ($900+ per sq ft.), I'm considering either buying a lot and building from scratch or doing an extremely extensive rehab on a very distressed property.

By the end of 2022, I expect to have about $250,000 in capital and have great credit. I figure I can get a loan of approx $1.25M and build / rehab a decent property with that money (where as simply buying wouldn't get me much).

Ideally, I'd get a 2/3br 2ba in a decent neighborhood and build an in-law-suite on the property, with the plan being to move into the in-law-suite and rent out the home.

Neighborhoods I'm looking at are in NE LA: Mt. Washington, Eagle Rock, Cypress Park, etc.

Any advice is appreciated!

Does anyone have any experience doing this? Any pitfalls I should be aware of or things to avoid? Is $250,000 enough capital to execute this plan? Pros & cons of building vs. rehabbing? Recommendations for build & design firms? Anything information helps!

Hi all!

I'm looking to get some advice on my next real estate endeavor in Los Angeles.

My current goal is to not only make a wise investment, but I'd also like to upgrade my current living situation (I currently live in a 5br 2ba SFH in an "up-and-coming" neighborhood I purchased back in 2016, and want to live in a nicer neighborhood with fewer roommates).

Since buying in LA is insane right now ($900+ per sq ft.), I'm considering either buying a lot and building from scratch or doing an extremely extensive rehab on a very distressed property.

By the end of 2022, I expect to have about $250,000 in capital and have great credit. I figure I can get a loan of approx $1.25M and build / rehab a decent property with that money (where as simply buying wouldn't get me much).

Ideally, I'd get a 2/3br 2ba in a decent neighborhood and build an in-law-suite on the property, with the plan being to move into the in-law-suite and rent out the home.

Neighborhoods I'm looking at are in NE LA: Mt. Washington, Eagle Rock, Cypress Park, etc.

Any advice is appreciated!

Does anyone have any experience doing this? Any pitfalls I should be aware of or things to avoid? Is $250,000 enough capital to execute this plan? Pros & cons of building vs. rehabbing? Recommendations for build & design firms? Anything information helps!

Hi BP!

When it comes to turn-key investing, I'm aware it's generally frowned upon, because it eats up so much of ones potential income.

That being said, I'm currently in a position where I have very little free-time, unfortunately, to put into real estate investing.

However, I don't want my lack of time to force me to sit on the side lines until more of my schedule is freed up.

I'm willing to have lower returns if it means lower risk, lower time-commitment, and less headache — so, it seems turn-key is the way to go.

I have about $50K cash to invest, and am wondering if anybody has turn-key investing experience, and if there are any companies they could recommend?

Thank you!

Best,

Spencer

Small town USA but up and coming, hopefully.

Hi,

Looking for a commercial agent in / around Baltimore area!

My partners and I are aiming to close on a 1.5M — 2M multi-family property sometime this summer.


Thanks!

Hi all,

A few years ago, a family member of mine set up a real estate investing LLC in California.

She currently owns a single asset -- a farm in CA. Her initial plan was to sell the farm, retire, and fold the LLC.

However, I've convinced her to do a 1031 exchange and reinvest the profits into another property, out of state.

A friend and myself are doing all of the leg work for this deal and are planning on putting in some cash of our own.

We are in need of a CPA, Lawyer, and a 1031 Intermediary that can help us do the 1031 exchange, as well as advise us on how to properly split up the equity of the property we're going to buy.
Additionally, if it makes sense for our goals, she is open to giving us equity in the LLC, as well.


Thanks,
Spencer

I have $50K set aside to invest in real estate. As I live in LA, I'm looking to be a remote investor, looking at more affordable markets. I'm only interested in buy-and-hold properties for rental income (and appreciation, of course). I'm thinking the move might be to get two properties, around $125K each, and put 20% down on both properties, instead of just one. Looking for suggestions as to the markets I should be looking into, thoughts on turn-key investing, and any other advice you might have! Thank!