All Forum Posts by: Tim Ryan

Look for a rental property outside of LA but driving distance. Buy it right, with positive cash flow (which is why you need to be a couple hours out of LA). Then save for your own home over next few years. With this you will be WAY ahead of others your age. Busting your *** for your primary home is a lie of the American Dream. Let's make the American Dream financial freedom - not financially strapped.

Then go for it. I believe in "good partnerships". Now that's easier said than done. But sometimes it's how you need to start. If you are both level headed and YOU work real hard, then it will work out. Don't let your money partner accuse you of not doing the things you said you will do.

From my experience Hard Money won't lend on your primary house. You'll have to get bank financing. If that can't be done then get Private Money Lenders (family, friends, boss, etc). But you'll have to show them the Business Plan. Something like - I but my front house and your funds builds the second one. When done, we sell the whole property and it makes x- money and you get your funds back with x- extra as investment income. If you wanted to rent the back then no way any private money will get in on that.

Marcus, do you have experience in Management? How much if any? There are times when the "money guy" is very valuable and would warrant at least 50% of company. Other times not. Question is if you have a lot of experience and contacts and it's you that will grow the company to be profitable then maybe 70/30 is good. But 30k-$50k is not an enormous amount of money and you could raise that elsewhere if you have a good business plan. If this is a new adventure all together then that's another story.

Looks like an amazing event. I missed last years. I think if we are in Los Angeles and either flipping houses, doing developments or in the sales field, this event will be very beneficial. I think probably good networking opportunities also. See you all there!

Matt R. Haha, ok but I don't need Davids money nor do I ever convince someone to do anything.

Matt R. If I understand you, your post is saying it's an enormous amount of work to pull off "out of state" successful investing. And... you nailed it. That's my "secret formula". There is no alternative. So those not able or willing to work hard (and travel often) should not try it. And BP Posters should not tell them they can by Listening to Podcasts and asking a few questions. Lol, now I'm getting pessimistic like David Faulkner ! Many ways to make money in RE. I do several. This post was about out of state and multifamily which is something I know everything about. So, if you want Easy and Passive, this is not it. Unless you do TurnKey (TK) which I won't recommend.

Robert Crossley good question. I only buy multifamily out of state and I live in the Pasadena area. So much to say here. Maybe let's connect and discuss further by email or in person. David Faulkner has so many "Cons" on his posts - which are all real. But I have been successful in answering and solving all of them. I would not change the way I live in LA and invest thousands of miles away...

Great location. Area is booming. Great school district. Those lots are extremely difficult to get permits and/or to built. I don't need addresses because I've looked at them all. I know it's a developers nightmare. I bought 3 lots recently nearby for $308k each. That's a more reasonable price. The $18k-$80k is a huge red flag since Mt Washington is a good area. So you are on the right track to ask why.

I live in Los Angeles and invest in Chattanooga. We should meet up next time I come to town. Probably April. I really like Cleveland Tn too and have looked at a lot of properties but never bought one there. You are in a good market. Don't even think about buying outside Chatt area! I only buy multifamily for rentals so I might be able to help you with information.