All Forum Posts by: Vanessa Vandervalk

I am having all of the same thought processes myself and my situation is quite similar! I am looking into turnkey properties out of state. There are people here on BP who recommend this, and for me, part of it is getting good property management along with an already renovated property. This seems like it would reduce the issues significantly. I'm considering cities where I could see myself living in the future, such as Austin. I don't know if people get rich off of turnkey properties but it's a place to start. 

Hi Ilva, I know the neighborhood and projects you are talking about from spending a lot of time in that area and have seen the area change a lot in the past 10-12 years. I recently walked around Kraft Ave and adjacent streets and saw flyers from the same realtor/developer in front of multiple houses. It's a great opportunity if you can get your hands on a property like that, but that particular developer (whose flyer I no longer have) is all over it! Good luck and I hope you can scoop up one of those opportunities!

Hi Eric! I have the same question about Palm Springs. LA is too expensive for me generally, but I'm trying to learn more about surrounding areas. 

Hi Conor, welcome! I think most people on Bigger Pockets would call themselves investors. Can you give more detail about who/what you're looking for?

I hope this is the right place to post. I need a granite countertop replaced in Santa Clarita, CA. Want to replace with a quartz product. I am looking for local referrals for a good contractor for this relatively small job. Thanks in advance!

Hi everyone, I am starting out my research into multi-families and have noticed that most of the time, BP discussions are around success stories. This is great and we can all learn from one another's successes! 

But, I am interested to hear your HORROR STORIES. This is not for entertainment's sake or to embarrass anyone, but to help those of us who haven't been there yet to step around the pitfalls that others encountered along their journey. So, in your experiences, what mistakes did you make? What unexpected problems did you find out about a property after you committed to it? Was there a time when you didn't do enough due diligence, or hired the wrong company, or just encountered a situation that you felt unprepared to handle? Did you ever realize you overpaid for a property? How did you get past your situation? Thanks in advance!

Hi Cynthia, I plan to check out Robert Hall & Associates in Glendale, because they host meetups for RE investors and seem to be really in touch with RE tax strategies. I went to one of their meetups and was impressed with the turnout but also the tax discussions that took place. I am curious whether anyone recommends them in your thread. Thanks!

This thread is really reinforcing the challenges of starting out in California. Right now I'm exploring two paths for my first investment property (besides my OO condo): 1. use my 30k toward a residential property and build slowly. 2. Cash out my retirement funds and go straight into an apartment complex. Both of these options require investing out of state. I'm researching markets now.

I just came across your post. The very first thing I'd do is REJOICE that I am that smart at age 22 to start investing in real estate. I can't emphasize enough how wise this is. Congrats to you!! You are decades ahead of most! Time will be your friend, as well as your frugal spending habits. 

After rejoicing, I would learn everything I could so that I could start forming my real estate goals, strategy and plan. The Bigger Pockets Beginner's Guide to RE is a great resource to help you start doing that. Also on this site is a recommended book list. I have "read" many real estate audiobooks while on my commute. You said that you are a big reader, so soak it up! I personally started to notice repetition as I moved to the next book or podcast, and then I knew I was gaining a solid foundation of understanding. (I am getting ready to select my first investment property in the next few months.)

There are many ways to invest or make money in real estate. Having a goal and creating a plan to reach that goal is going to help you decide what to do with your money. Also, real estate is local, so you have to consider your market and whether you plan to invest there or elsewhere. These are some reasons we can't all tell you more specifically what we would do in your situation.

Good luck and congratulations!!

Vanessa

I have a friend who rents a cheap apartment on the west side of LA but owns two condos. The second one is in Hollywood and she bought it via probate. She fixed it up with another $25k and rented it out for negative cash flow. But, it has appreciated $140k in under two years. So she still feels like she is ahead and plans to sell it. This can be how it is in LA. But I don't believe that kind of appreciation is continuing for the next couple of years.