All Forum Posts by: Account Closed

Haha I understand your perspective. My dad operates two businesses: he's a CPA with a large firm centered around small businesses and REI and he has his real estate development company on the side. I'm taking over the accounting firm and that is where I work full time (six days a week, 12+ hours a day so I'm VEEEEEEEERY productive) but I'd ultimately like to do RE developing and investing full time. Any and all free time I have left goes to RE and generating deals. He's in no hurry to buy properties at the moment so me not landing any deals yet in no way hurts business.

Thank you all for the great advice, it is truly appreciated!

I do currently work with my dad mostly generating any leads for properties that he might be interested in as well as residential properties for myself. While he's largely against investing in anything right now, he's open to anything he feels is a great deal (he's got very strict qualifications for what passes as a great deal) but I've yet to find anything. 

I've made many low-ball offers on both commercial and residential properties that haven't worked out and brokers have stopped calling me. That's what lead me to start questioning my dad's strategy/advice. I guess I have to just keep casting out my net, make more calls/offers, and get better at finding good deals. I'll check out Robert Campbell and Bruce Norris too! 

Bettina, my dad is willing to help fund any properties I find for myself. I don't need to turn to a bank or a private investor for loans when my dad can provide a loan (at zero interest). While I do have my own money and can get loans, my savings are limited. The caveat is that he has to approve of the property; if he doesn't think it's a good investment, if the price isn't right, etc. then its a no go. 

Hi everyone!

Some quick background info on me. I've been involved with REI since I was a child through my dad. He's a very successful real estate developer here in California and over the past 20 years, he's developed several dozen commercial and residential properties. I would visit all the sites with him when I was a child and saw all the properties go from an empty patches of land to fully operating businesses. I then later managed all his residential properties when I was in college.

I've saved for years and now that I'm in my late 20s (should have started much sooner), I'm ready to invest my own money and start my own business in RE. My dad is a great angel investor that I can used to fund my deals, and I've already learned a tremendous amount from him.

Problem is, I'm not seeing eye to eye with my dad. He's insisting that now is a horrible time to enter the market as prices are very high and that a recession is coming soon which will cause prices to drop, creating a great opportunity to buy. As such, I can't really convince him to fund any properties I'm finding. Furthermore, all his properties are in California (we live in LA) and he’s not keen on investing outside of CA.

I can't help but question my dad's strategy/advice. He acquired all his properties in the 90s and then again during the recession, so he's used to buying RE when prices are VERY low. He’s also an all-cash buyer, so his acquisitions were all done on a cash basis at times when cash really could knock off a tremendous amount from asking prices. He’s made many “low-ball” cash offers in the past and most have worked out; I don’t think it’s possible to do that anymore, at least here in California/LA.

Perhaps I’m wrong and I’m just being inpatient, I don’t want to wait anymore, I want to take action and I’m open to investing out of state, not just here in CA. 

My question is, do I listen to my dad and sit tight, or do I go against his advice and get into the RE market now?