I am from England, so my questions might be culturally related.Question 1: “Ghetto areas” in LA

I’ve found a few promising properties in LA zip codes that, according to Best Places & City Data, have high levels of violent crime.In the UK, we’d call such areas ghettos and they are not worth investing in, as the tenants lack income, the monthly rental prices are low, and the property management companies provide a poor service.

The process to wealth is typically very slow, but steady.

@Eli RollinsYou're interested in starting in real estate at a young age, I'm of the opinion that it's better at your age to learn how to talk to girls.And since the thread is well and truly hijacked anyway, and no one reads past the first page of comments, it's a good place to attempt to put together the argument I've been trying to make more cogently.The figures that I quoted above -- that 98% of millionaire households in the USA in the 1980s were run by a married couple or widow/widower, and 95% of millionaire households in the USA today are run by the same -- come from two different research-based books written by business school professor Thomas Stanley, The Millionaire Next Door and Stop Acting Rich...And Start Living Like A Real Millionaire.Stanley died a few years ago and his daughter/research partner is coming out with a new book later this year revisiting the compelling arguments he made about the typical ways that wealth is built in America.

Basically, the son has real estate dreams, the family is very wealthy, and this is their way of teaching him how to build a company.

I have connections to some wealthy people across the pond who would like to invest in real estate in the US.

This is a general guideline but it will differ a little by area.A - new construction with amenities in best area of town, often where professionals and wealthy people liveB - good neighborhoods where middle income live, generally house will be older but well maintained and few subsidized properties C - lower income, mostly rentals, a lot of subsidized like section 8, etcD - dangerous, graffiti, drugs, boarded up propertiesYou won’t find all classes in all areas.

My second piece of advice would be to come to the BiggerPockets meet-up @Chris T. mentioned above at Resident Culture on the first Tuesday of the month.

In the past I've spent thousands of dollars on training programs but not really personal mentorship.Here is my advice I would start where you are - Bigger Pockets - not just to learn the business but also the culture of the business.

I don't disagree with one of the mentions about the culture has changed....that is definitely true....but that's just more, I think, that so many people are on here now and so many people are talking.

But like many successful investors will tell you, you get wealthy not from your winners, but my minimizing your losses.