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Just The Average Guy Investing,
My Website: http://buyingbeachhomes.com
Your question is right up my alley. Check my website, http://www.douglaslagos.com, I've been a real estate investor for over 12 years.
You need to talk to an experienced real estate agent that has worked with investors, and better yet, if they are or have been investors.
You will then be able to discuss your plans, your motivation, yes how soon do you want to start.
How much money do you want to invest, will it be all cash, or financed? If financed, how strong is your credit history and financials.
How much money do you need on each project or cash flow?
Once you find the right property, will you rehab it, flip it in a few months, or hold and rent it for a year.
What inspections will be required, if you'll be doing renovations, do you have a team of experts to do the job, etc.?
One thing that many forget to mention, is that in LA, you will need to make sure that the property has been retrofitted, before you can sell it. A good site to check is http://www.gometroretro.com/city-compliance-codes/
There are many nuances to being an investor. Talk to an experienced realtor before you begin.
Please call, text or email me for more information.
RealtorÂ®, Certified HAFA Specialist (CHS)
Coldwell Banker Residential
Tel. (310) 463-8088 http://www.douglaslagos.com
No Fluff! Non-guru Rehabber Shares Honest Experience, Mistakes And Best Practices, To Help Others In The House Flipping/home Renovation Business. These Are Lessons The Gurus Don't Share And Tips You Won't Find Anywhere Else.
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Firstly it depends on your budget and what you are comfortable with investing. Is yield more improtant to you than potential capital growth etc etc.
It is best to start small and build your portfolio at a comfortable pace and LVR ratio.
Certainly an agent is important to be working with you as they can keep a look out for opportunities as they are coming up. They can also help you with comps in areas so you don't overcapitlize on your flip for example and update a property to suit the neighborhood for resale.
It is also important to work out your particular needs and parameters, for example how much time do you have on your hands as flipping property takes some investment of your time, whereas income properties not as much generally.
Kinecta Federal Credit Union (a not-for-profit direct lender) is one of few HOMEPATH lenders in the country, with a presence in Los Angeles and Orange Counties.
Hope this helps!
Rene Joseph De Blanco
Good Luck on your venture. I have been doing this since 1993 and helping others for the past 10 years.
Here are a few things I have learned and pass on to others:
You may by properties from FSBOs, or use a Realtor but always use a Realtor to Sell your properties.
Cash is King. YOUR cash that is.
Contract assignments MAY be border line questionable or even legal.
Propertes you sell, must have clean and clear title so your buyer can get a loan.
Clean Title in your name. not some business partner.
Have a few contractors, and painters lined up.
and PAY them, do not do profit sharing
Fix properties up to market expectations, but sell for slignely less then or the lower end of market value so they sell quickly.
and get a good Real Estate attorny
Good Luck and go for it
First step is to get yourself an agen! Cash is king in Real estate and you will be in good position to win bids.
When working with indivisual investors looking for rental property I guide them to cities with a high concentartion of renters. For LA county I am partial to Compton and Lynwood. One thing to beware of is unpermitted additions which you will find a lot of in these communities.
For the flipper I recommend buying homes priced for first time buyers, These buyers are eager, prequalified and ready to go. Parts of Long Beach,as well as Lakewood are good. First time buyers are usually families with children, single, are couples planning to have children so safety is a concern. Stay away from areas that may not seem very safe.
You will need to have a few good contractors on hand as these properties may be in need of repair, and you will want any work performed done right and up to code. Roofing, plumbing ,electrical and concrete work should always be done by a lic professioanl.
Paint, flooring and minor cosmeici work can be done with success by a good handy man.
If you do not mind getting a little dirty you can do some light landscaping yourself and save a few bucks.
Best of luck to you!
Kawain Payne, Realtor
#1 you need to educate yourself on all aspects . There are some good books on the subject and I would recommend you start there. You need a good basic knowledge of construction, plumbing and basically how a house is put together.
#2There are also good programs on television BUT be careful with the figures, it will cost you more then what the shows are showing, and your profit will likely be far less unless you are a general contractor and have a crew working under you.
#3 Be very careful where you choose to buy, this is where you need a good Realtor on your side. Be loyal and commit to them(contracturally) and they will share their knowledge with you. Offer to allow them to sell all your flips and you will likely get a friend in the business!
#4 Watch your timing. We are poised for what some economists think is a market adjustment in 2013.
T.U.H. -- Your partner to get construction done!
To give you a quick answer, the best flip to start with is likely going to be anything that will fall within the first time buyer market. This will assure you a large pool of ready and able buyers when you are ready to sell. The size project you are able to take on though will depend on your crew of helpers, their experience, how much time you have to personally invest yourself, and most importantly how much cash you have to put towards the project.
You want to be able to put yourself in a situation to buy with cash. The best deals and best flip opportunities are often cash only because banks will not finance them. That being said, it is probably smarter to start with a smaller project first unless you have lots of experience already with building and remodeling, etc.
As far as investment property, that is a whole other deal, although you could flip a 2-4 unit property as well and then just rent it out. That would fall under the category of a bigger project though.
Please contact me through my website below and we can discuss your unique position and what would be the smartest way to start realizing your real estate dreams!
I would suggest that you start by targeting the areas that fit your price range, then visiting all of the "flipped" Open Houses to see what these developers are doing, what the standards are, the finishes that are attracting buyers, etc. Start watching the prices, follow up to see what homes sold for, and after what length of time...so that you will have a realistic ending in mind for your deals.
Then, start watching the homes in these areas, and the surrounding areas, that are clearly fixers. These homes may be distressed (REO's or short sales) or probates. Take your contractor through several of these to learn how much the needed work will cost. Then, work backwards...will you be using your own cash or hard money loans? (To be able to get accepted offers, you will most likely need to offer all cash, no contingencies, and a short escrow). Then, do your numbers, get your money lined up...hold your nose and jump!
For your first flip you might want to consider partnering with a pro. You will have to put up the money (and take the risk!), but the pro will call the shots, use his crews, and allow you to learn. (If interested in this approach, let me know and I'll refer you to one of my contacts...you can meet with him and decide if this is for you).
Be prepared to have everything take twice as long as estimated, and cost at least 30% more (after taking into account all of the mistakes of the rookie flipper). It's a risky business for newcomers. Even the pros will admit that roughly 25% of their deals only break-even. Tread carefully. Best of luck!
Keller Williams Realty
I work with many people that do this and have access to deals all over. Please feel free to contact me at your earliest convenience and I'd be happy to discuss with you this process and what I can do for you.
Keller Williams Realty
7920 W Sunset Blvd, #100
Los Angeles CA 90046
P: (818) 919-2018
F: (888) 214-7552
DRE License #01816257
Richard "RJ" Kas (SFR, SRES)
"Representing the finest properties from Los Angeles worldwide"
KAS Properties - Coldwell Banker Previews International - Beverly Hills South
166 N. Canon Dr, Beverly Hills, CA 90210
310.859-5334 office - 310.488.9826 mobile - 310-273-0690 fax ATT: RJ
RichardKas@gmail.com - http://www.RJforLA.com - DRE: 01352771
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