Profile picture for goli90

I have 150k in cash and would like to invest iin properties in LA,CA. Recommendations?

Hello,
My sibliings and I have roughly 150k in cash and would like to invest in mulity family properties in the Los Angeles, CA area... Does anyone have any recommendations? We have owned single family rental properties in the past so we have some experience but would like to branch out into multi family properties because of the current unique market oppertunities. Anyone familier (i.e. has familiarity with with multifamily properties near university areas.. specifically USC?
Thank you
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June 22 2009 - Los Angeles
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Answers (59)

ATTN: Gregorio Denny

So, you want to get into technicalities?  I own property as it should be owned in an LLC. 

And I buy properties in the Ghetto and rehab them and rent them to Section-8 tenants. 

Slumlord?  You're an idiot.  If you were smart enough to know where the money is at you would be doing the same thing...if you had money to begin with. 
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August 17 2009
I'm in san diego, but I do know of quite a few people that do well with tri's or quads. Duplexes they say don't make money.
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August 17 2009
Randy says:
"FYI: The houses I buy in Sacrament are $40,000.00 to $60,000.00 and rent for $1,200.00 - $1,300.00 per month."

That sounds more like a slum lord to me. BTW, how do you hold title to these properties? Records show you own one property in sac county and it's in Elk Grove; where are the 4 rentals at?
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August 17 2009
I buy houses in Sacramento and rent them out to Section-8 tenants.  I've never really been a fan of 4 unit properties because they are still overpriced.  Also, since I rent only to Section-8 tenants I can find tenants with high vouchers who don't want to be in an apartment setting.  And I would definitely rather have 4 separate houses than one 4-unit complex. 

FYI: The houses I buy in Sacrament are $40,000.00 to $60,000.00 and rent for $1,200.00 - $1,300.00 per month.

Be sure to check with your local Section-8 office about their housing voucher program.  Don't even think about renting to anyone else...I promise you will regret it.
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August 17 2009
I am licensed in California as a Realtor and currently practice in Tennessee.  I have actually been looking at investing in LA.  My mother in law lives in Venice.  I thought about the area around USC, but there are a lot of pretty new mid-rise apartments almost encircling the campus.  As I looked around at properties around the area, I realized the students were living in those mid-rises or in another part of town.  If you buy in that area, just be aware that the idea of renting to USC students probably won't pan out.  However, I think it is great to invest in real estate in Los Angeles, as I'm trying to do myself. Good luck!
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July 02 2009
Julie Messina (CNN Mortgage) makes a very good point. Purchasing a four-plex or smaller would give you better financing options than a larger commercial property would. There are also tax advantages in terms of active participation vs passive income.

Off-campus housing is at a premium and the university should be willing to list your rentals at little or no cost to you. Be sure to check into their requirements (amenities, occupancy per square foot, zoning, liability insurance, etc.) before you make an offer, since they may impact your decision.
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June 28 2009
Profile picture for Pasadenan
Obviously Mark 8.36 is in response to 8.34; SO, how do you "deny yourself"?    And what exactly is your "cross"?  There is little persecution for Jesus' sake in the United States, and those that claim it usually are persecuted for their selfishness and harrasment, and it has nothing to do with Jesus.

So, now you are stating you were not "high minded" when you were bragging about how much money you made?

And as I referenced before, I think Matthew stated it better in Mt 6.19-21.  And as Solomon stated in Ecclesiastes, the pursuits of most business men is just vanity, and a striving after the wind.
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June 27 2009
Profile picture for Pasadenan
Why?  That is like asking someone that is looking for a mini-van why they don't want a sport's car; or asking someone that is looking for a 4-wheel drive SUV why they don't want a Dump truck!

Really, it is none of your business why the person is looking for what they are looking for, and not something else!

But perhaps if you read between the lines....?  They want rental property NEAR USC; likely to rent to students, and possibly for a student in the family???  Obviously, they are NOT looking to purchase a "FRATERNITY" house.

So, how many units do you buy for $150 down if they are "single family" as compared to "multi-family"?  And if they are not on the same lot, how much additional do you spend in time and maintenance?
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June 27 2009
why would you limit yourself to multi family properties? There are some good deals out there on single family homes also.
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June 27 2009
Profile picture for MultiFamily4Sale
Pasadenan, that was good insight to that passage.  I cannot disagree with any statement in the last reply.  I never read that particular verse before, at least not in my adult years.  I like to actually thank you for bringing it to my attention. 

The verse I often refer back to is Mark 8:36.  It is short, but powerful.   It keeps me grounded and gives me balance.   Also, 1 Timothy 6:10 gives me perspective. (This verse if often misquoted.)  In addition, as I read Luke 12.20 and a few of the following verses, I think about 1 Timothy 6:17-19.

Also, I would like to say that, in spite of it all, I believe that the world is a better place because of his music.  That is the first time I said about anyone.
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June 27 2009
Profile picture for Pasadenan
Really, the reference to Luke 12.20 was not a prediction of these "successful" people's death, nor a "curse" for any that have substantually large incomes.

Just a call to reconsider priorities, and re-evaluate how one measures "success".

One thing is clear; Michael worked extremely hard for 45 years straight in order to provide what his customers wanted.  And he gave up an opportunity for a good education in order to do so.  He also tried to share the benifits he received with others.

He certainly kept in good physical shape a lot longer than Elvis did.

As Paul writes, we need to learn to be content regardless if we have extreme wealth or extreme poverty, and in any case, be a blessing to others.
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June 26 2009
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You see, your "terminology" alone reveals your "mindset".  Everything to you is a "deal", making you a "wheeler dealer", estentially the same as a "street hustler".

Not that I have anything against "hustling" in a legal manner.  But really, the "hustle" is not necessary.  Nor is the hype.

When a business provides "service", the service speaks for itself and there is no need for hustle nor hype.
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June 26 2009
Profile picture for Pasadenan
No one said anything about single family residences; the discussion was clearly about rental properties with 3 or more units.

And it was not just the website; the comments about 100% return on investment the first year, and 33% return on investment the following years were posted on this discussion.

And no, a "financer" is not entitled to 50% of the "profits", even if the word "profit" had been defined; but especially not if the statement is that the return to your "venture partner" in the first year would be 100%, since that would mean that your take the first year would also be 100%.  So, you borrow the money from other "partners" at 5% annual interest, and then expect 100% interest the first year?  That is close to the same usery rates as payday loan outfits.


"deals in inventory"??  Whose "inventory"?  Whose "deals"?  Are you a "used car salesman"?  The website is clear, the recomendations for properties that can be purchased for 10 cents on the dollar come from others.  The "listings" and "real estate transaction representation" comes from others.  The "financing" comes from others.  The "ownership", "maintenance", and "management" are by others, and your "company" is just a "middle man", with you personally taking most of the profit.

So, you state others can have the same results as you by "opening their minds", and then signing a contract with you to give away their hard earned profits?

I have nothing against "contracts", but I don't need any "middle men" that don't provide direct services.  Nor do I need contracts nor "partnerships" with parties whose rates are substantually out of line with the industry norm.
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June 26 2009
Profile picture for MultiFamily4Sale
(con't)

I am not sure how much you know about real estate, but you cannot do any business without some form of contract.  Other than that, there may be a "he said, she said" debate, which can leads to hard feeling and bad business.  So, if there is a joint venture where two parties bring equal resources to the table, they should get an equal return on their investment.  Thus, split the profit 50/50. Anything else, I believe is not fair.  Now, if one party brings most of the resources to the table and the 2nd party bring a little, then the 2nd party should get a little.  I believe in get paid according to the contribution.  Does that seem fair to you? I hope that clears up some of your concerns.  I will have someone to look into that registration issue that you mentioned.  Seems like someone "dropped the ball" with that process of changing things over to Accord.  Other than, all licenses are in tact.  Will get our web people the project of addressing the website in attempt to make sure that it is not sending the wrong message. The right message is that "We say what we do and do what we say. That is our guarantee."  Also, "We do not guarantee the results on any deal.  Results of the investment, depend on, but not limited to, timing and climate of the local real estate market, deal availibility, etc."  All that is mentioned during the first formal discussion.  However, it may need to be included on the website.  We accept constructive criticism.  We even accept a healthy debate.  However, we have a problem when it seems like someone is trying to assasinate our character. 
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June 26 2009
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(con't)

I am not sure how much you know about real estate, but you cannot do any business without some form of contract.  Other than that, there may be a "he said, she said" debate, which can leads to hard feeling and bad business.  So, if there is a joint venture where two parties bring equal resources to the table, they should get an equal return on their investment.  Thus, split the profit 50/50. Anything else, I believe is not fair.  Now, if one party brings most of the resources to the table and the 2nd party bring a little, then the 2nd party should get a little.  I believe in get paid according to the contribution.  Does that seem fair to you? 

I hope that clears up some of your concerns.  I will have someone to look into that registration issue that you mentioned.  Seems like someone "dropped the ball" with that process of changing things over to Accord.  Other than, all licenses are in tact.  Will get our web people the project of addressing the website in attempt to make sure that it is not sending the wrong message. The right message is that "We say what we do and do what we say. That is our guarantee."  Also, "We do not guarantee the results on any deal.  Results of the investment, depend on, but not limited to, timing and climate of the local real estate market, deal availibility, etc."  All of that is mentioned during the first formal discussion.  However, it may need to be included on the website along with some other changes.  

We accept constructive criticism.  We even accept a healthy debate.  However, we have a problem when it seems like someone is trying to assasinate our character. 
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June 26 2009
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(con't)

Now, I do think it is unethical to guarantee a certain performace of any deal.  Even with a solid game plan, I will not guarantee the results.  Sometimes there factors that happens beyond our control, i.e. the fallout of the sub-prime market.  The only thing I am guaranteeing is things that are within my control, i.e. my actions and my performance.  I don't see the wrong in that.  Most people are happy that people are willing to "step up to the plate", if their performance is less than expected.  We stand behind our words.

 So, just to be clear, I do not guarantee  100% ROI initially + 33%/year ROI.  Even though we have an income producing property with a 33% cash-on-cash return, I can not even guarantee myself, it will produce at that level a few months down the road.  If I can't guarantee myself, I can not guarantee someone else about their investment.  I don't want anyone to be mad with me because of a broken promise.  When it comes down to it, all I can do is listen to the investor and discuss options.  From there, I can see what deals in inventory that matches their criteria. If they like what they see, they will exercise their full right to due diligence. 
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June 26 2009
Profile picture for MultiFamily4Sale
First and foremost, I would like to say...my heart goes out to all the families and friends of the ones who passed away.  No matter whether they lived a full life like Ed McMahon or you might of seen it coming like Farrah Fawcett or it came unexpectedly like Michael Jackson, losing someone is never an easy thing.  Having lived through a world-shaking loss myself, I will keep those individuals with heavy hearts in my prayer. 

But, getting back to you Pasadena.  Our business is not based on buying pre-foreclosure homes from distressed owners and kicking them out.  In fact, I arranged three loan modifications for home owners to stay in their home this month.  I did not require or ask for one cent from the homeowner.  I am just glad that I could help.  Hopefully, they can get their life back on track. Could I have charged?  Yes.  But, did I charge? No.  Why? 1.  I didn't need the money.  I am doing okay for myself.  2.  Me helping out without charging for the service, was not going to make me or break me. 3. It is really hard to charge someone who is in a less fortunate position.  4.  My success is not measured in dollars and cents alone.  I look at who have I helped along the way.  5. Last, but not least, I just like helping deserving people when I can.  And their smiles on their faces, was payment enough.  I only give you this example, not to brag, but to attempt to show you that you are misjudging me.  Mostly due to the website, that could use a little more clarification and additional information included.
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June 26 2009
Profile picture for Pasadenan
And I forgot to mention; you may not care about the 12 low income families displaced when you pay 10 cents on the dollar for a rental property and $1000 to the person that referred the property to you for purchase, but some people do.

Sure, it is "only business".  You can't expect people to not take the profit that is due them.
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June 25 2009
Profile picture for Pasadenan
"where is the scam?" -

Ok, I'll spell it out for those that have difficulty understanding english and math....

Promising someone 100% return on investment the first year, and 33% return on investment every year following, and trying to convince them to sign a contract with you to receive such benifits when the contracts state that you will take between 35% and 50% of the "profits" is a "scam", ESPECIALLY, when you "brag" about how much money every one of those "deals" makes YOU when you "sign".

Really, it is not "all about you".


No one said it was "illegal", though most people that do such things also do things that are illegal such as not having a business license, or not declaring all income on the tax forms.  And most of those things are very easy for a government investigator to determine.

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June 25 2009
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here --> *hear*
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June 25 2009
Profile picture for Pasadenan
"Those who can do, will do." -

There are more than 1000 things that I can do very easily; but I "won't" do since I consider them either unethical or a waste of time, or both.

There is no "hate" involved at all.

Nor is it called "critisism".  I take a position of "do no harm", and "always do good".  And though that may seem like a contridiction to your understanding of my comments, it is no more a contridiction than a medical doctor warning about the ineffectiveness of a proposed treatment that completely ignores root causes.


And really, who would you rather here that your ICANN registration may not be in compliance with the laws?   An anonymous commenter that has no enforcement authority that is pointing it out as a "courtesy", or an authority that can revoke the use of the domain name, block you from future registrations, and can fine you?

Don't forget; Madoff had no complaints from his "investors" either.

And really, there is a purpose for "payday loans" even though they rip their customers off, and I consider their usery rates outragious and unethical.  Of course most of them are not "illegal"; but most people do have better options when someone is available to help them find them.


Strange thing is, I knew some pastors that had the same dilusions about telling people what they wanted to hear for their own personal gain...  they had been deceitful so long, they actually believed their dilusions and though it was better for others.
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June 25 2009
Profile picture for MultiFamily4Sale
Where's the scam azrob?  We don't require your personal information or money.  So, I ask again, where's the scam.  Who have we scammed?  Where are the complaints?  There are none becaue that is not how we do business.  Sounds like few of ya'll have been burned and now you are scarred for life. May suggest therapy?

Larry King just said it best, when he was talking about Michael Jackson (May God rest his soul.), There are 1/3 of the people who are for you, 1/3 who are against you and the other 1/3 who are in between.  It is easy to know where you are.  And I am fine with that.  I take that negative energy and turn it into positive energy.  Thanks for the motivation.
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June 25 2009
One basic rule that always work. Those with money dont talk about it, nor do they talk about how "you can get rich just like me." Charles can take his scam and shove it.

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June 25 2009
with someone like Charles, there are actually two possibilities:

1. he is lying and scamming people.
2. he is so stupid he believes in the scam.

Its really hard to tell just from reading his posts.
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June 25 2009
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Those who can do, will do.  Those who can't will criticize.  Happy Hatings!
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June 25 2009
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You aren't proud of what you do either AccordChuck. You don't even list your office address on your site. Do you owe back taxes or are you a fugitive?
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June 25 2009
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Mt 6.19-21
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June 25 2009
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Want to really know what I think of your so called "success"?
Lk 12.20, 12.22.
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June 24 2009
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Those that invested with Madoff had their own representation too.  So I guess none of them got ripped off, and the return on their investment was phenominal; over 12% annual "guarenteeed".  Just ask any of them how they feel about that "investment" now.


You've always been apart from win-win deals?  Or did you just spell the word wrong intentionally?

So MadOff's deals were not "win-win"?

Obviously nothing is "obvious" to you.  So your "success" is measured by your family and friends and you had to DUMP you girlfriend as she knew too much about how you run your deals and called you on it?

Why are you posting the garbage about your "business" here if you are not looking for more "partners" to give you a "cut" of their investment?

If you are doing as well as you say, you certainly don't need to be talking about 100% return on investment in your first year with YOU taking 50% of the "profit".  Everyone knows there is no "profit" the first year; it is always a "loss".  And for most business, the profits are re-invested back into the business to avoid paying excessive taxes.  But NO, you claim you make $150k or MORE for each deal you sign.

YES, everything you say makes me "smarter", as it makes it even easier to see through shams.
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June 24 2009
Profile picture for MultiFamily4Sale
Well, if that is how you feel that is on you.  It is not as if I am asking for your validation.  I don't how we are ripping people off when they have their own representation. I know for a fact I have always been apart of "win-win" deals.  I see that Pasadenan like to twist words around.  I guess you have nothing else to do.  Maybe it is little bit of jealousy.  Maybe the bank took back your home and you're bitter now.  Maybe you never owned your own home.  I don't know.  At the end, nothing you are saying is going to make or break me.  Apparently, nothing I say is going to make you any smarter.  My success is not only measure in money.  It also measured by family, friends, security provided to my family, people I helped along the way, etc.  I can go to sleep at night with a clear conscience that I make a very good living and I am not scamming anyone to do it.  Obviously, you are not proud of what you do because you don't even want to reveal it.  However, that is okay.  Many years ago, I had to find my way to what works for me.  I imagine you have to do what works for you.
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June 24 2009
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February 22 | 5 answers
What is the cash flow rate of rental property in South CA?
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Latest answer by Andrew Yanni
July 10 2013 | 4 answers
  • Asked by user4637268
  • In Investing
  • June 11 2013
What's the Best Investment Right Now?
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Latest answer by Sebastian Stofenmacher
May 15 2013 | 1 answers
Mortgage Rates
 
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    5324 Kester Ave, Sherman Oaks, CA 91411

     For Sale: $429,000

    • Beds: 2
    • Sqft: 1410
    • Baths: 3.0
    • Lot: 15333
  2. 2222 S Mesa St UNIT 31, San Pedro, CA Home For Sale
    2222 S Mesa St UNIT 31, San Pedro, CA 90731

     For Sale: $155,000

    • Beds: 2
    • Sqft: 1736
    • Baths: 3.0
    • Lot: 58283
  3. 21839 Chase St, Canoga Park, CA Home For Sale
    21839 Chase St, Canoga Park, CA 91304

     For Sale: $499,000

    • Beds: 4
    • Sqft: 1733
    • Baths: 3.0
    • Lot: 10497