Los Angeles Q&A's
Hi Everyone! First off, Happy New Year!! This is my first post and Im new to the wholesale game here in L.A. Ive read all 64 pages, and i didnt find any one place for all of us So-Call'ers to help one another out. So here it is, Bird doggers, rehabers, buyers, sellers, guru's and anyone able to shed some light into the Los Angeles market please UNITE! (ha ha ha). Im still getting my feet wet in this industry, so I dont have much to ask at this point, Im too busy getting educated, but Im sure there are others here with more experience that are struggling, such as dealing with with Civil code 1695 and still making money, the state of the inflated market here, buying/selling trends, REI Clubs, groups, speakers and tid-bits we all may find usefull here in L.A. So let yourself be known, what your doing here and maybe we can all make some money and help each other out.
Thanks!
Otter :-D
Happy New Year to you too fellow Angeleno. I'm just beginning myself (been here all my life, but getting a late start). Will be atending my first seminar this week.
LA seems to be a more difficult nut to crack, with values so high, and vacancies so low. And so much ground to cover!
Been educating myself the last month, and you mentioned something I have never come across: "civil code 1695." A quick Google search, and realize that this is the "5 day recision" buyers are allowed in this state. Has this been an area of difficulty for your business?
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-C
Craigers,
If you read it closer, it has to do with purchasing from people in foreclosure. Following is the opening sentence...
1695. (a) The Legislature finds and declares that homeowners whose residences are in foreclosure have been subjected to fraud,
deception, and unfair dealing by home equity purchasers.
It's worth reading the entire code if you're doing anything with preforeclosures in CA. It also shows why people need a good RE attorney as well! : )
HTH
Hey Craigers and mcole, Thanks for taking time to listen! From my understanding, CC 1695, was put in place to keep property owners in distress from being raked over the coals in times of forclosure. It has affected me more mentally because im not sure how to adjust to the laws "fair market value" so to speak. I dont want to have my time and money wasted because the propery owner thinks he is entitled to 85% FMV, even though the bank is gonna put him out on his can in a 2 weeks.
Anyone else delt with CC 1695? Good or bad?
How about any REI Groups, I think Im gonna check out the L.A. group, they meet in Culver City (2nd tues of the month), anyone go to these meetings?
Hello to all my fellow Angelenos,
I am a native Angeleno transplanted to New Orleans, Otter I lived off of Venice Blvd. in Palms/Culver City spent many an afternoon in Venice (miss it a lot). Craiger I worked just outside of So. Pas in Alhambra for 10 years then moved to Century City..
Anyway good to see west coasters on the board, all of my friends are still back home in LA and a couple trying to get started in REI so please keep the lines open on the goings on out there. I may be able to put you guys in touch with some possible investors. I wish you guys the best out there in the LA market .
Otter-
Ron Legrand is in town this weekend, near LAX and in OC. He's offering his 2-day seminar at n./c (well, refunded deposit). Maybe I'll check out the Culver City mtg.- I'll check back with you later to see what you think, if you don't mind.
mcole-
yes, I found a good link and did read all about it. Seems like a possible inhibitor to a good deal, but presunably means one has to a structure a deal more carefully.
la2la-
my grandpa was from loozy-ana. Always had a soft spot for the sportsmans paradise; are N.O., Baton Rouge et al a good place to invest right now?
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-C
Craigers-
Yeah I would say the market down here in loozy is going pretty well, alot of new construction, rehabbing, renting going on down here. We currently have 2 rentals and our single family that we live in , however I am looking to get into wholesaling (yep I'm a newbie in that dept.) to build a much needed cash reserve so we can buy some more rentals. I am looking forward to a productive 2005.
I am a mbr of the REIC-LA club (since Jan 2004). I have nothing but positive things to say about that group. Phyllis is great! and so are the people I've met in this club! It would definitely be a worthwhile investment.............
[addsig]
Quote:
On 2005-01-04 16:16, mark wrote:
I am a mbr of the REIC-LA club (since Jan 2004). I have nothing but positive things to say about that group. Phyllis is great! and so are the people I've met in this club! It would definitely be a worthwhile investment.............
Mark-
Is this the one in West Hills?
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-C
Thanks Mark, I was wondering if it was a good group to learn from. Im definitely going to have to go to the meeting on the 11th.
LatoLa, please feel free to get intouch with me anytime, Im always looking forward to meeting new people here...
Craigers, thanks for the heads up for the Ron Legrand Pow Wow this weekend, Im gonna have to check it out for sure. Are you going? maybe we can meet there?
Hello , Happy New Year to All
I am always happy to see other REI from LA area seems like sometimes we are a minority on here, its always good to exchange info and ideas in local markets.
I was thinking of joing the west hills REI club anyone has any experience with it.
let me know
thanks
Hello , Happy New Year to All
I am always happy to see other REI from LA area seems like sometimes we are a minority on here, its always good to exchange info and ideas in local markets.
I was thinking of joing the west hills REI club anyone has any experience with it.
let me know
thanks
Hey Y'all, I hope you're all safe and dry in these wet days were having around here lately...
So did anyone venture out into the downpour to get to the Ron Legrand Bootcamp this weekend? If so, how was it, was it informative? Did you learn anything pertinent to the Los angeles area, I wanted to attend but by the time I inquired about it, it was booked solid, so I thought Id ask...
Also, anyone here in LA a member of the West Hills REI group?? Im really intersted in getting as much info and contacts as I can and I dont want to miss out on the possibilities, so if you are can you please give some more info....
Thanks a million and good luck!!!!!!!
Otter
happy new year!!!!!!!! ..............km
If you're going to venture into CA foreclosures you need some training. I've read all the latest books and been to LeGrand's bootcamps (MMBC, now pretty/ugly house, and MIS) and they're severely lacking on how to do f/c's in CA.
Consider Bruce Norris's b/c or foreclosure course, they're great. There's also Ward Hanigan's 1-on-1 training. He's down here in San Diego. I've been to Ward's 3-day training, it's the best.
You should also consider getting all the First Tuesday books, only $90 for the lot, and their forms disk, it's simply the best CA specific forms available and only $45.
Forget the national guys while good, I really like LeGrand's methods on buying out of foreclosure, they just don't know how to do it and if they do they don't know how to teach CA f/c's like Norris and Hanigan.
Ward speaks up at County Records Research every 5 weeks and I think his next one is on REOs.
I buy foreclosures in San Diego and dealing with CC 1695 and especially the unconscionability clause is like 2nd nature now so read it and understand every word, use the right forms, and if you're going to do equity buyouts near the sale you should know how to do your own title searches and close a deal yourself.
Good luck.
Great thread!
I know several people have asked specifics on the REI group on the second Tuesday of the month. Being that is tomorrow, I would love to attend myself.
If anyone has any specifics (time, place, etc) I'd love to have them. Thanks!!!
radio52,
Where do you get the First Tuesday books/forms? Thanks.
firsttuesdayonline[dot]com
Thanks for the info Radio52. Im going to look into the books, It seems that Cali is like a different country when it comes to real estate so any info is greatly appreciated!!!!
I went to the LA REI group last night, much bigger turnout than i anticipated, but it was good to see how many people are interested in R.E.
Met a couple of hard money lenders, and got a good briefing on Lease Option's, all in all, it was very informative and i suggest it to anyone in the LA area. I didnt get a chance to speak to any of the other investors, but I think that was in part to me being overwhelmed...
Did anyone go the the Ron Legrand bootcamp here in LA this weekend? how was it????
Thanks!!!
Otter
Hello from Riverside, Great discussion and thanks for the information.
Any good REI groups out here?
I look forward to hear the answer to your question about Ron Legrand boot camp
Quote:
On 2005-01-12 13:43, Otter wrote:
I went to the LA REI group last night, much bigger turnout than i anticipated, but it was good to see how many people are interested in R.E.
I shall make it a point to attend the next one. Hope to see you there.
Quote:
Met a couple of hard money lenders, and got a good briefing on Lease Option's, all in all, it was very informative and i suggest it to anyone in the LA area. I didnt get a chance to speak to any of the other investors, but I think that was in part to me being overwhelmed...
Good, too much info i better than not enough...IMHO
Quote:
Did anyone go the the Ron Legrand bootcamp here in LA this weekend? how was it????
Skipped out on it due to the rain (not a few drops- it was a deluge! no _way_ was I driving 30 miles of freeway in that!).
Anybody make it?
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-C
Povrtsuy, There is a meeting on the 3rd thursday of every month in Fontana. This has just started up. Here is the info for you and any other IE investor who would like to attend: I also see you are a rehabber. i would like to talk with you. Lets find a way to touch base.
__________________________________________
INVESTING-IN-REAL-ESTATE-CLUBS
INLAND EMPIRE
on Thursday, Jan 20th
CAITLEN CHIEN
Mortgage Broker and Credit Specialist
What is this loan that the Banks DO NOT want you to know about?
Stop overpaying the Lender to live in your home!
____________________
DR. MARK VALENSKI
Creative Real Estate Investor
CO-OPERATIVES: A little known secret here in California!
How to buy an apartment building with no money down,
have cash in your hands within a few weeks
and have a positive cash flow for years to come!
____________________
BURNETT HUGHES
Real Estate Appraiser
What's the Appraiser looking for
and how does he calculate values?
What can I do to increase the value of my property?
____________________
Date: Thursday, Jan 20, 2005 (3rd Thursday of each month) Time: 6:30 pm Dinner & Networking -- Speakers @ 7:30 pm
Cost: $25.00 at the door -- includes dinner (reservations not needed)
Place: LAS PLAYAS RESTAURANT
16393 Foothill Blvd. (corner of Citrus), Fontana, CA 92335
Hey Britt! Glad to see another So-Cal member here, thanks for the update, my partner lives in Fontana, so we will definetly have to attend the next REI meeting there. How is the market there?? I hear that good things are coming out of Riverside, Hemet Etc.... have you had much success in that area?
Thanks to everyone who's made this thread so informative!!!
Lets make that money!!
Otter
Hi Britt123, I'll check it out. Never been to a REIC meeting before. Are most of these speakers selling their products? Or do they actually go deep into their techniques?
A rose, a cigar, a big hat ..... whtever 
It would definitely like to meet you. We'll work latter on way to recognize each other
Thanks
can someone direct me to a website for LA real estate clubs?
can someone direct me to a website for LA real estate clubs?
Just wondering how successful any so cals have been in the foreclosure market? I live in san Diego but am from the inland empire area and have construction crews ready to go! I am taking a 3 day hands on lab in 3 weeks with alexis McGee in Sacramento. I have heard that Bruce Norris is anticipating a 1000% increase in NODs here in SD
Hi Radio52,
How long have you been doing the foreclosure market here in SD and how successful have you been at purchasing from an owner in default?
Alexis like phone calling.
Christy
Hi from "the OC". I did attend Ron LeGrand's workshop. I found it very informative. He has an interesting approach to REI but it is not exactly the direction I want to go. And he was pushing his 5 day boot camp on "pretty houses" and his 5 day boot camp on "ugly houses" which costs thousands to attend.
Any REI groups in theOC?
Lets keep this thread going. Thanks for starting it.
Hi guys, It seems that all these FREE seminars are a hook to buy the real deal. You set aside whole day to go and attend one of these freebees and you get nothing, unless you want to pay 1000's of dollars.
If I'm going to pay this kind of money, I'm going to give it to the best out there to teach me. Hence is the problem, who is the best?
radio52-com & ceedee, between you both it looks like you have three of these expensive Boot camps under your belt. But it seems that you're still looking, why? Who do you recommend?
By the way I hate cold calling and door knocking.
Thanks.
Hey everyone! Hope all is well!!
Hey povrtsux, Im not sure I can help you in your quest for the "best" course, I guess all I can advise is to look into the most comfotable way you find to approaching the REI game. I took the time to read damn near everything as well as lurked at most of the REI sites before I was able to comprehend all of this material, ( Im STILL trying to figure it all out, ha ha ha) Much less feel comfortable posting my comments here for others to read. But through my readings and approaches, Ive found that the best way to invest is take the most comfortable aspects of all of the available courses and make your own. Most, if not all of this info is burried within this site alone, just pick and choose what you like to do and see what gets you the results your after.
Im currently investing in the LA area and I was tipped off to a property that had a NOD filed 2 days earlier, by the time I got off work and was able to get to the property, ( I have no problems going door to door) there had already been a sign placed on the door requesting investors to not disturb the residents. So it makes you wonder, not only am I late to the game on this property, but just how many people actually came to the property to speak to the owners. And just imagine how many letters they will be recieving in the near future. Trully mind boggeling, but it makes you have to ask yourself, what am I willing to do to get into this game, in LA you almost have to go door to door. Each market is different, and in your case the area your investing in may find you much success with well written letters, and mailings, bandit signs and newspaper adds, without the need to cold call and go door to door. Im wishing you the best of luck!!!!! :-D
Oh ya, Wendy Pattons L/O course has been very informative to me and my partner, and Im definetly going to purchase John Lockes "SubTo" course, because you cant have enough options to excerise, as well as John is truly a class act and i appreciate his time and writings, he's been a "mentor" without knowing it.... Hope this helps! :-D
Hi Radio 52,
Just reread your post and I was wondering if you meant that an investor had offered an owner in default $10,000 to bring the loan current and try to get the property solld?
Sorry for the bad link. I have a list of clubs if anybody is interested.
I just moved to Ontario, California from Canada. I work in Riverside, looking to invest in Ontario, Rancho Cucamonga, Fontana, Rialto, Riverside or Redlands.
Obviously Ontario and Rancho Cucamonga are more expensive. Wonder if a deal is even workable.
Would like to connect with anyone in this area.
I think we mentioned this above but has anyone attended any of these REI clubs that are listed on this site iam interested in the one in san fernando valley or LA area.
let me know .
thanks