Is anyone able to afford anything here? Are there deals to be had in this area. I live in the Glendale/Burbank area. I saw someone on this board from the South Bay. What is the best way to get started in this geographic area?
Kaaren 
Hi Kaaren,
I was raised in Burbank. It's a good town. I used to live by the equestrian center. I wouldn't keep your focus just on the Burbank/Glendale area. You have the entire San Fernando Valley to find deals. I would check out areas where new homes were being built like out in the Valencia area, etc. All those new "family friendly" areas are where you're going to find a lot of foreclosures and short sales. If you're concerned about large prices and finding buyers, try condos and townhomes. As far as real estate clubs, try www.creonline.com and www.reiclub.com they have listings for all the rei clubs throughout the nation. You can probably meet some experienced investors that can point you in the right direction.
KimmyJ
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Welcome to the site. I think the best thing fo you to do to get an idea of your area is to go online to your local MLS and do a search and see whats going on.
Anita
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To clarify, my question are there experienced investors in this area on this forum and what is your opinion of the market right now? Are there no money down deals to be had or does one need money and good credit to get started? I'd like to hear from someone who has done a no money deal that is from this neck of the woods. It doesn't help me much if I read something from a guy in the midwest where properties cost significantly less. Understand where I'm coming from?
Kaaren
Hi Kaaren,
just reading your post. I'm wholesaling (currently mostly Bulk REO packages, but also several hundred individual properties). And yes, there are deals in CA. Maybe not as many in Glendale/Burbank as for example in Bakersfield, Lancaster, Palmdale, Victorville etc.... but they are there.
No money down is not realistic with REO (Real Estate Owned --> meaning, repossessed and now owned by bank/lender).... unless you have a cash buyer already and the deal has enough spread to consider a double closing.
But you can always find great deals from private sellers, put them under contract and assign this contract to a buyer. Or you can get a $1K+ fee for marketing a REO property for me (or other REO wholesalers). If you locate a prospect and he closes on the property you get paid at closing.
Or you can market one of my owner financed (low DP, low monthly payment) properties, find a rent-to-own buyer and get paid for that. But currently I don't have any in CA, you would have to market properties in other states ---> virtual investing.
So, whichever option appeals to you most.... try to get started that way. There is also one other way to get paid really well: If you can locate private sellers (meaning: no realtor/broker involved) of unlisted.....
+ Senior Care Facilities
+ Apartment Complexes
+ Self Storages
If you find any of these, and the seller is motivated (---> can or has to sell at a discount)..... call me, and you will get anywhere from .5% to 1% of the broker fee (which is usually 3% for these deals). Which translates to this: If the purchase price is $1MM (that's million), and you are direct to the seller (nor other person to go through) you will receive $10,000 for referring this seller to us (IF the deal closes, that is)!
Since my buyers are hedge funds and large corporations, the deals can be anywhere from $500K up to triple million range. Right now I'm negotiating the funding for a future NFL stadium deal and my buyer will invest anywhere from $100 to $500MM. And my MINIMUM fee I will get paid out of this is $750,000.
And if that scares you.... I could instead give you some (free) links to find REO or discounted properties so you don't have to rely on a realtor.
Let me know (and good luck)!
Conny
connywolfram@****
"POOR people own big TVs. RICH people own big libraries."
just reading your post. I'm wholesaling (currently mostly Bulk REO packages, but also several hundred individual properties). And yes, there are deals in CA. Maybe not as many in Glendale/Burbank as for example in Bakersfield, Lancaster, Palmdale, Victorville etc.... but they are there.
I figured as much.
I will definitely keep this in mind as a start.
Sounds like an idea. Since I do virtual assisting, it's not a leap to do virtual investing.
+ Senior Care Facilities
+ Apartment Complexes
+ Self Storages
If you find any of these, and the seller is motivated (---> can or has to sell at a discount)..... call me, and you will get anywhere from .5% to 1% of the broker fee (which is usually 3% for these deals). Which translates to this: If the purchase price is $1MM (that's million), and you are direct to the seller (nor other person to go through) [b]you will receive $10,000[/b] for referring this seller to us (IF the deal closes, that is)!
Ok, now we're talking.
I love that number!
Let me know (and good luck)!
Conny
connywolfram@****
I would appreciate the links and any help you can offer.
Kaaren