Help Me Get Started In LA / Cali!!!!
I am a Developer / Landlord in Chicago. I recently visited LA and stayed near Hollywood & Highland. I love the area and am wondering what the real estate investment market is like out there.
Right now I own rental properties mostly in the S Side of Chicago which is a lower income area. The areas I invest in are not by any means "war zones", there is crime, but I feel safe walking down the street. I rent those properties Section 8 for cash flow. 2 Flats retail at anywhere from the high 100's to 250K depending on the area. A 3 unit in a desireable area w/ good bedrooms (3 or more) retails at 265K to 325K.
I also do development (condo conversions, SFH 2FL etc rehabs) in the S and W side and also have a successful wholesaling business here.
I am under the impession that real estate as a whole is far more expensive out there and that I would have a cash crunch to do the equivalent of what I do here out there. I am also concerned with the competition out there. I hear it is fierce. Now granted I am in the 3rd largest market myself and still surviving but who knows.
So could you Cali investors help me out and share your thoughts on my chances for survival out there!!
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