Buying a house in Los Angeles was the best investment I ever made
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- เผยแพร่เมื่อ 5 ก.ย. 2024
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*All content on the Robuilt TH-cam channel reflects my own opinions and should NOT be taken as legal advice, financial advice or investment advice. Please seek out the guidance of professionally trained and licensed individuals before making any decisions. Some links in the description may be affiliate links.
Rob, i love that youre doing these raw, uncut videos. You have a lot to offer without edits and jump cuts. Nice job.
Excellent video! I got my first house in Marina del Rey in 1999 for 345k with a guest cottage! It's now worth 1.8 mil. It's painful to see the current value. I never should've sold that house!
Great raw talk and gives people a look at what it can take to get into real estate. It can be scary but can change your life!
Love the real talk, Rob!!! Appreciate all you do!!
Solid information. Thanks so much. I enjoy your wisdom.
So true man. All my purchases have been scary but they usually work out cause u make it work. I have figured out a way to make money off every home I’ve owned due to Airbnb or small business. You can make it work if put the wrench time in.
How do you get a mortgage on a house with a repayment you couldn't afford, at least on paper? In my limited experience of mortgage providers, they don't give you a mortgage unless you at least look like you can afford the repayments.
This video is exactly wanted I wanted this week. I am in the middle of house hacking a duplex. Once we move out we’re going to turn the side where we currently live into a MTR.
Just taking it one step at a time doing what we can do to get ahead!
Watching videos like this kind of sucks when you are just getting started. My wife and I (30 and 28) have a $260k HHI and can't seem to afford anything half decent here in LA. STR is also a lot more difficult to pull off in LA these days. Just feels hopeless in terms of ever becoming a homeowner.
My dude. When I got started in real estate (Kansas City) my HHI was $40-50k. We had $80,000 in student loan and credit card debt.
When we moved to LA our HHI was $140,000. (And still had the debt).
I'm not saying it's easy for you to buy a house in LA. But at the same time, your definition of "half decent" is probably pretty different than mine. With $260,000 (if you have no debt), I guarantee there are things you can buy. By the way, my wife and I were making offers in Inglewood and Crenshaw. So we were really down for anything at that time.
And then we did buy a home in a decent neighborhood. But we sacrificed a lot of comfort to make it work (like having a roommate for 1.5 years and also living in a home without a kitchen for weeks at a time).
I feel for you. But I'd also like to point out that $260,000 is not a bad place to be. The things I would have done for that when I moved here are...not something that I'm about to sit here and write out lol.
Good luck to you on your endeavors. I hope this channel can somehow help you on your journey.
@@Robuilt Hey dude! I admittedly was not expecting a response and was just shouting into the void that is TH-cam comments lol.
I am by no means trying to complain. We have a combined $10k of debt (which is just my own student loans) and about $130k in savings (most of which is locked up in 401k/IRA). I'm incredibly fortunate to be in the financial situation we are in right now. I grew up in a single-parent household that was constantly strapped for cash so it's nice to not worry.
You're right that my definition of "half decent" probably differs from yours. My definition comes from the comparison of what my current rent would get me as a mortgage. We pay $3200/m in SFV for a top floor apartment in a 2020 build. We couldn't even get a comparable property for anything less than $900k, which, even with a 20% down payment, is still out of our budget.
I really thought a six-figure income was some major benchmark when I was younger, but it just doesn't quite go as far these days. Not only has inflation taken its toll, but housing prices in LA are just pretty insane right now. In your own video you talk about your ~$624k that has nearly doubled in price. Your $140k HHI was essentially equal to $280k HHI in today's LA housing market. Also, interest rates are even higher now. So while $260k is decent money, it is actually less than what you came here with initially. If you were really extending yourself to buy the $624k property then, imagine trying to get that same property now with my income.
Editing to add this: How would you do it now if you were limited to buying in Los Angeles? My family and my wife and I's job relies on us being here. Would you still try to find something you could build an ADU on? Would you do it all through loans or save up? Would you even do it at all?
been there done that brother started like you and now building a 78 unit apartment building in el sereno as owner builder-architect- contractor now its all about being creative and making a way so you can make the project to happen
Thank you for your transparency Rob!!!
Pushing past that fear is why you're on the other side and it's great to see. Congrats!
Can you do a video on your decision to keep this as an MTR vs a STR or LTR? Wondering how much more upside you get as a MTR and if the extra headache is worth it compared to a LTR
Mid-term rental (more than 30 days) then local tenant rights kick in such as can opt to stay after lease ends, etc. Is this an issue for mid-term rental in LA? Thanks
This is a great video. A lot of people don’t understand the ability of how to take out a home equity loan to invest in assets.
This is great information. Thanks again.
Thanks for the share. Sounds like you did your research and bought in developing areas. Location is key. Then, anything you sit on for while will appreciate
I'm glad you bought this California home!
some of us needed to hear this advice Rob, specially with the interest rates and prices of homes in LA, thanks a lot
I love hearing when people talk about the "not easy." Thanks. If you fix that apartment up it'll be a continuation of your "invest in what you've already got," 2024 motto!
The first step in getting anything you want in life is to change your fkn mindset.
Going through life with that loser mentality of "CAN" I do something to telling yourself what do i need to do to "MAKE" it happen. That simple change can open up a world of possibilities to you and at the same time give you the motivation to get off your ass and finally do something.
Very cool vid man.
Why Houston, if you don’t mind me asking? Also any trouble with the recent tornado storm?
Hey Rob what percentage is this if your total net worth? Can you do a net worth update video??
Young people: I'm HOUSE-HACKING
Older people: I bought a house and got a couple roommates
So inspiring 🤓
Hey rob I’m 32 single what do you think I should do. I’m from California but moved to Kansas City and bought a fixer upper and have been slowly fully remodeling it out of pocket with cash from my job. It’s now finally finished worth maybe $200k. What’s my next move I would like to invest in a home in California as I miss it and there’s way more like Realestate value growth
No. I live in SoCal. There’s a lot of risk involved. Insurance and property taxes are absolutely ridiculously high in all across the state. Keep building up where you are. Get another property in a nice area around where you live. Don’t get greedy and think California is a get rich quick scheme.
@@Xx0GsaburzxX thanks for the reply good advice I’ll get started on another property in KC most likely
I got hit with a gut punch trying to get my loan approved today. I needed this vid. Thanks for the motivation rob 👍🏻
Good vid, great beard.
The only problem is the house is in Los Angeles with crackheads and tents not too far from where you are and high taxes that dont pay for much
i got a a townhome in san clemente, ca. bot 20 yrs ago, mortgage is very low. worth just under 1 mil. bot a house with family in NY worth $450, and rented out the basement and covers my bills for that house. no money coming in, but pays for the house. i want to continue this, but i got no 20% to put down in this market either CA or NY or anywhere for that matter. how do i move forward and purchase more with nothing?
If you're going to live in the property as a primary, you can put 3-3.5% down.
@@RobuiltRob, couldn’t he get a HELOC from his other homes (San Clemente townhome prob has a lot of equity since he bought it 20 yrs ago) or is that a bad idea?
Btw, loved this video style…so honest and down to earth…❤
I would NEVER invest in Commiefornia.