A few months ago a friend of mine introduced me to Ali Safavi Real Estate. Ali is a real estate investor and mentor in Santa Monica. I recently came into some money and was looking at my investment options. Ali Safavi Real Estate specialized in turn-key investments, property management, and commercial real estate. Suffice to say this was the right meeting at the right time.
I knew I wanted to put my money in real estate. I liked that it was less volition than the stock market and that I would be able to have a certain level of control. Ali Safavi Real Estate was very supportive of my goals. I knew what I wanted, I just didn’t really know how to get there. I knew what it took to buy a home, but I didn’t know what it took to be a property manager or landlord.
What’s great about Ali Safavi is that he doesn’t talk at you, he talks with you. He didn’t just give me a 2 hour monologue about the real estate business. He took the time to understand what I wanted, what my financial goals were, and how much work I was willing to put into it. At first I thought perhaps I wanted to invest in an apartment building, but he warned that would be taking on a huge task for my first investment. It also wouldn’t allow me to learn at a pace that would benefit me the most.
So Ali Safavi Real Estate and I decided it would be best to start with a duplex. I could either live in one of the units, or keep my current place and rent out both sides. I liked this because it would provide me with a fair amount of passive income without overwhelming me with tenant emails, bills and maintenance.
My next step is to start looking for a property. Since I am a cash buyer, there are more opportunities to find a good deal quickly…which is something I’m looking for. Ideally I want it in my same city. This allows me to be familiar with the area and keep better track of any vendors I might need.
As Ali Safavi Real Estate said, “You don’t know what you don’t know.” Luckily he gave me a ton of useful insight on potential problems and the most common mistakes first time landlords make.
I really want to try and find tenants that I have some relationship with, like friends of friends or business associates. This would eliminate a lot of unknowns. Having bad tenants can really hurt a real estate investment. They could cause damage, not pay rent, or just be unpleasant to be around. Obviously I want to try and avoid that at all costs.
I’m really excited about the road ahead. I feel confident I am equipped to handle the challenges – and am actually excited for them. If this all goes well, in a few years perhaps I can get that apartment building that I dreamed of in the first place!
Good company in a journey makes the way seem shorter. — Izaak Walton