First Time Palos Verdes Flip - Any Advice?

[Brendan M Loftus]

Hi All,

Here's a brief summary of a flip deal I'm looking at (off market). A close friend has offered for me to buy their family home located in Rolling Hills Estates. The home is about 2,500 sq ft and sits on a +3/4 acre lot. The home hasn't been taken care of and needs a LOT of work including major systems replacement, roof replacement, landscaping, kitchens & baths, the works, etc.

In general, I am looking to connect with investors who know this market. Any color on the below items would also be helpful:

-This is a relatively large deal for me so I'm partnering with my friend. Any advice on structuring the partnership? We expect to take out a joint loan and fund the rehab with cash.

-We are also considering ways to incentivize our contractor. Does anyone have experience structuring deals that compensate contractors on the back end or know of other creative ways to incentive contractors?

-Does anyone have experience working with the Rolling Hills HOA? This is something I am looking into.

-Are there any other nuances around investing in Rolling Hills / Palos verdes? I am based in Manhattan Beach and don't know the market as well. Has Palos Verdes become a more attractive place to live during the pandemic?

Thanks in advance and I appreciate any help. Would be great to connect if you invest in PV.

Best,

Brendan