All Forum Posts by: Alex Bekeza

100% What does every Real Estate Agent act like they want you do before you ever dare to call them? Get a pre approval.  Nowadays, at least most first time homebuyers are simply googling how the process works.  They will likely go straight to a Loan Officer at a bank or to a reputable Brokers website before ever contacting an agent.  

I just read an interesting article about the "Opportunity Zones Program".  I'm interested to see if anyone here on BP is already engaged with it and what there experience has been so far as well as their goals and expectations.

Established by the Tax Cut and Jobs Act, the Opportunity Zone program aims to give investors an incentive to put money into an Opportunity Fund that then invests in low-income neighborhoods, according to the census, as designated by the governor of each state. In exchange, part of an investor's investment in the Opportunity Fund would be forgiven with the rest subject to a tax that varies depending on the length of the investment.

The Opportunity Zones tax incentive was included in the Tax Cuts and Jobs Act President Donald Trump signed into law in December. But the idea stems from a 2015 white paper from the Economic Innovation Group, a D.C.-based think tank that is now working closely with states to help implement the program.

Is anyone participating in this program yet?

How is it going and what are your expectations and goals???

Removing those things will give a nice clean slate for the restauranteur to see his vision but you should also consider what type of restaurant is most likely to lease the place?

This will impact everything from colors to textures and possibly even some structural changes.  I don't imagine this neighborhood in Iowa to be the bustling, competitive restaurant market like other metro cities but these things will still be important to potential tenants.  Most importantly I would make sure you work with contractors who specifically have restaurant experience.  This will be most important for interior renovations because they will have experience with what features will tend to invite sanitation issues and therefore possibly deter a tenant.

Do you have any leads on tenants?

This is horrible but I mean just google his name....

First thing that comes up is an ATM Scam from several years ago..

Terrifying reminder to always perform due diligence on partners not just the deals

@BJ Dante  Totally, does seem optimistic.  Not sure on what models are used to get there but I guess the idea is that the mandate will force competition and cause lower cost of production therefore driving down the price? Not sure, but thanks for weighing in 

California recently signed a mandate requiring most new homes in the state to include solar panels after 2020. California is the first state to do so, but it likely won't be the last, with New Jersey and Minnesota pursuing increased reliance on solar.

Despite criticisms of the mandate, the trend towards increased solar use will continue as economies of scale push prices down, utilities pivot their business models and the economic and health benefits of decreased reliance on the grid and fossil fuels are revealed over time.

The measure, approved by California regulators in a unanimous decision on Wednesday May 9, 2018, will require all new residential buildings, including apartments and condos that are three stories or fewer, to have rooftop solar panels starting in 2020.

The California Energy Commission, the body responsible for approving the decision, estimated the panels will tack on approximately $9,500 in additional construction fees but save homeowners $19,000 in energy bills over the course of 30 years.

Reactions are split on this.  I wanted to see how the Bigger Pockets community would weight in.. Any thoughts???

@Alex Nelson

Two books that are a must read are J. Scotts "The Book on Flipping Houses" and "The Book on Estimating Rehab Costs"

If you're just getting into flipping, these will really help you feel like you can tackle your first deal.

@Ronnie Giery@Samuel Pawlitzki

Yes, I actually have a great Portfolio lender who does construction loans.  I'll send you a direct message with some more info Ronnie.

@Jo Zhou  

Perhaps you could require that the owners carry a specific renters insurance which takes away all of your liability.  I am a renter with two pit bulls and I got a great policy with State Farm which SPECIFICALLY covers Pit Bull Terriers.  This was how I put my land lord at ease (and of course arranging a face to face meeting).  I didn't threaten lawsuit before meeting though lol, I'd like to tell you to stay open minded while legally protecting yourself at the same time.  

Perhaps try to meet the tenants in person and assess the situation yourself.  Maybe you will realize there is no need to panic.

Best of luck finding a great tenant!

@Alex J.  

Busted, I'm a russian bot.

But seriously, you're right!  I think we are kind of saying the same thing which is that there is a huge variance in values under the umbrella of those city titles and that you should be careful which comps your using when approaching a flip opportunity in that area.

As Trevor stated, the subject property is North of the Freeway... and therefore probably should stick to the reseda comparables to not get an unrealistic ARV...

Now off to get that SFV 818 forehead tattoo so I can reclaim my valley boy status