All Forum Posts by: Alexis Laboure

I am not sure if i can attend, but will do my best 

Hi guys, I want to present you a flip my dad did years a few years ago because it was a killer deal  but had some problems all long the way so was very instructive. 
The apartment:
About 120,000 sqft. 3 bedrooms, 3 bathrooms, large terraces

The numbers: Purchased for 800K
rehab cost: 500K
I don't know about the holding cost
Sold for: 2.7 millions 

First, the funny thing is that my dad didn't plan on such a high number about the After rehab sale; He was planning to sale the apartment around 1.9 / 2 millions; but have been told by several agents that the apartment was worth more. At first we didn't want to sell the apartment on the short term, wanting to live in the apartment for a while; so we anyway listed it for sale but at such a high price, we couldn't refuse an offer.
It's interesting how the high end materials used  impressed buyers; they really got emotional. So sometimes spending additional $ for a premium product can be very worth it!
However the deal wasn't easy to execute, here are some of the challenges.

- Choose the good contractors: even though it wasn't his first deal, it was the first that required such an amount of rehab; therefore choosing a whole team of contractor and manage it on a daily basis was very challenging; The work took a very long time (almost a year), I believe we should have planned and organized it before diving in.

- Some challenges with neighborhoods: We wanted to a verranda to add to the living space, but needed authorization of all the apartment's owners of the building. this was also very challenging, thus crucial in the value of the property. It delayed the project for a while.

- Finally the main error we did was not to plan for taxe purposes. Because the first exit strategy was to hold for while and sell after few years, we didn't do what was needed to reduce the tax for short term profit. we ended up paying about 400K of taxes on the profit!! I can tell you my father learned from it and doesn't neglect tax anymore XD

Hope you can get something from this, if you have questions please feel free. Here are some pictures: 

If you really want to "fix" the problem at low costs, you could put a mirror ( big one) in each room. It often gives an impression of larger rooms. But as you only had few feedbacks, i would wait to see you hear other same critics

Hi @Nathan Le,

I have been in the same situation as you, at least very close to your situation: My father is a broker in France, so I was able to start working in real estate very young; doing my first internships at 15 etc..
I haven't been a full time realtor but have been a salesperson for 2 development project ( on one of them I was 19) ; plus i have worked as a listing agent and finally analyst for investor.
Throughout all these experiences the biggest challenge I met was to be credible as people had a lot of cliche on young people. For example, owner were at first sight reluctant to give me their property for my listing / buyer were at first contact kind of worry too.
I would say the most important is to build your credibility by being very knowledgeable and sound like a professional. Try to choose a specific area you want to work in and try to acquired all the information you can get (who sold his house; what price; average price/sqft) you can get these information on the net or by discussing with people living there. Stay up to date on the state of the market, or RE state nationwide. In terms of economic/finance, the knowledge needed is pretty basic and straight forward. Maybe try to educate yourself to loan opportunities etc so you can discuss it with your future buyers.
Also to get listings, train on your cold calling; when calling people, they can't know how old you are, so you have all your chance to make a good impression, and the listing is yours!
I would say that working in a renown agency would be a good idea: you have the prestige of the firm to help you convince people.

Finally don't be afraid because once you have overcome the first impression they have about you, your age is an advantage: people will have sympathy for you very quickly, you can built good relationship!

@James Wise thank you for your advise I agree with you, being an agent is maybe the most convenient way to get started in real estate and to approach investment; I actually just enrolled to the classes required to pass the license. @Ramon Jenkins , @Adrian Salas, @Mark Nolan thank your for welcoming me in BP :D ! I look forward to learn from you guys. 
@Joe Kling thank you for your answer, I am gonna check the place and date of the next event; maybe we'll see each other !

@Al williamson thank you for the compliment :D
@Billy Maloney thank you for the info regarding the meetings. I will go back to you in case i found a fourplex you could be interested in. However, good luck for your research !

Hi guys, my name is Alexis, I am 22 years old, from France. I came to the US last September to study. I felt in love with LA so i decided to stay here. 
First of all I would like to thank you for your participation to BP, I have learned so much thanks to the different forums, webinar and podcasts! it's amazing to find a place like BP where everything is available and free!
I am passionate about real estate, since my 15 years old I am doing a lot of internships and other professional activities in real estate to learn as much as I can. I have a little experience in REI since my dad is an investor in france, i worked for him and was in charge of analyzing deals he received from agents and wholesalers; however i am still pretty new to that activity and to LA marketplace.
Since I am struggling to find a job, I want to start wholesalling; but I am still hesitating on which market to focus: houses to flip / multifamily for student housing.
I would need your expertise regarding LA's market; I would love to start investing (actually buying properties) as soon as i will have the resources; but the prices here are so high, which neighborhood would you first invest in?
Also which REIA is the best in the area in your opinion?