All Forum Posts by: Andreas Blomst

I have build a couple ADU's and completely understand what you are saying about construction price. My recommendation is to look into a tiny home or modular. While San Diego may not like it, State law says they can not be excluded for use as ADU's and you can buy a 400 sq ft tiny home for around 65k.

Hi All,

I have a 2/2 SFH rental in Santa Barbara. Its about 8 blocks from State street, and my wife and I decided to develop the lot. We have approved and pulled permits to add a bedroom to the original house making it a 3/2 and adding a stand alone 2/1 ADU behind the main house. This is truly unique in that we have pulled and paid permits with no "owner occupancy requirement" which Santa Barbara has been requiring for many properties, making this property a true multifamily potential. The house is currently rented with tenants that are on a month to month, but are willing to live in the property during construction for a discount.

Due to some changes to our personal life situation, managing a new project is not something we can do at this time. So My wife and I have had some discussions with local real estate agents and have been disappointed to see that most don't add any value to the property due to the pulled permits. 

  Any advice on how to market this property or any recommendations on what to do?

Currently 2/2 rented for $3250/month

Value (according to real estate agents) $835k-$875

Pulled permits allow:

3/2 main house (adding 182 sq ft) estimated Owner builder cost of construction $45k.

Would rent for $3800

2/1 Back house (781 sq ft) Estimated Owner builder cost of construction $150k

Would rent for $2650

Andy

Hi, We have several rentals in Atascadero California and are looking for an eviction attorney to assist with a eviction. Does anyone have a firm they recommend?

@Julie Gates Julie, My wife and I have experienced the same. This is shady behavior from an agent. There either is, or is not an other offer, maybe Is not ok. The agents banking on you not wanting to loose the property over a few thousand dollars and if this is the case then your kinda stuck. If not then keep reading! Here is what we do. If they ask for a better offer because there “may” be an other offer coming. We immediately retract our offer and tell the agent to let us know when they receive the other offer and that at that time we will resubmit an offer. If an other offer comes in right away we choose if we want to resubmit at the same or greater price. If we don’t hear anything for 3 days then we resubmit our original offer minus 5-10k. We make this offer expire in 3 days and make it clear its a take it or leave it, no extending it. At this point a counter with our original offer Is likely. One might argue that we were willing to pay that before so why not now. I respond that time is money and those 6 days just cost the seller 5K.

@Bryan Clement Bryan, When my motivation falls it’s always because my results are no longer exciting me. Excercise and nutrition are great. But they have little impact on motivation. What helps improve motivation is fear. Get out of your comfort zone, take risks, make big decisions. When your feeling nervous, anxious and uncomfortable your probably making progress and your motivation will be super high because you want to get back in your comfort zone. Best Andreas

@Lakeisha Baker Hi Lakeisha, I was not surprised to see a bunch of Real Estate Agents and Brokers suggesting that signing a contract with an agent is normal and proper. My wife and I have purchased 4 homes, all with agents and none with contracts. We have never used the same agent twice and the reason is simple. We buy from the agent that brings us the deal. If we had a contract wIth a single agent we would never be brought the deals we have purchased. Here is my advice, go to open houses, speak with agents when no other buyers are in the house. If the agent seems good then tell them what you are Looking for, and give them your contact info. Tell them not to bother sending you anything unless 1. It’s a pocket listing 2. It’s pre mls or 1st day mls 3. It’s about to get a price reduction that has not yet been made public. You need to qualify the deal right away when it’s brought to you. If you know the numbers are not right, tell the agent and thank them for thinking about you. If its a deal be ready to act and use that agent. We get daily emails from many agents. most are just automated emails with homes sitting on the mls, I ignore these. sometimes I get an email written specifically about a property. These are the ones you need qualify quickly. This is where I get my true deals, I NEVER pass on a deal, if I can’t do it one of my buddies can so it’s always worth the agents time if they have a deal. The only time a contract is reasonable is when selling a property, and even then it should be very limited. Best. Andreas

If she’s a good tenant replace the stove. A new decent unit will cost around $600 and you will get $100 for the use one. Then raise her rent $50 a month next year. Win win.

Hi Everyone, My wife and I have an accepted offer on a Tri Plex in Lompoc. This would be our first multifamily and our first rental in Lompoc. We live in Santa Barbara (about 1 hour away). Any advice on home inspectors in the area? Also, anything we should be aware of in terms of certain neighborhoods or unique situations to Lompoc? The Tri Plex is on the 700th block  of E St. The numbers look good for CA. 

Thank you!

I would love to go but will be in Atascadero taking care of parking issue with our rental. How do I find out about future meets? 

I just stumble across a property that needs a fast sale, all cash a must. I wanted to lock it in but the lawyer is demanding proof of funds and while I could probably borrow the funds I don't have them in the bank. Here are the numbers 1.1-1.2M value, cash price 720k House needs 70k in foundation and could use a bit of updating but is completely livable as is. I have walked house and am friends with listing agent. Anyone have any ideas or looking for a deal?