All Forum Posts by: Benson Juarez

This is a great plan Mary! Start with small manageable chunks. I would try and do the FHA 203K. You can roll your repair costs into the mortgage. That should work with 2-3 units pretty easily that needs a little work. Your total repair costs with materials and labor will have to be under $35K.

But you will have to live there for a good period of time. I would ask your lender what that time period is so you can plan your next purchase. But if you don't do another FHA loan on the next purchase then you should be fine. Good luck!

@John Koster It sounds like you're in a Hot area! I know the area. I used to live near Hollywood. There were a lot of fix n flips in the Hancock Park area. High dollar deals.  You're correct. I wish we knew what they spent. But, unfortunately they're not sharing that with the public ;) 

I Agree @Dennis Maynard it really depends on the deal. I see a lot of investors moving inland. Riverside and San Bernardino is pretty hot right now. Here's a snapshot of all the fix and flips in the last 12 months where they increased the value of the home 25% or more. Still let's of activity.

The deal I started with in the post was a true fix and flip. What a transformation!

What are people's experience's there in SOCAL? I talk with a lot of people that are starting to look outside of CA. But people are finding deals for sure!

This property in Sherman Oaks, CA was flagged by Privy and someone snatched it up for $890K. After a 232 day project they listed it and then sold it 12 days later for $2MM. That's a spread of $1.1 Million Dollars! 

5120 Nagle AV, Sherman Oaks, CA 91423: http://bit.ly/2mlh0pz

Where are you finding deals? On market? Off-Market? Wholesale?

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Off Market Deals - From Lead to Close - How to generate consistent leads and increase your closing rate

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Benson

@Ashley Hughes It depends on what you're trying to accomplish. Can you share more? If you're putting yourself out there as a real estate investor and you're interacting with the public you should consider having some sort of online presence.  Potential partners, clients, sellers, service providers will want to know they're working with a reputable person / company.  You could start your own business page on Facebook if you're on a tight budget. Or use a service like https://carrot.com/ to get an inexpensive plug and play investor tailored website. You can get away without having a website for a while but at some point you should plan on getting one. 

Which actually brings up a good question. Have you registered a business entity? You can get a free LLC set up using https://www.incauthority.com/. They only charge the filing fee with county. But be prepared for them to try and up sell you to other products. Let me know if I can help with anything!

Hubspot is a great option. As long as you have your own domain (not gmail, outlook, etc.) you can get a free account. Also, don't think that that's a big deal. It isn't. I helped someone get their own domain with email for less than $30 from Godaddy and set up their Hubspot account in less than 30 min.  https://www.godaddy.com/

You can get access to the free Hubspot account here:  https://www.hubspot.com/pricing/crm. It's also not just freemium. It's free forever. You can upgrade to a a paid account if you want to get some more advanced features but it's not necessary. There are so many great features that you can use in your business. First, the CRM. You can track all your people and property leads easily. Using the "deals" feature you can track each stage that you're in and apply a system for follow up so leads don't fall through the cracks. It also has the "Meetings" feature. Which is like Calendly. Here's an example: https://bit.ly/2Pc0q4f . All your calls / emails / and other correspondence can be easily tracked in each record. You can set up and associate tasks with reminders with all your deals. I highly recommend it as a Free option for any serious real estate professional. Let me know if anyone needs help.