All Forum Posts by: Brennen Cook

 As I am sure you know, self education only takes someone so far and then your experiences mold and shape things. To me active real estate is more of a living thing that changes as we grow. I initially started out wanting a holding company. One where I loan my own money to another entity that will actively be working. As I have found,  you can only research so much and then you have to make the step. I started with one idea and it has definitely changed and molded over the last year.

As for as your comment of forming a Nevada LLC I am pretty much agreeing with you. Even if you are a Nevada LLC every state requires you to file some sort of documentation. It's a registration of a foreign entity here in CA Which then requires you to pretty much file every document you would have if you opened it up in CA! Keep in mind I by no means claim to be fluent in this. To be honest I formed it in NV on advise of a lawyer friend aND a few BP investors. I can say Nevadas user interface is extremely useful as almost everything can be done entirely online unlike here in CA.

My current LLC is active with bank accounts, but I have a separate trust that "holds" my funding. In my opinion I like the write offs of owning an LLC warrants you. Although I also know personally (met from BP), an experienced investor here in Sac, that almost never uses anything other than his personal name and a great umbrella policy.

Jesse,

I am also new to RE investing. I have done 2 flips here in greater Sac (3rd in contact) and own a rental about 45 mins North. I operate with 5 other family members so it happen to work best in our case to form an LLC. After doing a little research and contacting few attorneys, etc I ended up making a Nevada LLC for pretty much a holding entity. Nevada is one of the few states that does not require you to live there to operate from. Also I hear they are more private. Keep in mind even if you do this you will still need to register in CA to operate in CA and are still liable for the $800 yearly tax. All in all, with not much to protect (in my case) I'm not competely sure if I accomplished anything opening it up in Nevada besides more paperwork for myself. Also I habd heard a single person LLC (that's pass through taxed) is pretty much the same as doing it personally. Hope my experience helps and please post any information you find as I'm interested in where you land!

Also, you mentioned you are closing and looking to turn your properties quickly. I am getting heavy into out of state buy and holds and would be very interested in what you plan on doing. I am dealing with cash and can close quickly. PM me or please feel free to email and Id be happen to discuss any potential win-win situations.

Good luck!

[email protected]

I will be there with at most 3 others. Look forward to meeting everyone.  Thanks Al, for the setup.

I've used and actively use Michael Espinoza. He came in and made everything right after I had to fire my original contactor. After being taken advantage of a,previous contactor Michael not only came in and finished it under time, he worked with my already exhausted budget. He might not always be low bid, but the extra dollars spent for quality, quantity and trustworthiness are well  worth it. He is liscenced, uses permits, and goes by the book. Very knowledgeable.  Contact info below.

Michael Espinoza 
(916) 912-3444 
[email protected]

My broker brought it to my attention off the MLS. It had been on the market at a higher price for some time. I think timing and circumstance had much to do with the seller offering financing.

Thanks for all the replies! I appreciate all the support. 

I should clear up that this property is in Marysville,ca about 30 mins North of downtown Sacramento. Tried to keep with the keywords.

And yes all units are below market rents. I would say about 650 to 700 would be going. Per rento meter.Com and other reliable sources. 

And yes, the properties are that bad! Thanks to @chrisvail for being devils advocate! Unless you are constantly analyzing your deals your just guessing. I appreciate the insight!

All tenants are month to month. And I'm my lumped expenses  (I do thoroughly break down into taxes, capital expenditures, maintenance expectations, etc) I do not account for a few things like property management, which will most likely eventually be used.

I hope to slowly rehab, doing most the work in between tenants if one were to move out. All 4 have expressed strong desire to simply maintain. So far so good!.. well see how she goes

Hey Everyone,

Let me get the into over fast so we can get to the deal. I found bigger pockets a little over a year ago and it has been AMAZING to say the least. I've learned a vast majority of what I understand now about investing directly or indirectly through this forum. I have been fortunate enough to play hard money lender and shadow a flip, while currently having another flip for sale on the market. Both of which will make decent returns. With that said, I have learned that I like to focus on the numbers. I have started to find I can make some of the same returns in my market ( Greater Sacramento Area ) in rental properties as I can in the flipping market... Or maybe this one happens to be a good one... or maybe not.

Here is the run down... I am posting 1: To share and learn myself and 2:Allow others to learn from others deals as I did.

Two Duplexes on 1 Lot - (4) 2/1 800 Square Feet

Purchase Price: $150,000                  Down Payment: $25k                $125,000 @ 5%for15

Monthly Rental Income: $2275                  Gross Rents: $27300

Operating Expenses(Taxes,Insurance,Vacancy Allowance, Repair Allowance

$4,596 Annually

Net Operating Income: $22,704

Debt Service (Mortgage): $11,861.76

Cash flow: 10,842.24

Cap Rate: 15.14%

Cash on Cash: 43.37%

I am honestly a little loose on the Expenses. for example only 5% for vacancy considering 3/4 tenants have been in unit for over 3 years. I pay my insurance yearly so I know the cost obviously. This property was seller financed. It has much deferred maintenance. I have had a VERY THOROUGH ( and COSTLY) inspection done and I actually have a bid (from my contractor )for a complete blow out rehab... Oh and by the way.. After closing I am only out of pocket $23K and some change because of pro-rated rents.

I know this not a A class property, but is this a home run real or is it just me? Dont be afraid to burst my bubble! =P Constructive criticism welcome! Hope I didnt forget anything!

Thanks BP!

Hey everyone!

I also live in Sacramento! I am relatively new to Both BP and REI. I am a investor/joint venture/hard money lender/anything if it pencils out. I would love to get in touch with any and all wholesalers! Please feel free to email!

[email protected]

Cook Family Holdings LLC

BP has helped me out everywhere else so here it goes...

That's right. For sale in the most desirable neighborhood in San Francisco! And unlisted!

361 Upper Terrace

$2,750,000

This is my uncles home. Single owner. An architect parceled 3 lots (361, 365, 369). These are all identical floor plans.Tax records show my uncles home at 2500 square feet. There was an addition and it was permitted. December of 2012 369 Upper Terrace sold showing 3462 square feet. December of 2013 389 Upper Terrace sold for $1056/square ft.

My uncle has not done anything with the home since its purchase in the 70s. It is dated and in need of updating.

ARV $1056 x 3462= $3,655,872

Asking $2,750,000

You do the math.....

Only serious emails will be entertained. Low balls ignored.

Feel free to comment or email any questions concerns and offers.

[email protected]

( Sorry guys for previously posting this outside the marketplace! =) )

Hey BP!

I've posted on this site a few times so some of you in Sacramento may know a little about my story. My name is Brennen Cook and I live in Sacramento. My family and I have dabbled in real estate years before, but in Toledo, Ohio where I am originally from ( Moved to Sac about 8 Years ago ). I am 26 years old and I am a Union Inside Wireman. I am currently in the process of getting my CA real estate sales license. I believe March 17th is my earliest test date. I've been born and raised around material such as "Rich Dad, Poor Dad", and Robert Allen techniques Now.. Enough back story.

My family owns an upscale house in San Fransisco ( Upper Terrace) free and clear where my fathers uncle previously resided. Due to his current situation ( Financial and he recently broke is his hip. 74 Years old) we are liquidating the property. We are currently working to get the home sold for a large chunk of change.

With that in mind my father and I are excited as we intend to invest in real estate. We have spent the last several months further educating ourselves, speaking with legal counsel for estate planning and the formation of an LLC, and much more research.

Now... On to the meat of this post...

I am posting here seeking some sort of mentor-ship. A mutually beneficial situation for an investor and myself. My ideal situation would be to have and experienced flipper / investor in the Sacramento area. I would love to be able to ride shotgun on some real estate deals while acting as your hard money lender. I'd be willing to negotiate reasonable terms with the use of my family LLC's cash. In return I simply ask to be as heavily involved as I would like with the property and for the individual to take reasonable time to help educate.

Now I know time is money and I am new, but I would not say I am a newbie by any means. I am not asking for some short cut or answers on how to "get rich". I am not an individual who knows nothing seeking someone who knows everything. I have done my own due diligence and consider myself to be somewhat educated in the real estate industry. I have been and am willing to put in work and simply ask for simply guidance through the use of a WIN-WIN situation.

Please, any and all serious, experienced Sacramento area investors who might consider this show interest. Whatever it takes to make you ( and I ) feel comfortable ( i.e. interview process, meets ups, talks, etc.) we can make happen. Anyone interested please post here, respond by email, or simply give me a call. Any ridiculousness will simply be ignored.

Now who's ready to make some money with my money!?! =P

Thank you all for your time!

Brennen Cook

916-759-2118

[email protected]