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All Forum Posts by: Brent Davis

Brent Davis has started 3 posts and replied 7 times.

Post: Looking for a realtor in the Long Beach area

Brent DavisPosted
  • Burbank, CA
  • Posts 7
  • Votes 2

@James DuLac let me know if you have trouble finding someone. I can probably help you out. I'm a licensed agent (though I don't really operate in that capacity) it's mainly for REI purposes. My professional background is multifamily.. Just so happens my area of focus for personal REI is Long Beach..

Post: California Deal.. What am I missing?

Brent DavisPosted
  • Burbank, CA
  • Posts 7
  • Votes 2

@K. Marie Poe they have turned down offers in the $650 range, which you're right, is a discount of $125. My deal cuts the discount in half once you account for commissions and closing costs they wouldn't have to pay. Long shot but I am hoping at some point they would get tired of sitting on a vacant house. Pie in the sky thinking but just thought I would put it out there.

Thanks everyone for your input!

Post: California Deal.. What am I missing?

Brent DavisPosted
  • Burbank, CA
  • Posts 7
  • Votes 2

I am an agent but this is not my listing, I am an investor on this deal..

Property is owned free and clear by a non-profit. It has been sitting on the market for 9 months and they refuse to lower the price or take a cash offer for under asking.

Asking is $775k

I want to put it under contract for $650K and have the existing agent take it off the market during rehab.

My partner and I do the rehab.

Let the current agent put it back on the market.

My partner and I will be responsible for the commissions and closing cost at sale.

The numbers:

$850K ARV (conservative)

$650K Contract sale to us

$85k Commissions and closing cost (using 10%)

$50K Rehab costs

$65K Profit

My rationale for getting the contract price I want is that it saves the seller from paying any commissions/fees, so why not give it to us at a discount? Keeps us from having to get private or hard money which would kill the deal.

It's a great house in a country club area, rehab is pretty cosmetic and the ARV is closer to $950K in this market but I want to be conservative.

Worst case if we can't sell, the owner carries at $650K and we rent it. Market rent is $4500.

Am I reaching on this one? What am I missing? How would you structure this?

Any help is greatly appreciated!

Thanks!

Hello,

Looking for properties in Southern California or Las Vegas for buy/hold and or flip..

I'm in the process of setting up my direct mail campaign but in the meantime if there are any wholesalers out there that want to send me some deals.....

I will be using traditional financing (for buy and hold) and am pre-approved through a direct lender

Please message me if you have deals and I will provide specifics of what I am interested in..

Thanks

Post: New Member, Los Angeles Area

Brent DavisPosted
  • Burbank, CA
  • Posts 7
  • Votes 2

thank you Victoria Winters for the kind words and advice.. looking forward to reading your introduction!!

Post: New Member, Los Angeles Area

Brent DavisPosted
  • Burbank, CA
  • Posts 7
  • Votes 2

Marco Santarelli Thank you for the welcome! To be honest, I never meant to stay there that long.. I started out doing customer service while putting myself through school at night and next thing I knew, I was done with school, a Director in the company and happy to have a good paycheck in a down economy.. I bought a condo in 2006 that I couldn't sell and had to rent for negative cash-flow, ultimately short selling it ... mistake #1 under my belt ;-) and got a little gun-shy.. but going out on my own 7 months ago renewed my entrepreneurial spirit and I know that real estate is where I want to be!! The agent thing seems like a vehicle for gaining knowledge but you're right, to be successful in that as a career would take full time attention and its not really what I want to do..

Ned Carey For some reason, I am drawn to the idea of fix n flip but ultimately just don't want to ever go back to the corporate world if I can help it! :) Thank you for the input and advice, it is greatly appreciated! I may want to pick your brain..

Post: New Member, Los Angeles Area

Brent DavisPosted
  • Burbank, CA
  • Posts 7
  • Votes 2

Hello All,

I am a new member from the Los Angeles area (specifically Burbank) and am very excited to become part of the BP community! I just joined yesterday and have already found a great deal of useful information and really enjoy the podcasts, so, thank you!

I have spent the last 12 years in Multifamily Housing helping the investors I worked for make lots of money and I'm ready to go out and do it for myself. I recently left my job and started my own consulting company doing Project Management for capital improvement projects in the multifamily industry.

I really want to get into the fix n flip game in the short term and buy and hold for the long term. I have my RE license and am thinking about becoming an agent as I have some time and thought that would be a good way to get my feet wet. Thoughts?

Looking forward to getting to know everyone and networking with members in my area..

Brent