All Forum Posts by: Brian Wall

As if you have not contributed enough, Nick, would you mind sharing the postcard with the group?

Brian

I will reveal all, once deal is over. If I tell you know, you will say I am crazy, and send over the guys in the white suits!

But, after the dust settles (literally) all will become revealed.

Brian

The length of time is 6 months.

If we need more time, we have it pre-negotiated to pay a penalty of .25% (one quarter pt) for each month after the 6 months.

Brian

It wouldn't really be accurate if I did, we have our own crew that we have pre-negotiated rates on.

But, to give you an idea, we are estimating 30 days in repair time, for 8-10 guys, and probably 15-20k in materials.

Steve, you had to ask. Well, lets just say he had cats (several) and leave it at that!

Its a good thing some of those windows were broken, and were stuck open!

Brian

Ok, if you think you have seen it all, check out this house. My partner and I just bought it, it is definitely the textbook definition of worst house in the neighborhood. This guy was actually in the house before we got the keys upon closing escrow.

http://www.youtube.com/watch?v=F6oihAxT24s

My partner and I just acquired this out, and it took 9 bins to empty out the house, and clear out the brush & brick in the yard.

When the guys were taking out the kitchen, they found 5 rats in one drawer!

EWWWW!

Hi Scott,
Here are my basic requirements:

SFR only (no condos, Multi Family)
At least 1000 sq ft, living space

After repair value $500k or less
At least $100k spread between after repair value and purchase price.

Must be located within 30 min of zip code 90670 (my home base).

I have my own rehab crew, so I don't really have a "repair cost", I more look at material cost, and time.

Brian

Hey there Los Angeles area buyers agents, we just finished rehabbing 3 properties in Los Angeles area, they are not yet on MLS, wanted to give BP friends a head start:

10795 Leffingwell, Norwalk, 3/1, $349k
13012 Graystone, Norwalk, 3/3, $380k
11527 Walnut St., Whittier, 3/2, $320k

Thanks Will.

I am trying not to "count my chickens" so to speak, but it does look good.

We are targeting a 60 day turnaround.

We have our own rehab crew, so we can gut and rehab a house (assuming no major structural work) in about 3 weeks.

Brian

Thanks for the warning Will. I do realize that the margins are very close.

The thing is I already have buyers for those properties, so my hold time will be minimal.

The market in Norwalk/Santa Fe Springs is very hot, for now.

jenkins,
I have emailed you.

Brian