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All Forum Posts by: Chandler Canepa

Chandler Canepa has started 2 posts and replied 11 times.

Post: Is it good idea to sale by owner?

Chandler CanepaPosted
  • Investor
  • Temecula, CA
  • Posts 11
  • Votes 4
I sold my home in California and used Homebay.com instead of a realtor. They list your home on the MLS and Zillow, Trulia, etc. They also hire a professional photographer to come and take pictures of your home. The pictures came out great too. You do have to write your own "description" and come up with a selling price on your own but they will give you advice. Also, with all the technology today, finding comps is simple. The best part about Homebay is they only charged me 2k instead of the standard 3% commission. My home sold within 2 weeks for full value. PM me if you have any questions!

Post: Condo as a first investment property?! Thoughts?

Chandler CanepaPosted
  • Investor
  • Temecula, CA
  • Posts 11
  • Votes 4

My first principal residence was a 2/2 condo. I bought it in Temecula, CA for $168,000 in 2014 and I just sold it for 255k. The HOA fees did increase almost every year. The year I bought it, the HOA fees were 290 and now they are 350. This is what ultimately led me to selling it.

Post: Replace carpet with laminate floors before selling?

Chandler CanepaPosted
  • Investor
  • Temecula, CA
  • Posts 11
  • Votes 4
Originally posted by @Jo-Ann Lapin:

Ask the realtor that plan on listing with they know their customers.

 Thank you for the suggestion Jo-Ann! I have not chosen a realtor yet but I will definitely bring this up when I do.

Post: Replace carpet with laminate floors before selling?

Chandler CanepaPosted
  • Investor
  • Temecula, CA
  • Posts 11
  • Votes 4
Originally posted by @Dan H.:

I agree with @Jo-Ann Lapin that the realtor should know the market and if putting in laminate will provide a return to be worth the effort/cost.  Use your realtor's knowledge.

Like many people on BP I have rentals.  At rehab I have been putting in composite flooring but we typically only do rehabs upon tenant turn over on units that the rehab will provide 150% return on rehab cost.  So the most thrashed units are the ones that get rehabbed.  This implies that I have quite a few units that have not been rehabbed and many of these have carpet.  Occasionally carpet needs to be replaced while the tenants occupy the unit (sewer, slab leaks that went undetected for too long and mold is under carpet, etc).  We look to use remnants first.  We personally like the slightly darker neutral color, higher end remnants but the darker color is because it hides stains better in the rentals.

If laminate is not worth the cost/effort but the carpets are really worn you may desire to look at what is available in remnants in your area.  The cost should be significantly less than laminate and less than non remnant carpet.  Again the realtor should be able to tell you if replacing the carpet with remnants will be worth the effort/cost.

Good luck

 Dan,

Thank you for the thoughtful reply, it is very much appreciated!

Post: Replace carpet with laminate floors before selling?

Chandler CanepaPosted
  • Investor
  • Temecula, CA
  • Posts 11
  • Votes 4
Originally posted by @Matt B.:

If the unit next to yours sold in a week, over asking, and was in worse condition then yours then why make the improvement? Are you trying to sell for a higher price then you think you can get in the current condition?

It might be cheaper and faster to just get some decent, low price carpet (HD or Lowe’s) to replace what’s there. That may make it look a little cleaner instead of the time and labor of laminate, unless you think you can get that done less expensively.

I would like to get a premium price when I sell. The units that are selling in my complex are on the market for no longer than a week and a half. The last unit that sold in my complex went for $237K

There are condos selling a mile and a half down the street for ~$260K with the same square footage, however, most of them have carpet and are in the same condition as mine. 

Post: Replace carpet with laminate floors before selling?

Chandler CanepaPosted
  • Investor
  • Temecula, CA
  • Posts 11
  • Votes 4
Hello fellow BP members, I have a question in regards to selling my Condo. Question: Should I replace my worn out carpet with new laminate floors before selling? I’m currently in a hot market (Temecula, CA) for sellers. The unit next to me had an offer in within a week of listing it (229k) and it just sold for 237k. The unit that sold had old worn out carpet just like mine and ugly paint. I plan to repaint all of my rooms to a neutral color. My concern is, would I regain the money put into installing the floors plus some? Or am I wasting my time? I received a quote from a flooring company and it will cost about $4k (705sqft) to redo my floor. Note: purchased the condo in 2014 for 175k, currently owe 165k.

Post: Investing in Multi Family rental properties out of state

Chandler CanepaPosted
  • Investor
  • Temecula, CA
  • Posts 11
  • Votes 4
I live in California and am also looking into purchasing OOS rental properties next year. I've been researching Indianapolis... looks like a promising city!

Post: Newbie from California

Chandler CanepaPosted
  • Investor
  • Temecula, CA
  • Posts 11
  • Votes 4
Wow, thank you everyone for your responses. What an awesome community! I won't be ready to buy until next year around June, but I'll definitely be doing research on all of the places you all have mentioned.

Post: Newbie from California

Chandler CanepaPosted
  • Investor
  • Temecula, CA
  • Posts 11
  • Votes 4
Aaron - Yes, I'd appreciate any recommendations for cities to purchase a MFR in the inland empire or surrounding areas. Thank you!

Post: Newbie from California

Chandler CanepaPosted
  • Investor
  • Temecula, CA
  • Posts 11
  • Votes 4
Thank you Ali and Aaron for your response. I would like to invest in MFR's (residential) for cash flow as part of my retirement plan. Depending on the distance of a unit, I will more than likely hand it off to a PM. I have just started researching about investing OOS in the Midwest; however, I've heard a lot of people warning against it. I've also heard of people having a lot of success.