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All Forum Posts by: David L.

David L. has started 2 posts and replied 12 times.

Post: Hard Money Loan as a company or individual

David L.Posted
  • Homeowner
  • San Jose, CA
  • Posts 12
  • Votes 8

I have never used a hard money lender and researching I see they ask if you are holding the property as individual or company. Because my income level is not at the lowest tax rate, it makes more sense to hold property under business entity. Will this make a difference to the hard money lender? The property I am considering is in San Jose and the purchase price is about 70% of ARV. Repairs will put the deal at 84% of ARV.

Post: How to stay clear of "retail" contractor prices?

David L.Posted
  • Homeowner
  • San Jose, CA
  • Posts 12
  • Votes 8

I have been having work done on my primary residence and have found that multiple offers will give you a wide spectrum of prices. One discovery from Biggerpockets that has helped me is the two books by J scott, sold here on Biggerpockets. The first one is "The Book on Flipping Houses." It will aide in determining a strategy and set up a system you understand. The second book, "The Book on Estimating Rehab Costs" is the one you need now - It expands on the first book but it breaks down the specific jobs and gives you a breakdown of individual components.

I was able to get a better quote on repiping the supply lines to my house because of what I learned from this book - particularly the understanding of what the contractor, or in this case plummer, uses to write a quote - In my case I used what I learned about cost estimates by knowing the number of fixtures and I was able to get a quote from a local plummer about 2.5K$ lower than the highest quote. It helped to talk to the estimator about my expectations and listen to their spiel and ask questions specific to what your stated expectations are. So far, the quote is in and holds for 30 days and work will be scheduled when I have my master bed remodel started in mid August.

You can find these books in the Resourses section or, what I did, was purchase from Amazon.com.

Post: comps from mls

David L.Posted
  • Homeowner
  • San Jose, CA
  • Posts 12
  • Votes 8
William Rankins are source of bigger pockets, is a book by J. Scott called 'The Book on Flipping Houses,' in this book there is an good read on comps. Chapter 8, The flip formula. It details the parameters and the process used to adjust by these parameters. It's great because you can compare 3/2's with 4/2's or homes with a garage vs carport ... It will help your evaluation tremendously. This is a book in a two part series and is full of relevant information for all investors.

Post: East Bay Meetup – Thurs 3/20/14 - Oakland

David L.Posted
  • Homeowner
  • San Jose, CA
  • Posts 12
  • Votes 8

@J Martin I plan to attend this, my first, meetup event.

In State / Out of State?
In state and exploring out-of-state. I'm interested in others experience in out of state...

Strategy?

Still developing a strategy but leaning toward building portfolio of properties to suplement and in the future replace my 9-5 income. I guess this is a buy and hold strategy.

Type of properties?
Residential SF and multi 1-4, but whatever lines up with strategy for cash flow opportunity.

Looking for?
Real people to learn from and share with.


Post: Hello to BP community

David L.Posted
  • Homeowner
  • San Jose, CA
  • Posts 12
  • Votes 8

@Robert Musallam , thanks for the welcome from another local BP'ers. See you around.

Post: Hello to BP community

David L.Posted
  • Homeowner
  • San Jose, CA
  • Posts 12
  • Votes 8

Thanks @Account Closed thanks for the welcome.

Post: Hello to BP community

David L.Posted
  • Homeowner
  • San Jose, CA
  • Posts 12
  • Votes 8

@Joshua Dorkin thanksfor the welcome - FYI, I am really enjoying the podcasts! Is there a way to hear 1 - 10? I haven't seen them listed???

Post: Hello to BP community

David L.Posted
  • Homeowner
  • San Jose, CA
  • Posts 12
  • Votes 8

@J. Martin Thanks for the information. I will now explore the Learn button! I see you are behind a local bay are meetups and I would like to try to attend. Let me know the best way to keep in touch for this event and others of this kind. I see there is a great possibility we will interact as we are both in the bay area. Thanks again for the input and Regards.

Post: Hello to BP community

David L.Posted
  • Homeowner
  • San Jose, CA
  • Posts 12
  • Votes 8

@Darren Sager thanks for the great tutorial - it has helped me already ... see your name the @..... it is the first on tho show the hyperlink :) I appreciate you taking time to share this with me. I have downloaded the Bigger Pockets Ultimate Beginner's Guide to Real Estate Investing. Again, Thanks for your information!

Post: Hello to BP community

David L.Posted
  • Homeowner
  • San Jose, CA
  • Posts 12
  • Votes 8

@Brandon Turner Thanks!