All Forum Posts by: Daniel J Cano

I'd say how ever long your state's statute of limitations are for civil cases? Do I have to say I'm not a lawyer? LOL.

I'd say get the permit/s anyway, the LAST thing you'll want during a flip is a stop work notice. You're already pulling permits for HVAC and ELE. The inspector will notice the condition of the home when he is out for rough inspections; what will he/she say when they come back for final inspections and notice a fully rehabbed house?? Even though it is cosmetic work, most municipalities in CA will want a permit for everything except floors and paint... Learn to do it the right way. Then you'll have a pretty good idea of what you NEED to pull permits for when rehabbing the next one ;) 

Also, a structural engineer will need to advise the city wether or not a wall is load bearing or not (at least that's been my experience with Orange County CA municipalities)

Good Luck!

Attend Local Real Estate meet ups. Talk to realtors, you'd be supervised how many of them own investment properties. Facebook groups. Search #'s with real estate related key words on Instagram, TikTok, Facebook, anything social media; hit them up. Maybe getting your license will expose you to others who are also new, and looking to get into the game? (In person classes) I'm sure there are more ways to connect with other likeminded individuals. 

Mostly just talk to anyone and everyone about what you are looking for. Be Specific about it too. are you looking for a SFR? Duplex, triplex etc. Where are you looking to buy? what condition? how many bedrooms/bathrooms? Pool? basement? etc. These are things you'll need to consider during your rehab anyway. Also make sure you have the man power to get it done within the allotted time frame if you are getting hard money loans to rehab/purchase. They cost $$$$$$$$$$

@Ahmaad Green

I found my mentor by exclusively wholesaling deals to him. Found his niche, and learned to analyze what a good deal was for him. Now I help manage his projects, and he’s teaching me the ins and outs of finding contractors, analyzing bids, getting permits, planning, rehabbing, and soon financing.

All that to say, find a way to provide value to the mentor you find. And most importantly, be as transparent as possible. Trust is a major factor too.

I didn’t pay him to mentor me, I just provided value.

Good luck on your search!

I use a google voice #. Not sure if it is "untraceable" as it links to your personal cell. But your personal # does not show up as the caller ID. It's free the first time, and there is a fee to use another #. 

All you gotta do is google "google voice", sign up, link your cell #, verify, and you're good to go. You can start calling from the chrome web browsers "google voice". Unfortunately, I have not found a way to call directly from my cell. I just connect my head phones to my laptop, punch in the #'s on the website, and cold call all day.

Hope this helps.

Thanks!

Dan C.

Its a rule of thumb... typically a purchase price of 70% of market value is enough wiggle room for a flipper to profit, and for you to make your assignment fee. I have learned that these "rules" or "formulas" are very general and will depend on your target market, and end buyer.

For example, a doctor or lawyer who is looking to park their cash may be willing to pay more, than an investor who's looking to make a profit. In the latter, an investor will definitely need more equity to make sense of the deal.  

Good luck!

@Jenny Stecklair

Before wholesaling, I was a Property Manager specializing in HOA's in SoCal. Special assessments are usually triggered by what's on the HOA's reserve study. If you're able to get a copy of the reserve study, you'll have a good idea of when the Board will need to replace major components of the HOA (therefore triggering a special assessment).

A reserve study is a report that evaluates the condition of the HOA's common areas (roof, gate, pool, sidewalks etc) and provides the remaining "life span" of those components. In addition to the remaining life span, it'll also show how much the HOA has in reserves (savings) to cover those expenses. If the HOA does not have enough reserves to cover the major component being replaced, a special assessment may follow.

This report is only accessible by Homeowners, so your agent may not be able to get his or her hands on it. BUT the owner/s of the units you’re looking at, most definitely will.

Good luck!

@Parker C. Snow

Awesome! I’m a newbie in Anaheim as well. I actually got my very first deal under contract sep 1.

Good luck to you bro!

Dan C.

See what a comparable house with a pool has recently sold for. If you can afford the pool renovation, and still make a profit  by selling it at or around the same price as a good comparable sell. Why not? 

I’m afraid to say there is no “yes or no” answer that you’re looking for. In Anaheim, you have the hills and you have the city. Just depends what a similar house with a pool would sell for in your part of town. 

Good luck!