All Forum Posts by: Account Closed

Hi Jason,

Before calling a contractor you have to call your local utility companies:

Gas, Electric & Water respectively and ask them what is entailed because they all will need separate meters and lines.  So a contractor at this point cannot help much...

I can vouch for 5 Arch as I have used them in the past.  Unfortunately, they are no longer 5 Arch. They are now called CoreVest.  I can say they were one of the best lenders to work with.  As a contractor, you have a draw process and their draw process was very easy and seamless.  There are a few lenders whose draw process is a pain in the neck and I will NEVER EVER take their money, even if its a point cheaper, its not worth the headache.  

So for me, I thought 5 Arch was one of the best companies to work with and hope Corevest has kept the same processes in place...

Hi Nav - yes 100% you should get it permitted as an ADU for legal rental purposes. Best to start your search on Yelp or BP for a local architect that does ADU conversions and get their advice. The good thing about starting with an architect verses a contractor is that Architects know and work with Good contractors and will recommend contractors who they have worked with in the past.

Location, Location, Location = California wins in 10, 15, 20 years....

Hi John,

Thank you for your service!

Why don't you do the best of both worlds and try to find a duplex/triplex.  Move into one of the units and rent out the other?

It's great you saved the money, but if I were you, I'd wait until there is a big dip in the market.  There is a great Chinese proverb that says "never try to catch falling knives" and that's what's happening right now in this market.

Hold onto your cash until the media says the sky is falling and that's when you know you can go in and swoop on a good deal.

Stay patient yet vigilant!

Best!!!

Darius

Hi Nivetha,

This all depends on what you want to do:

Option 1: Fix & Flip - you don't want to put too much into it because you need to look at the comps in the area and by remodeling it, how much more would you get (minus fees taxes etc).  So in that scenario, you want to purchase RTA cabinets.  RTA stands for Ready to Assemble.  You can get good quality cabinets at a reasonable cost.  Flooring can be purchased at Floor & Decor for a few dollars per sq ft.  So it all depends....  You can also purchase most of your plumbing fixtures on Amazon.  They look great and function good and are safe on the pockets.

Option 2: Fix & Rent - you should then identify what type of renters would you receive (Low, Mid or High) end renters.  I suggest installing quality products.  Try to stay away from items at Home Depot/Lowes.  For example: A Kohler faucet from HD or Lowes will fail over time verses buying a Kohler faucet from Hirsch or Ferguson plumbing supply.  The internal parts in the big box stores are cheaper verses the parts from a plumbing supply, thus less breakdowns and less maintenance.  Imagine, if a faucet fails, you have to call a plumber and you will spend a minim of $100 plus the headache.  You might as well invest that (future) $100 into quality products that have a less likely chance of breaking down and giving you headaches.

Ballpark can be anywhere between 50k to 100k it all depends on what's needed and what are your end goals for the property...

Hi Nina,

I think you should go ahead and do the short term rental and see how you like it.  And when November comes along, try to rent the house furnished (you may be able to get higher rent).  I myself want to try Airbnb for one of my duplexes, but every time one tenant moves out, one comes right away.

My buddy does AirBnb in West LA and he said he has had a very flaky experience with the house cleaners.  And all of a sudden, they used to charge him $120 to clean the house, they are now charging $225 and even then they flake on him.  So, having that experience behind your belt will help you so DO IT and let me know how it goes!!!!

Good Luck!!!

Hi Joshua - we work in LA, OC & Ventura markets.  Would love to personally meet up one day.  Experienced GC with my own crew.  In fact, while others are scaling back, I'm doubling down to grow bigger.  I have worked with many lenders for my own personal projects so I am familiar with the draw process as well as making sure we hit our time-lines in a timely manner.

Hi Abilia - we work in the greater LA area (including the Valley).  Feel free to message me.

Hi Daniel message me as we are very familiar in rehabbing homes for rental.  There are also a few tricks we like to do to reduce future maintenance costs.  We are a CLSB Class B licensed and know exactly what to do as I myself own rental properties.