All Forum Posts by: David B.

Jonny S. Nice. Small world! What do you do?

RE: Eminent Domain/Condemnation - Check the laws and procedure for a municipality to condemn a property in your state. Typically, they would have to pay fair market price, which could be established throough an appraisal or whatever method the law permits. If you feel the value substatiated by the muncipality is not what a willing and able buyer would pay, you would need to argue your case to obtain the value you desire. It can be challenging and in some cases you may need a lawyer. I agree w/ a previous post that your current tenant could receive relocation benefits under HUD's uniform relocation act (UDR).

Good luck.

Sandy S Harris Santa Monica is amazing and I wouldn't want to live anywhere else. I enjoy it very much. Come on, you're in Santa Barbara. You can't beat the peaceful environment out there. Thanks for the welcome.

Thanks Kevin. So Cal's primary markets are generally stable. San Francisco, Western Los Angeles, Orange County have all experienced 4%+ appreciation in effective rents. The high barriers to entry, limited supply in land, and demand for rental properties are driving prices along with the larger rental pool, a result of foreclosures. If we can get our unemployment under control, the market should get even better. Except for the markets I mentiond previously, the SFR market has been lagging compared to the rest of the country.

Has anyone taken classes from the Appraisal Institute that are offered through the MAI designation?

What about CCIM?

How was the experience?

The reason I asked was that in some areas in the last 5-10 months, the price on SFH has risen up to 20%. Jobs have been rebounding and investor demand for SFH has been strong, thus the rise in prices.

Also, your first deal was a project where you were essentially doing a gut rehab without the demo. All the eperience you received is valuable for deals going forward. Awesome!!! Great project to start out on and learn from and you hit a grand slam. Nice..very nice.

I'm new to this BP and this is a stupid ?, so what does ARV stand for?

Thanks guys.

Andrew Jones I hope I can provide some valuable insight. I'll do the best that I can. You recently had a post where you invested in your first deal, I think. I recall all the advice you were getting through the due dilligence process. How has it turned out?

Arthur Garcia Lived in so cal all my life. I lived in Pasadean for a couple years, right off of marengo close to the trader joes. Great diversity out there. BTW, great website.

Worst state to do business in, but the best place to live. Regulations, taxes, cost of living, low wages, and the list goes on, but we do have the beach and the weather. Every state except for one, Rhode Island, has a lower unemployment rate. Isn't the basic economic support system for real estate, JOBS????? The politicians in Sac need to ge their act together. I consider myself an independent, but when pete wilson was around the budget was balanced. Can't we use his budget? With tragedy come opportunity, and when the economy thrives again, investments now should be flourishing later.

I can see why it sold in one day. Great Job!!!

I'm curious, at the time you started the rehab project, did you know the house would sell for $330K or was the market different 5 months ago?

Hello BP Community, I've been checking out the site for a bit now and decided to introduce myself. I'm David B and live in the West Los Angeles Area. I've worked for a development and consulting firm that developed affordable rental apartments throughout So. Cal. I am looking to invest in apartments utilizing a value add strategy. It's a great marriage between development and investing without the majority of the predevelopment and timing risks. In the meantime, I'm reasearching markets, developing my plan and strategy, taking RE courses, developing and studying models, and looking at deals. I'm still trying to workout some details in my plan and startegy, so any advice from community would be great. Appreciate the input the community provides to those getting started and the willingness to help. And I hope that i can partake and provide some knowledge to the community as well. Looking forward to getting to know my fellow colleagues in the RE world and BP community.