All Forum Posts by: Jose Schnaider

Off Market Deal in Noho Arts District

8 Unit MFR
11259 Ostego St
North Hollywood, CA 91601

Units: 8
Building SF: 5,327
Lot SF: 6,894
Price: $2,750,000
EMD: $75,000

Proforma: 5.1% Cap
Current: 4% Cap

Only 2 Units month-to-month.If you can bring these up to market-rent, you can get your proforma cap. All other units paying top-of-market rents.

Newly renovated spacious one bedroom units in quiet building off Lankershim one block from future Whole Foods. Units feature newly finished original hardwood floors throughout living areas, large windows throughout, quartz counter tops, new kitchens, brand new stainless steel appliances (including dishwasher). individual heating and cooling, onsite Washer Dryer, featuring balconies in select units. Covered parking is also available onsite.

email [email protected] or by phone: 818 723 4109

Wid IT!

Rare Off Market Long Beach, Alamitos Beach Area,

5-Unit MFR Deal

1001 East 5th Street,

Long Beach, CA 90802

Units: 5

Building SF: 3,544

Lot SF 6,167

Price: $1,100,000

EMD: $50,000

Est. Repairs:$50,000-$60,000 (per the confirmed written contractor estimate. They’re on standby to do the work)

>

> ARV: $1,300,000-$1,400,000

>

> Notes:

> (1) This property consists of 1 extra large 1 bedroom house (rehab estimate includes converting to 2 bedroom house) and 4 regular, spacious one bedroom units.

> (2) Buyer pays all closing costs

> (3) 2 units are occupied on month-to-month lease (rent is far below market), 3 units are vacant

> (4) This ready to be assigned deal must be closed within 14 days

> (5) House has solid foundation and is in good shape. Just needs minor renovation/rehab, and security gate added (all covered in above estimate)

> (6) Very low inventory for similar MFRs in Long Beach, particular in the Alamitos Beach area where Subject property is located. 

Comps:

https://matrix.crmls.org/DE.asp?ID=56555171672

Hey,

I'm purchasing an amazing deal in Richmond, CA and looking to make the move up to the bay from LA. I've lived in Walnut Creek for a year so I know the area slightly. 

What I'm looking for is to pick up other properties along the way as the Richmond deal will take about a year to complete. 

Anybody willing to start a new relationship up in the bay and/or point me in the right direction? 

I just did a double Escrow in the same fashion this week! I have everything set up from Escrow company to title company to paperwork to closing. Reach out to me, I’ll connect with you too

Dalton, Two-fold question here. 1. Being in Houston what is going on with flooded properties? I have a few deals I’m considering making moves on that have been flooded. I’m hesitant because of mold, dry rot, etc. what should my frame of thought be on moving on these. Plus, I’d love to work together. 2. I only hav experience flipping a few houses Almost all of them have been taken to the studs and I’ve been very hands-on with my gc and he has been trying to teach me here and there. What is the best way to become a gc with no experience. I know it’s 4 years of work and gc test or 1 year of work and construction management degree. What is your take on this? Thank you!

What are you looking to do? For a fix n flip usually the loans are 1 yr term 8-12% interest only. So, you’re in an you’re out of the project in - let’s say - 6 months. Your friends will have gotten 6 months of interest plus their initial investment back and perhaps a point or two upfront.