All Forum Posts by: Drew Oberholtzer

Believe it or not, this part of Pottsville is not rough.  It's a stable working class neighborhood.  I've already pulled out of the deal, but I'm closing on a single family house for $29K.  Even as a single family it has better cash flow than the triplex due to the expenses.  @James Brand Philly used to be a much better place to invest 10 years ago, but you have to go further into the fringe to find a deal.  All my properties are in Fishtown.  Point Breeze definitely has a ways to go especially past 19th street.  There's too much competition in Philly right now.  How are you finding deals?  @Stephen Long I've always been a big fan of Pittsburgh.  It's a beautiful city.  Thoughts on Polish Hill?

I'm in the process of finishing a business plan and defining my business's structure and need some legal advice before I proceed.  Can anyone recommend any real estate lawyers in Los Angeles?

Adele,

Have you accounted for the utilities paid by owner like water/sewer/trash and capital expenditures %, management%, and vacancy rate?  These expenses can add up quickly and close in on your margin.  

Steve, 

You're right!  This is the one issue I've been running into.  Something to keep in mind.

Thanks.  I guess that's the best course of action.  @Daniel Chang  Thanks for some clarification. 

@Anthony Nguyen Thanks Anthony.

@Manolo D. As mentioned we haven't performed any new construction on our own in Los Angeles. We're looking to connect with people who have.  My wife and I are partners.  She's a licensed architect having worked on luxury projects in NYC and now in Los Angeles. http://akonopitskaya.com/

I'll keep you posted on our first ground up construction project.

I'm purchasing a 2 story house in Pottsville, PA for $29K cash.  It needs roughly $5K in work (paint throughout and a new subfloor in the kitchen)  It's a solid brick house in a decent area of Pottsville. The house should rent for $800/mo.  The utilities paid by me will be sewer/water/trash.  The costs are $42, $52, and $17 per month.  Insurance is $50/mo and the taxes are $60/mo.  I've been told that with the $5K of added value it should appraise somewhere between $50K-$60K.  I am an out of state investor so I'm still getting quotes on management fees.  Any thoughts on the deal would be appreciated.

Dan,

I took the coursework through Kaplan and just studied on my own time.  This is an easy way to pass the coursework as it is open book and online, but I don't think it's the best approach to prepare for the license exam.  There is a lot of material and I feel that additional prep is needed for the exam. There are additional exam prep courses available, but I haven't taken those yet. This is what I'm searching for as I feel that I'm not ready to take the exam.  Are you a GC?  Do you do any new construction?

Ned,

Thanks for your reply and yes, maybe I'm over thinking this and I agree, I should definitely consult a lawyer, but I'm trying to gain as much knowledge as possible first before I make steps to pay for a lawyer. Currently we don't have a lawyer in mind and maybe you're right; we might need a lawyer as an equity partner. The series LLC avoids the issue of forming multiple LLCs and accounting for them at the end of the tax year. They aren't recognized everywhere.

Kyle,

I live in Hollywood Hills not too far from Runyon Canyon.  You?