All Forum Posts by: Dustin Kircher

Thank you @Emmy K. 

Hello,

I am putting together my first development project which will be a 10 unit apartment building complex in San Diego, California which we will then hold as a rental. I have all the number for construction, management, insurance, etc etc. However I am stumped on what water usage would roughly cost. The units would be 2 bed 1 bathroom. I know water rate vary by county and city but any insight would be much appreciated.

Learn learn learn. Get to know everything there is on the type of investing your clients do. I am a licensed agent that focuses on investing myself so when I am approached by an agent who says they are investor friendly but don't understand the basics of what I do I don't work with them. Your time is valuable and being available to obtain information when needed does help. Look for deals that are not on market that can add value to your clients portfolio. Also get to know the area your clients/investors work very well. Another thing is to connect your clients with top notch professionals in the industry like title, escrow, attorneys that can add value to there business. Good luck!!

RAD Construction is a good contractor who specializes in foundation issues and they use a 3rd party engineer.

I agree with @MJ Barnett, however to maybe save some of the costs I would first draft up the letter of intent and maybe then have an attorney send on your behalf on there letter head or you send it. I have been to small claims a few times and never lost. The key is to have a well documented binder full of evidence. That being said it is not a quick process and make sure to go to the county website on the procedures to take someone to small claims.

In this case it would be a small claims deal. Also if you purchased the home on the California Residential Purchase Agreement then most likely you signed Pg8 Section 22 Item B which is the Arbitration clause which means you will need a neutral party to mediate the issue.

However I agree with @Scott Carder if the repair is not very expensive 1k to 2k it might be easier and less stressful to just fix it and let it go.

@Matt Welch thank you, I have used those counters on the last two I did. I seem to get good responses with them. The backsplash is Lowes Alaskan White Mosiac sku: 255381 $11.98 sqft.

@John Vietmeyer the counters are Crystal White quartz.

@Alan Morrison and @Stephen Nicholson My partner is a GC so between him and myself we are always there managing the projects. We usually have about 6 guys working non stop and then sub out some of the work.

Thank you @Brock VandenBerg

@Samantha Klein and @Brandon Heath, The basic number are this. Purchase price was $400,000 the construction costs ended up at $58,000 and ARV is projected at $560k to $585k. The home is located in El Cajon, California

@Kevin Fox Thank you for the comments. Regarding the listing of the property usually the agent that brings us the deal lists the home for us. Let me know if you have any deals I could buy and I would be glad to work with you!! 

Another rehab in the books. This home was a little difficult as we had to go through and change the floor plan as it was not functional. I had designed three different floor plans and decided to go with this option after considering ROI. We finished construction in about a month. Did not do a lot design wise as I spent most of the money on changing the floor plan. Good news is I stayed in budget. the home is located in area of San Diego, California. I will put the home on the market after the 1st, but people driving by already are very interested, I hope you enjoy!!

Let me know what you think.

Great job @John Cohen, Thank you for being so open about your experience. Recently joined BP and it is an awesome community. I look forward to getting into syndication myself and you sharing your project has gotten me turbo charged to get it going. I am catching up on the old BP podcasts (on #22) so not sure if you are on one but I think you should be!! Best of luck with your other projects, I hope to hear more about your adventures in the future.

Allen,

Myself have been licensed since 2006 and do 50% Investing and 50% working with clients. There is definitely some problems that occur when you are licensed and marketing to buy homes. Really it comes down to disclosing that you are licensed. You are always going to get some crappy agent that is going to complain because they are scared of loosing business but just brush it off. Also I have had issues with Brokers that did not like that I purchased and sold my own properties. I am now with a good broker that I pay $50 a month and a flat $495 for each transaction.  I hope this helps and best of luck to you!!