All Forum Posts by: Fernando Corrado

Hey all, looking for advice from people familiar with the market in Arcadia, California.  I have a property on Loma Lisa Lane that is 6/4 sfh 2860sq ft on a 7400 lot.  I'm not interested in opening walls or anything but can put in 80k to redo kitchen, bathrooms, walls, pools, flooring, etc.  It would take my contractor about 6 weeks to do this, but for this area, would it add value?  I hear most buyers in this area usually remodel before moving in so I'm interested in finding if selling As-Is is comparable in this area.  

Here are photos of the home at its current state: https://photos.app.goo.gl/D7af...

I would appreciate some advice, 

thanks

~Fernando

Thanks for the advice so far, The lot is around 7400 so not very big and in California, rebuilding would probably be a long slow process.

Hello all,

I have a property in Arcadia, California that I'm debating whether to sell as is, sell after fixing up, or renting out. The property is around 2900 sq ft and ideally would need a new paint, carpet, 3 bathrooms to be updated, new floors and tiles in the kitchen.  

Question is:

- In Arcadia, how it the market with regards to seeing much of a difference in fixing it up before selling.  Often buyers will redo the home anyway in this area.

- Does it make sense to rent at this price range?  Zillow and Trulia estimate the price at 1.4m to 1.5m. Do we expect more appreciation in this area or is it pretty capped out?  I prefer passive income over appreciation at this point.

thanks!

Hello everyone, great thread!  I'm really interested in investing out of state and Cleveland suburbs/Northeast Ohio looks like a good starting point.   How feasible are MF with ~50k down in this area?  Thanks

Thanks @Steve Kiser for the info.  I just RSVPd and hope you make it next week.

Hey All,  

I'm looking for local meetups to attend in the area. Other than the Design & Staging event on 1/16, are there other REI events happening in January people would recommend?

thanks!

Just to follow up, sold for 2.2 mil in January.

Hello BP,

This weekend I went to an open  house that had a 2100 sq ft. house being listed for 850k.  Yes, I live in Northridge, CA.  

I noticed that the house had an add-on of 500 sq. ft. that they made it to a dining/living space.  The realtor was quick to tell me that it was done "to code" but that it was done with no permits so not listed in the total square footage.

When I went outside, I noticed that the add-on outer wall was 3 feet from the property fence on the side of the home.  I believe in California it's supposed to be 5 feet?   I mentioned it to the realtor and she kind of brushed it off and started talking about the great upgrated kitchen worth 100k and other improvements to the house.

Is this something that should be reported to someone or as a nosy neighbor just going to an open house, I should not be concerned?

Great, thanks @Account Closed for the info.

Mike, 2% or 1% rule is what Josh and Brandon often talk about on the podcasts.  Here's a link to one of the posts about it: http://www.biggerpockets.com/renewsblog/2015/02/26...

I'll continue to look at properties in the area and see how it goes.

thx

Hello big bear thread :)

I'm also looking at purchasing a 3bd+ property in Big Bear to use a a vacation home and to rent out as a vacation rental.  Based on some online searches, it looks like properties start at around 200k and go up from there.  I was wondering how the 2%/1% rule work out on these type of vacation rentals.  I'm trying to figure out what the return landscape would look like since these have additional utility expenses, management fees, etc.  Any guidance in this would be great.

thanks