All Forum Posts by: Gary L Wallman

 Not disagreeing with your idea that it takes money to make money. Just disagreeing with your rate of return, which, I believe you were concerned about in your post. I've learned, after being in the flip business and the car business, I can't compete with the car manufacturer or the Real Estate developer. If I have to rebuild a car or a house, it's usually a loser for me. Real money is made by making an ugly house look pretty, not leveling garage floors. IMHO.

Respectfully,

Gary 

 Scott,

These from the ground up flips, particularly with structural changes, are what nightmares are made of. Especially true if your using contractors who likes to charge the way yours do. I have done many higher end finishes in flips and your numbers shock me. Not to say your wrong, inflation in building materials has been crazy.

After doing dozens of flips, I now avoid any of these rebuild from the ground up stuff. If I can't make it appealing by kitchen, bath, paint, flooring and some fancy lighting, I don't do it. Too expensive and way too risky for the dollars expended, to the return.

I've also learned most buyers look at fit and finish more than the houses bones.

Gary

 Had a Gulf front house I sold 4 years ago for 1.1 million. It was my personal vacation home and not a rental. After the local government killed Spring break, I no longer enjoyed the place. Vacationers were great, locals not so much. No more young folks to keep me feeling young. LOL

Since I am a rental investor up north, I seriously considered keeping the home as an STR. After analyzing the deal, it seemed to me that after management fees, uncontrollable raises in insurance, taxes and upkeep/capex, I could do better redeploying my equity in LTR's at home in Ohio.

The property value stayed the same for a couple of years, the doubled in the next. In hindsight, maybe I should not have sold. At the current value however, the place is a sure rental loser. Beachfront upkeep is truly unbelievable. I had to replace my grills and outdoor furniture continually. Even aluminum and wicker only lasted a year.

So, be very careful what you invest in and how much you pay. Also, be aware, many condos have deferred maintenance issues that could eat you up in assessments.

Gary

 In my experience, (150+ doors) only oil based Kilz works well enough to cover and seal in the odor. It is much more difficult to work with then traditional Kilz, but no poly is necessary after.

Gary

 Guys,

Way too harsh, IMO no one is cut out to be a California landlord. Laws are way too skewed towards tenants.

Personal attacks are never appropriate.

Maybe shake hands on this one.

Respectfully,

Gary

 350K? For a shed? The world truly has gone insane!

Gary

 I'd tell your PM "You may not be able to change your ad, but I can change you". Then do it.

Gary

 Decent house with the exception of the horrible look of patched-in siding on the rear of the house, pictured no less. Garage is also a mess. I would re-side the back of the home and clean up the garage.

Pricing seems fine compared to others in the area but the listing is very poorly done. I'm always amazed at how many property owners and managers have no idea on how to write an add. It's supposed to help you sell your property to perspective renters, not scare them away. Why would any property manager list every utility the tenant has to pay separately? Just say utilities not included. What's with the $129 fee and $30 monthly tenant benefit package? You're trying to rent a C class home, not a room at the Plaza. Get rid of all the legalese and junk fees and you'll be fine.

IMHO,

Gary

 Sell them. There should be no capital gains tax. Inherited property is valued on a "stepped up basis" which is the value at the time of your dad's death.

Sorry for the loss of your father.

Gary