All Forum Posts by: Greg C.

whoops never mind just saw the posting for this month

https://www.biggerpockets.com/forums/521/topics/398079-los-angeles-santa-monica-meetup

@Jeff Greenberg just checking if there is a meet up this month?

Not that I have been sleeping on the job... But more caught up in chasing shinny objects.  Need to really sit down and focus where I want my attention.

Started reading "How To Win Friends and Influence People"  by Dale Carnegie over the break.  Really liking the message.  For me as a manager of many in my day JOB I suffer impatience which leads to intolerance.  So that's something I am actively addressing.  Really want to start looking at what my employes want vs what I want of them.

As I have pretty much listened to all BP Podcasts now at least twice I have started listening to a couple others.  This morning I was listening to Kevin Bupp Podcast 129 with Matt Theriault     - Nice tips in here on finding deals.   One recommendation is to go to Private Management websites and look in their "For Rent" section.  Then targeting those.  If an Owner has a vacancy he might be more apt to make a deal.

Went to my first REI meet up last weekend in Santa Monica. It was a great experience. Sponsored by @Jeff Greenberg.    Good mix of what felt like Veterans through to newbies.  Some good topics came up and were discussed.  

Who knew there were Cashflow 101 game nights? 

Also discussed LLC structures which I am familiar with but there was a topic regarding putting Properties into Trust which I am not. Something I will need to review more.

What I would say is some very good inside into the millennial mind set which frankly I guess forced me to realize... crap some where down the road I got old.

One topic was related to finding emerging markets and Jeff brought up something I never heard of before.  Basicly looking to U-Hal and other Moving Companies and look to migration patterns with Trucks rented one way trip.

Found this report from U-hal.  The info data dates to 2015 but it is interesting to look over and pretty much emulates markets that trend here on BP as hot..  

U-Haul-Names-Top-50-Us-Destination-Cities

@Carlos Tavares Ha... I refuse to calculate the IRR on my wife. I feel I don't want to know those numbers :-)

Also just to note... Been Listening to Think and Grow Rick on audio book.  Among the many motivating stories in this book one that sticks in my head ends with the moral being: 

"Don't stop three feet from the Gold".  

While looking at some crowd funding sites I kept seeing the term Targeted Equity Multiplier... So I'll add it to the list of what I learned today

Equity Multiplier - "The equity multiplier is calculated by dividing a company's total asset value by total net equity, and it measures financial leverage. Companies finance their operations with equity or debt, so a high equity multiplier indicates that a larger portion of asset financing is attributed to debt. The equity multiplier is a variation of the debt ratio, and its definition of debt financing includes all liabilities."

http://www.investopedia.com/terms/e/equitymultiplier.asp#ixzz4SN5BZ5PT

@Rick H.

Thanks.

Your are correct in I should "assume" nothing.  I'm having a quick flash back to Think and Grow Rich  and prefer to not quit 3 feet from the gold.

Yes I'm in LA County, this is in Lake Balboa.

I was not familiar with your PETIO Method... I'm going to post a link to the first mention I could find incase it saves someone time that might stumble on this thread.

PETIO

The property at initial analysis has have merit as a flip.

Good reminder about knocking on doors.  I'm sure the neighbors, who are my neighbors, may know who the owner is, as all public records I could find online have no new owner in 41 years or Owner name listed.

I will have to research more to figure out how to "Reverse engineered title all the way back to acquisition deed(s)?" and "Any transfer or title or voluntary liens in the last two years?" 

I'll start looking at how to figure out the "Equity/Title/Interest/Opportunities" part of your method as this goes to the nature of my initial post...

So I'll knock on some doors.  Go to the Accessors Office with some donuts? 

Not that I'm specifically looking to do flips but sometimes thing just pop out as a possibility.

Being in So Cal I've been more actively exploring Out of State Turnkey or Syndication type strategies but I noticed a fence went up around a home on my block and started to do some digging mostly for practice or the what if possibilities.

Home - 2/1 on 7000 sf lot built 1950 renovated 1975.

My first thought I could total Value Add this. Current values for a 2/1 in the area are around $450,000 3/2's are going for $650,00.

Last sale on record was 1975 for $36,000 But I can't seem to track down the Owners Name.

Tax payments are current but approaching a deadline shortly on 12/12. LA Assessor does not list Owner.

No know forclosures I could find doing basic research.

City has given 2 citations

1) Early 2016 for unkept landscaping

2)  7/3/16 - Abate Order "abandoned or vacant building left open to the public"

There is a permit I found  but the dates are wonky.

20' X 46'-1" ADDITION TO REAR OF (E) DWELLING TO CREATE 2 BEDROOMS, 2 BATHROOMS, EXPAND LIVING RM, AND ADD PATIO COVER. REMOVE WALL AND ADD BEAM AT KITCHEN. ALL WORK PER ENGINEEIRNG. "COMPLY WITH DEPARTMENT ORDER effective date 06/23/2016. PERMIT WILL EXPIRE 30 DAYS FROM ISSUANCE DATE

Note the 6/23/2016 date which is prior to the actual abate order.  But the permit issue date is noted as 12/1/2016

So I'm going to assume someone is into that property Complying to the Abatement Order from 7/3/16.

Worth Looking deeper into this?

What's the next step?  Title search for Property Owner?

Sit and wait to see if someone makes the 12/12 tax payment or starts working on the property?

Thanks all.