All Forum Posts by: Holly McDowell

@Paul Laufer Brandon Turner posted a video on YouTube yesterday that gave a great explanation on 1031 exchanges.  I would recommend that you identify a qualified intermediary for the exchange and ask a lot of questions.  A good intermediary will guide you successfully through the process.  

https://www.youtube.com/watch?v=LPnsqanffBs

@Justin Heminger

Big early welcome to Spokane!

@Michael DeHaan is spot on.  Rentometer is great in areas with more homogeneous communities - like Phoenix suburbs.  

@Ann North

I hope you had some luck finding a good agent!  It seems to be a struggle, especially in California.  My experience in Washington working with other Realtors was positive - most were knowledgeable and professional.  Here in SoCal, those characteristics are the exception.  The majority of agents I have worked with here do not return phone calls, or email, nor confirm receipt of signed documents.  

You are also correct on comping the property. A good analysis should take a few hours - not a quick radius search on the MLS. I do know a few good agents in South LA - let me know if you would like a referral.

@Jeremy Clendenin

I'll send you a PM

@Jeremy Clendenin

This is a great way to house hack / live and flip.  Expect the property to sell for above asking price - looks like the seller is marketing the property for 7 days before reviewing offers.

FYI:  Short-term rentals (airBnB) is an excellent income generator.  However, they are not allowed in Huntington Beach at this time.  I'm not sure what the oversight is, and if there is an exception since you will also be occupying the property full-time.

Hi Chris,

The answer depends on a few factors.  

1) What is the average days on market for the comparable properties?  Does this align with your target sale date?

2) Are comparable homes selling at/above/below list price?

2) What other inventory is available that a prospective buyer would consider?  How would your property compare?

3) Some buyers will be turned away by a low price and are not at all interested in participating in a bidding war.

4) How much does the price need discounted because of the street?  Size alone will not offset the location if it is only a few hundred square feet.

In the properties I have renovated and sold, I tend to price just under the target ARV. This generally has resulted in a quick sale, less holding costs, and a solid buyer.

Please let me know if you need any market information for Garden Grove.  I'd be happy to assist.

Holly

Bryan Zuetel is a Real Estate Attorney and Broker in Orange County and on Bigger Pockets.  Perhaps he would be able to assist you.

I’d suggest checking with a local credit union and the bank you currently have a mortgage with.  Credit unions tend to offer slightly lower rates and fees when compared to traditional banks.  

You may consider an arrangement in between the two options that @Kuba F. lays out.  Have the GC provide all the construction materials, and you provide the finish materials.  This gives you greater control over the finished product, and doesn't absorb as much time as sourcing all of the materials.  Personally, I don't like spending my time gathering sheet rock, 2x4s, mud, etc - or being available to pay via phone (Home Depot).  However, it is important to me to have sole decision making authority over the finish materials.  Develop a good relationship with a GC - it will pay off.