All Forum Posts by: Holly McDowell

What is your current living situation?  Do you rent or own?  

There are other ways to house hack without owning a multi-unit property - think creatively.  Can you rent out a room in your current place?  Air BnB?  It isn't glamourous, and it increases your income with little effort on your part, merely discomfort from what you may be used to.  

Also consider partnering with someone you trust to purchase your first property (in or out of state) if you have some resources, just not enough for SoCal.

I am looking for a CPA and Attorney to assist with setting up the proper business structure for a Fix and Flip Strategy.  Someone who focuses on real estate related matters is important to me.  I am looking to minimize taxes and maximize asset protection.  This will not be a single person entity, and flipping will be what I am doing full-time.

Thank you so much for your recommendations for those people you have used in your business.

Have a fabulous week!

It depends on what your goals are long term.  I believe you received the feedback directing you towards a 1031 because of the low cash flow, and the potential of having 2 properties that cash flow the same or more each in other areas of the country.  Are you looking for cash flow, appreciation, or a bit of both?  Do you have 20 years to wait for $2k cash flow per month and would you really pay off the property or pull equity to purchase another unit at some point?  For me, I wouldn't sell a property that cash flows UNLESS an opportunity existed to significantly increase monthly cash flow.  However, my goal is to build monthly cash flow primarily, not equity.  

@Tanner Marsey

I'm in agreement with the others in this thread - it is time for a 1031 exchange if you are looking to increase cash flow.  The property sounds ideal to short term rent (AirBnB), if Huntington Beach allowed.

Additionally the local market is cooling off and shifting to a more balanced market, which will slow down your appreciation.  Should you choose to sell, it would be my pleasure to assist you.

@Luis Gomez

A local architect indicated the cost to build from the ground up to be $275 to $300 per square foot.  This was for a sloped lot and included grading, permits, architect fees, etc.

I would recommend contacting three builders/contractors and getting an estimate/bid and timeline.  You should also have an ideal budget and timeline in mind - and these meetings will help you adjust your expectations.  The architect should have been able to provide cost and timeline information as well.  

My husband is a builder as well, and would be available to meet with you next week if that would help.  Let me know, and I can message you his contact information.  He is currently in AZ finishing up a project.

Have you seen the house?  

Turnkey means no repairs are needed.  A rehab property is falling apart; peeling paint, dated bathrooms and kitchen, poor floor plan, not maintained.  Even an older home can be turnkey if it is well maintained and clean.  

You have a lot of questions to answer before concerning yourself with getting the property under contract.  Curtis layed it out pretty well. 

@Huey Fontenot

@Curtis Rouse Jr is asking the right questions, and I am interested in your answers.  I am currently putting together a joint venture and we are looking for a property that makes sense.  

Excellent introduction!  Welcome to BP.

Hi Chris,

Marc Birchall does excellent work, and he’s available in the next week or so.  He’s currently finishing up a remodel in Arizona.

Would you like me to message you his contact information?

Welcome to BP Isaac!  

From an agent perspective, the more detail you can provide the more likely an agent will be to assist.  Be specific about your goals, budget (pre-approval or cash?), location, property type, etc.  Is your budget realistic for the areas you are looking at?  I enjoy assisting investors in meeting their real estate goals - regardless of budget.  And I am unlikely to spend much time on a potential client who is very general in terms of goals/property.  

Unfortunately, finding the right agent can be like finding a needle in the haystack.  Resist the urge to settle for any agent who is willing to assist.  Be prepared to call a few agents and ask questions about their market, rental rates, and experience.  Perseverance will pay off, and you will have a valuable team member who can direct you towards possible property management companies, contractors, maintenance crews, etc.

What does investor friendly mean to you?  Here is a great BP article from September that might be helpful:  https://www.biggerpockets.com/renewsblog/2016/05/2...

Congratulations on taking the first step towards real estate investing.

Holly