All Forum Posts by: Jamie Garcia

Andrew McConnell see what I just posted above, what do you think?

P.J. Bremner thanks for all the information P.J. I really do appreciate it. My plan is to first work on the back unit and add some SQ FT to it and get the front house cleaned up and ready to rent to help out with the mortgage. Then finish fixing the back unit and when I'm ready and have enough money move the renters from the front house to the back house. Then do my thing to the front house and get the house looking like I want ready for me to move in. Being a contractor I know I can get that house to a 1Mil+ validation. My mortgage is going to be about $2400 with the recent interest rates going up last week a 1/2 % point. If I were to refinance after all the repairs are made, what do you think APPROX doesn't have to be exact... would be?? My plan would be to pull out the equity and continue to build my portfolio. As I mentioned in the first post, I'm going to continue to work on my construction business. If i can save up enough I wouldn't pull out the money on the equity.

P.J. Bremner I really appreciate all the feedback! I'm fairly unfamiliar with some of the points you brought up. Your saying I wouldn't be able to implement the BRRR strategy here? You don't think it would work?

Here's the breakdown... Purchased my 2nd property for $645K in an area of Northridge here in Los Angeles. Comps in the area are anywhere between $850k-2M. Beat out 15 other offers. Place needs a LOT of work but I can handle it. Put down 20% on the property. Really love the neighborhood as a house I can fix up amazingly and live in it myself with my future family, I'm 28. Considering putting in around $150K-200K in upgrades. Considering all I'm going to do to it, I'm a Contractor myself, I feel I could get it reappraised for anywhere around $1.2-1.5M. I'd love to then take that money out and re-invest in some more property, possibly a bigger multi-family.. Anyone in Los Angeles able to give me some advice and maybe answer some questions I might have as I continue to go forward with this? I'd appreciate any feedback! Best, Jamie

Manolo D. He hasn't started yet but if you sign up to the news letter I'm sure he'll have it sent out soon.

Just wanted to chime in that I'm excited to start Matt Aitchison's mastermind Flipping courses. Loved everything he's put out so far and after hearing him on the BP Podcast it drove me even more to be sold on him. Anyone else going to sign up? He's around my age so I know I can def relate. Being in Los Angeles and being in the same state gets me more excited to jump all in with this.

David Dye I'd love to connect with you as well. I have some questions for you and wondering what your take on them are. Could you private message me or colleague request me? I'm having a little trouble managing the messaging service on here lol.

Ciprian L. Thanks for the advice! The only problem with the 2-4 pled especially here in the SFV is for $550k I'm having a hard time finding any that isn't in a crappy part of town Example: Pacoima... I've found a couple in Granada Hills within the $550k budget that I can value add and fix up kitchens etc... Only thing with that is that they're just 3-1 or 3-2 SFR.

Henry J. Yeah I'm thinking the same thing. I'm looking to buy in the San Fernando Valley. Do you think it's wise to look at what houses are renting for in the area prior to purchasing just so I have an idea of what to possibly expect to rent it for in 2-3 years and see if it would cash flow now?

Charlie Fitzgerald she's on board with our real estate journey. She supports me and is up to do whatever is best for the long term goal of having our own real estate empire.