All Forum Posts by: Jan H.

@Dan Carbone your question is impossible to answer here. This is exaclty the point: a good agent will price the home right. Each market id different. In certain markets in SoCal you can price homes lower to create a bidding war. Also, the tricky part is that you must know what level to remodel the home to. If you overdo the rehab, you'll waste your $$ as the market will never pay for the quality you have done. On the flip side, if you go cheap, you will not get the price the comps show...

This is something you must learn in your market by doing. Go conservative on all your numbers so you do not get burnt.

@Ned J. T-H-A-N-K  Y-O-U! This is wisdom right here and the only reason I went after dead beat tenants in the past. Cost me $200, 2 days in court but I wanted to make sure these people have and eviction AND a court judgement on their record for the next 7 years. Why would any landlord let people get away with it?

Not sure what happens if you do not for family but I would think you should be OK.

I am not sure if it’s ‘cheap’ but it is definitely not easy to get a brokers license these days. CA changed the rules on how one can become a broker. It was relatively easy before 2015, but not since. I looked into at that time but I had missed the cut-off... You must be full-time in RE for a number of years to get a license now.

I haven’t found anyone yet, just doing some research currently. I definitely want a PM that is certified...too many horror stories with crappy PMs out there.

Of course the certification is not a guarantee either but provides some ‘insurance’. I will let you know if I find anyone solid, but I am looking for PMs for apartments and they may not be the best fit for you...

Grant DePaolo I don’t mean to high jack this thread but you must have a broker’s license in CA in order to be a PM. I was considering the same thing what you do but found out that it was a requirement...I would recommend you look into that as the fines are hefty. On the other hand I am also on a quest to find PMs in OH...have you looked at IREM? Going with companies that hold official certification may be a safe route to go, especially if you looking to invest out of state. Most of the PMs out there are crap, unfortunately and certifications give some sort assurance about the standards they need to uphold...

@Uyenchi Ho- Can you please share some insight of how the software worked out for you? TIA!

@Brandon S., great idea, I am roughly in the same boat...I think it depends on your goal overall and the risk level you're willing to take. I've been looking at the midwest markets (Ohio, Iowa) and heard that Kansas and Georgia could be good too. What I finding is that you can find complexes in the $35-$40k+/unit range. Do you have any RE experience? That would also weigh an lot on your selection. Your ability to put together a strong team is vital on the success!

Your offer should be ARV, minus rehab cost, minus holding cost, minus commissions/closing costs minus your desired profit. It's a rather general answer but I doubt anyone could estimate rehab cost without seeing it. Is this your first flip opportunity?

Get in touch with a reputable contractor to give you an estimate.

@Ryan Saeger, the answer is Yes! I know someone who does 50-60 annually and they do everything the same in all units/houses. This allows them to buy bulk and they always have stock on hand for the next flip. As Patrice mentioned, it's all about the SYSTEM!

Seems like Toledo's population is slowly declining... Would that not be a red flag for a long-term-hold play?

@Tony Castronovo Congrats! Would you mind sharing where the property is at, some numbers, etc? Would love to hear more!