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All Forum Posts by: Jason Nesbitt

Jason Nesbitt has started 7 posts and replied 27 times.

Post: California investment strategy

Jason Nesbitt
Pro Member
Posted
  • Flipper/Rehabber
  • San Jose, CA
  • Posts 27
  • Votes 13

Hi Kit,

We have done really well with fix'n flips in the SF Bay Area. I also work with investors who look specifically for a SFH with an ADU, or MFH. There's no way to cashflow simply off of a SFH at today's prices. There is a strategy for every market.

Post: Looking for an eviction attorney in Gilbert Arizona

Jason Nesbitt
Pro Member
Posted
  • Flipper/Rehabber
  • San Jose, CA
  • Posts 27
  • Votes 13
Quote from @Doug McVinua:

@Jason Nesbitt I will 2nd Dr. Evictor @ http://www.h3landlordlaw.com/ Denise Holiday and crew are far and away number one in Maricopa County. They are active members of NARPM (National Association of Property Managers) and work with many of the Property managers.

The website has a lot of useful information for landlords. The last eviction I did ran just under $500.00 for all of the costs.


 Two people recommending the same firm; that's a great sign!   Thank you

Post: Looking for an eviction attorney in Gilbert Arizona

Jason Nesbitt
Pro Member
Posted
  • Flipper/Rehabber
  • San Jose, CA
  • Posts 27
  • Votes 13
Quote from @Dustin P.:

Dr Evictor would by my recommendation. I've used them a few times and they were very quick. Feel free to give them a call and vet them

http://www.h3landlordlaw.com/


 Thank you!

Post: Looking for an eviction attorney in Gilbert Arizona

Jason Nesbitt
Pro Member
Posted
  • Flipper/Rehabber
  • San Jose, CA
  • Posts 27
  • Votes 13

Hello all,

Can anyone recommend a good eviction attorney who works in Gilbert, AZ? 

Thank you!

Post: Renting to Travel Nurses in SF Bay Area

Jason Nesbitt
Pro Member
Posted
  • Flipper/Rehabber
  • San Jose, CA
  • Posts 27
  • Votes 13
Quote from @Chad Hale:

@Jason Nesbitt Each property will have it's own characteristics that will appeal more or less to different MTR (Medium Term Renters). For example, an ADU with private access will appeal to someone who wants complete privacy. A multi bedroom home probably doesn't make sense for one person to rent but could for multiple people to rent. In this case you would essentially be renting out by the room with some share common areas. Some people will be ok with this and others not so much.

You'll also have to provide furnished housing. (Additional setup and maintenance/repair costs).

You can check sites like furnishedfinder to see what your competition is and going rates.


 Thank you Chad.  Super helpful resources

Post: Renting to Travel Nurses in SF Bay Area

Jason Nesbitt
Pro Member
Posted
  • Flipper/Rehabber
  • San Jose, CA
  • Posts 27
  • Votes 13
Quote from @Sean Bramble:

I’m no expert on this market but I have heard SF limits rentals to 90 days or more - so be sure to check local regulations wherever you’re thinking about investing 


 Definitely worth considering.  I think that is the main advantage to travel nurses.  They tend to sign on to 12+ week contracts.  I didn't mention this in my original post but I am a nurse who has done travel assignments.  I put 17 years in before shifting to full time real estate 

Post: Renting to Travel Nurses in SF Bay Area

Jason Nesbitt
Pro Member
Posted
  • Flipper/Rehabber
  • San Jose, CA
  • Posts 27
  • Votes 13
Quote from @Andrew Street:

The mid-term rental strategy is definitely a great method. I can't speak to your specific area, but have found a lot of success renting to traveling nurses. You're able to make more on your property than traditional methods and the nurses are making money where they are living instead of just spending money like a short term rental. Definitely feel free to reach out and connect!


 Thanks Andrew.  I will send you an invitation to connect so that we can hop on the phone!  

Post: Renting to Travel Nurses in SF Bay Area

Jason Nesbitt
Pro Member
Posted
  • Flipper/Rehabber
  • San Jose, CA
  • Posts 27
  • Votes 13

Is anyone renting rooms to travel nurses in San Jose or the SF Bay Area?  Would love to connect and learn about this rental strategy.  I have a couple flips going that I am thinking of using as rentals if we can't get what we are looking for on the open market.  As an agent, I am also seeing some interesting opportunities on the mls... 

Post: Do I need to have my contractor sign a lien waver?

Jason Nesbitt
Pro Member
Posted
  • Flipper/Rehabber
  • San Jose, CA
  • Posts 27
  • Votes 13
Quote from @George Azita:
Quote from @Jason Nesbitt:
Quote from @Jennie Berger:
Quote from @Crystal Smith:
Quote from @Mario Morales:

I am using a reputable company to do some work for me under 5K. They will bill me when the work is done. I will look at the work, and if satisfied I will send them a check. Do I need them to sign lien waver at some point?



If they are a reputable company they will have no problem signing a lien waiver.  Get one.
THIS. PERIOD. ☝️☝️☝️ Especially if you're planning to sell the house or property you're renovating right after. The title companies (in our experience) always require them before closing! We get notarized lienwaivers along the way, for each payment, from most of our contractors.
.
'YOU WANT TO BE PAID? GIVE ME A LIENWAIVER.'
.
This includes 'contractor' LWs and, if the GC or Sub is buying materials, a 'Materials' LWs or a paid receipt from their vendor.
 
(*The only ones we may not get LWs from are one-off smaller jobs like post construction cleaning, material movers, snow plowers, etc.) 

 .

Hope this helps!

This is definitely the way do it.  We don't go as far as getting them notarized and I just use DocuSign, but the notarized signature is a good idea.  All you have to do is pop into a UPS store to do that.  

If you don't get a lien waiver signed, the worst thing that could happen is that the sale of your property is held-up due to a mechanics lien. This would be a disaster on a flip as the goal is to get in and out as quickly as possible.  The lien waver is just certifying that you paid them for work completed and they can't place a lien on your property for that amount.  The GCs that we work with have no issue in doing so.  Send me a message if you want me to send you a blank copy of the one we use. 



This is not accurate since you don't need to get a lien release from The Contractor because you signed your contract with the General Contractor, you know how much you owe the General Contractor, the contractor states the amount you owe and copied of your checks prove whether or not you paid all moneys due.

The lien releases need to come from the sub contractors and material suppliers who deliver materials to the jobsite. You do not need a lien release for materials when the materials come from the general contractors warehouse and you don't need a material lien release when a supplier delivers materials and does not give the property owner a 21-Day Preliminary Notice.

Banks and lenders may ask the general contractor and material suppliers to provide lien releases, but that is a request solely so the bank can protect itself, but the general contractor does not need to give the property owner a lien release and is not required to do so by contracting laws.

The lien release laws have to be the most-misunderstood laws in the contracting business and thinking you are free from lawsuits because your prime contractor gave you lien releases causes property owners to lose hundreds of thousands of dollars and are often put into bankruptcy by bad contractors.

The reason the lien release laws are very serious to understand is general contractors work on very small profit margins and even the best contractors make huge mistakes when bidding jobs. Even though a contractor has a good reputation one mistake when bidding a job can cause the contractor to lose more money than he can afford to lose causing his business to spiral out of control and crash down like a set of dominoes and all this is happening when he is working on your job. Then, the contractor robs Peter to pay Pail and guess who Peter is. He is you!!!

This is a very good point.  We supply most materials and hire several subs ourselves, but there are still some subs working under the GC that we need to get get lien wavers from.  I think we will start changing the way we use lien wavers.  Thank you for jumping in on this thread George. 

Post: Do I need to have my contractor sign a lien waver?

Jason Nesbitt
Pro Member
Posted
  • Flipper/Rehabber
  • San Jose, CA
  • Posts 27
  • Votes 13
Quote from @Jennie Berger:
Quote from @Crystal Smith:
Quote from @Mario Morales:

I am using a reputable company to do some work for me under 5K. They will bill me when the work is done. I will look at the work, and if satisfied I will send them a check. Do I need them to sign lien waver at some point?



If they are a reputable company they will have no problem signing a lien waiver.  Get one.
THIS. PERIOD. ☝️☝️☝️ Especially if you're planning to sell the house or property you're renovating right after. The title companies (in our experience) always require them before closing! We get notarized lienwaivers along the way, for each payment, from most of our contractors.
.
'YOU WANT TO BE PAID? GIVE ME A LIENWAIVER.'
.
This includes 'contractor' LWs and, if the GC or Sub is buying materials, a 'Materials' LWs or a paid receipt from their vendor.
 
(*The only ones we may not get LWs from are one-off smaller jobs like post construction cleaning, material movers, snow plowers, etc.) 

 .

Hope this helps!

This is definitely the way do it.  We don't go as far as getting them notarized and I just use DocuSign, but the notarized signature is a good idea.  All you have to do is pop into a UPS store to do that.  

If you don't get a lien waiver signed, the worst thing that could happen is that the sale of your property is held-up due to a mechanics lien. This would be a disaster on a flip as the goal is to get in and out as quickly as possible.  The lien waver is just certifying that you paid them for work completed and they can't place a lien on your property for that amount.  The GCs that we work with have no issue in doing so.  Send me a message if you want me to send you a blank copy of the one we use.