All Forum Posts by: Jay Shindledecker

 I assume it needs to be gutted by the photos. Everything from Water lines, electrical, HVAC, roof connectivity. Not sure about the foundation, that'd be something I'd have to look up or ask the agent about.
"The leaning tower of tree-sah out front" HAHAHA

They don't have 6/6.5s in the area unless are up in the hills somewhere in a different neighborhood, and those fetch a couple million. 

Most of the properties in the area are 3/2s or 3/3s around 1,600-1800 sq feet, with a few exceptions of a 4/3 and a 5/3 all built in the same era. This one is a little short on square footage and needs a TON of work.

Not many home transact in this area outside of estate/probate sales, and they're usually fixers. Not a lot to go off of for comps, since most of the sales in the past few years were in similar condition and were never flipped. 

Only three homes available for rent in the neighborhood are between $3,400 and $4k/ month, the closest comp being a more dated home on smaller property at $3,400.

 It's definitely in a good location and it could be the worst house in town, let alone the neighborhood. HAHAHA

https://www.realtor.com/reales...

The eyesore of the neighborhood, surrounded by $1M+ homes...

Does anyone here do extensive renovations on properties like this one?

Have a few friends out in Columbus and they all say I need to move to Columbus. 

Can't be a bad place to invest if everyone from there is proud of where they live.

We have looked at that option as well in certain markets. A lot easier to cover the upfront investment for sure. We have some friends in the Fayetteville AR, North DFW, Austin, Michigan, and family on the east coast, so we’ve looked into it. We definitely want to start with the first property here in SoCal to build equity in instead of paying rent.

Hello BP! First post here!

My wife and I have been looking at opportunities to buy our first property, with the intention of adding value over the first couple of years in the home and then transitioning it into a rental. We have been absolutely GRINDING to add to our income in the meantime so that we can save. If anyone here has read the BRRRR book, we're trying to be "Mastery Mike," but still lack the ability to structure a cash deal due to the insane LA market. We need to find properties with the combination of both personal and property distress to try to find a deal.

We want to make sure we buy a decent location/area, to maximize equity and rental growth over time. I feel like that is the non-negotiable for maximizing value in SoCal, especially if we need to live there or househack for a couple of years. However, the barrier to entry in these areas is extremely high (700k-800k in the suburbs and $1-1.2 Million in nicer areas). Most of these rents are still in the neighborhood of $3,000-$4,000, so we're really just pushing for breaking even and maximizing equity over a period of time. Even half burnt down properties are $700k+.

 We're beginning to explore Foreclosure, Pre-Foreclosure, and Off Market deals in a variety of ways. Any suggestions where members have found success here in the LA market, particularly when it comes to nicer neighborhoods.

Thanks!