All Forum Posts by: J Edward

UPDATE: Choosing a Realtor

I'm 4 months out from listing and I've had four realtors walk through and provide their input. The interior is almost completely rehab'd and it's down to the kitchen and exterior cleanup.

2 of the realtors are locals I found by google/yelp rating who seem to know the block and surrounds well to include Spanish familiarity with Spanish (my entire street speaks mainly Spanish). One of them quoted 10k for the landscaping and the kitchen (new cabinets, quartz counter, and sink). He also wanted to do a whole bunch of extra work like tearing up the entire ground floor (cream colored tile) because it is dated and replace it with the trendy wood look laminate for another 5k. These two provided large packets with comps and projected numbers.

The other 2 are referrals from my mortgage broker (Navy Federal) who are from nearby towns but are part of the big realty groups (Coldwell and Century 21). One of their contractors said new cabinets would run the kitchen up to 12k at least, and recommended a refinish job (the oak doors at least are in good condition) for about 7k including the quartz and the sink. 

While I like the idea of locals with local intuition, I preferred the approach of the last one from Century 21 who explicitly stated his goal is to minimize my costs to bring it to marketable condition. I'm in a place where I don't want to just go with the "low bidder" but I also want to be confident I'm not being pressured to spend over-the-top just to make it sellable.

What is your input?

Thanks, Steve. I'll do more research that direction.

I'd like to be ready for either option, though. If the market is funky in a year and I still have to leave I won't leave it empty.

Damaso, that's some great insight. Thank you! The rent issue is my biggest concern. Mortgage and utilities alone bring it above 5 a month (goodbye Afghanistan money). I don't see a lot of 4 bedrooms for rent, period, but I was not sure if that means they are snapped up quickly or it's just not usually worth renting. I can't imagine being able to afford this and having no ability to take a mortgage unless you're talking illicit cash flow... but this is LA so you never know.

Steve, I agree on the gate 100%. That was my guess. With a 1031... wouldn't I need to know someone coming to LA from DC (if that's where I go next)?

Closed at 785 last August. Rehab is looking around 10-15k cash with a good chunk of that in carpet and pool equipment. Central air and pool will all be app controlled.

I agree on the risky pool aspect. Risk is inherent, but it could make this complicated.

Part of the thought process here is the possibility of enjoying this house later when we retire. Perhaps that's short sighted.

Hi, I'm Jonathan. I have a million questions so I've been lurking, but I guess I need to start somewhere. I am stationed in Los Angeles for another year or so and I will likely be relocated to the East Coast, so I will be forced to choose between selling or renting this property out. I am mid-way through top to bottom cosmetic and functional renovation but I will say it is mostly things I can do myself (paint/hardware).

It is a 4 bedroom 10 minutes south-west of the new stadium construction very near the 105. It has a flintstones pool/slide, gas fireplace, 2-car garage plus 2 parking driveway but the metal gates on the alley are manual (should I automate for a few K? even if selling?)

I can see fairly decent AirBnB potential being 15 minutes from the beaches, LAX, the stadiums (give or take), but I am sure single-family rental is a more solid prospect. On the other hand, I might be able to flip for a reasonable margin next year and forego the stress of managing or dealing with pm's from 3000 miles.

What would you do?