Skip to content
×
PRO
Pro Members Get Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
$0
TODAY
$69.00/month when billed monthly.
$32.50/month when billed annually.
7 day free trial. Cancel anytime
Already a Pro Member? Sign in here
Pick markets, find deals, analyze and manage properties. Try BiggerPockets PRO.
x
All Forum Categories
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

All Forum Posts by: Jeff C.

Jeff C. has started 8 posts and replied 263 times.

Post: Smart move or dumb move

Jeff C.Posted
  • Real Estate Broker
  • Bakersfield, CA
  • Posts 269
  • Votes 597
Originally posted by @Brandon Dwight:

@Taylor Chiu the duplex is going for $400K. Could perhaps get for a bit less. 

 $20k/year is a pretty meager return on $400k. I'm not loving the numbers.

Post: Why don i like flips, please chime in

Jeff C.Posted
  • Real Estate Broker
  • Bakersfield, CA
  • Posts 269
  • Votes 597
Originally posted by @Dan Bryskin:
What am I missing? Thoughts?

Velocity. Making my inventory turn take 3 times as long in order to make it 25% more profitable is not a winning strategy 

Frankly I don't let taxes worry me much. I've found that it's a lot easier to think of ways to make more money than it is to bend my life around trying to avoid taxes. That said, if you're paying self employment taxes on all of your income and you have a significant operation, you're doing it wrong.

Post: Considering leaving high property tax San Antonio

Jeff C.Posted
  • Real Estate Broker
  • Bakersfield, CA
  • Posts 269
  • Votes 597
Originally posted by @Eric Chase:

San Antonio Buy & Hold Investors,

I'm interested in perspectives on the phenomenally high San Antonio property tax. I have two SFR properties in the NE area in B+/A- neighborhoods and I'm forking out about $10K per year in tax between the two. I'm thinking of selling and putting that equity to work in another market where property tax is reasonable and cash flow would be much better (not as interested in appreciation, which I understand is good in SATX right now).

Convince me that I’m completely right and should do this ASAP.

OR...

Convince me that I’d be making a terrible mistake!

Cheers!

Eric

Without knowing all the numbers it's impossible for us to say whether the overall return is reasonable or not. 

You could always sell them to me. I've been ramping up my flips in / around San Antonio.  : )

Post: Seller too eager to cancel

Jeff C.Posted
  • Real Estate Broker
  • Bakersfield, CA
  • Posts 269
  • Votes 597
Originally posted by @Rian Ash:

Thanks @Jeff C.- Yes, they did give a Notice to perform which expired on Monday, we couldn't remove the loan contingency on Monday. We did that today.

And when did they send you the cancelation? The seller can unilaterally cancel if you haven't performed per the contract, they've sent you a notice to perform and the time for that performance has elapsed. 

Post: Seller too eager to cancel

Jeff C.Posted
  • Real Estate Broker
  • Bakersfield, CA
  • Posts 269
  • Votes 597
Originally posted by @Rian Ash:

Hi BP Members,

I am in a not so common situation right now. I got into contract to buy an apartment in Contra Costa, County California around 26 days back. We got into contract as soon as the property came on the property and once we got into the contract, the seller sort of realized, he might have gotten few thousand dollars extra on the deal. 

As soon as we came into the contract, the listing agent made it clear that there will be no extensions and we understood and were on track with our contingencies. Removed inspection and appraisal contingency on time. The loan contingency was supposed to be removed by Monday EOD but the lender just couldn't do that. This is a non-warrantable condo so I am working with a local bank. I have a slightly complicated file and given month end, it took then longer to provide me conditional approval. Seller issued notice to cancel yesterday. We didn't accept that and today took the loan contingency off. 

At this point, seller is harping on the point that we didn't remove loan contingency in time and wants to cancel. I understand that technically he is right, but are there any options to salvage the deal-legally? He doesn't seem to act in good faith. The lender is willing to say that the delay happened on their part and had nothing to do with the buyer.

I have spent a lot of time on this deal, and really want it to close. He is also not accepting me releasing a portion of the EMD or pay him a reasonable daily delay cost.

Thanks in advance!

The seller first needed to deliver to you a "notice to perform" demanding that you release the loan contingency. Did they do that? They can't really cut straight to canceling, per the CAR RPA. Are you also past your stipulated close of escrow date?

Post: Tell me a time that you DIDN’T use the lowest cost provider?

Jeff C.Posted
  • Real Estate Broker
  • Bakersfield, CA
  • Posts 269
  • Votes 597

Well I've used and fired a fair number of the lowest priced guys over the years. Now I've settled in on those who make my life the easiest and this allows me to get more deals done over the course of a year.

Post: Retired at the Age of 28 with a Lambo :)

Jeff C.Posted
  • Real Estate Broker
  • Bakersfield, CA
  • Posts 269
  • Votes 597
Originally posted by @NJ Ram:

I find this hard to believe, even if you saved your entire salary and bonuses during the last 3-4 years and had air for food.  The most you can get up to is going to be about 10, that too financed, if you were a W2.  Now if you won a lottery or something, that is different.  Care to share your process?

I mean he's from St. Louis right? I'm looking at an 18 unit there for $579k right now. Wouldn't be too hard to get ahold of a bunch of doors there if that was your goal.

Post: Can you really make MONEY Flipping Houses?

Jeff C.Posted
  • Real Estate Broker
  • Bakersfield, CA
  • Posts 269
  • Votes 597

@Brian Gerlach

I have some in Bakersfield.. and in half a dozen other cities from here to San Antonio Texas. Zero buy-and-hold properties currently. I’ve gone that route in the past, but my strategy is always changing according to what’s going on in the markets.

Post: Investing starting with a lump of around $500k

Jeff C.Posted
  • Real Estate Broker
  • Bakersfield, CA
  • Posts 269
  • Votes 597
Originally posted by @Shiloh Lundahl:

@Dawn Batts with 500k as seed money, I would probably buy 25-30 cash flowing properties in Arizona with loans of 75% of the ARV. I would create between 750k to 900k of increased network and $3000 to $4500 of monthly cash flow within a 2 year period of time all while keeping 100k in the bank as reserves.

You're buying properties in AZ for $66k-$80k?.. Or rather $53-$64k if you're keeping $100k in reserves "all the while"?.. 

Where?

Post: Vinyl Plank Flooring on Carpet padding?

Jeff C.Posted
  • Real Estate Broker
  • Bakersfield, CA
  • Posts 269
  • Votes 597

I'll take "signs that you need a new contractor" for $500, Alex!