All Forum Posts by: Jennifer Ramsey

BEAUTIFUL PARK VIEWS. HALF MILE FROM BEACH AND SHOPS/RESTAURANTS.

SRF 3/2.5 3,200 SQFT
Requires complete cosmetic rehab in original condition. Condition of the home is great, just outdated.
Exterior wood has termite damage.

Easily convert to 4 bed and 4 bath - huge room upstairs with wet bar. Plenty of space to add a large closet and full bathroom. Next to other bedrooms. Wet bar also backs up against another bathroom down the hall for easy conversion.

Estimated Repairs: $220K
ARV: $1.85M- $1.9M
Price: $1.39M

Key Features:

-Large open floor plan
-Park views. All rooms/floors overlook a park (no new construction in surrounding area has views like this).
-Wrap around balcony on 2nd floor
-Full-floor deck on 3rd floor
-Located on a quite street and on a "corner" lot with no neighbors on one side
-Less than a mile (.5 mile) from the beach, downtown (restaurants, bars, and shops), and Pacific City (new upscale development with restaurants and shops)

Located in 92648 zip code - Huntington Beach, California

My company, Wallaby Properties, based in Huntington Beach is focused on rehabbing in Orange County & Los Angeles County, California. We get a number of properties each month that are more than we can handle or don’t meet our desired specifications. As such, we usually assign these to other investors. These could be either suitable for fix & flip or buy & hold.

We are looking for buyers that are interested in building a long-term relationship. Our buyers need to be responsive and are able to make quick decisions! I'm not interested in blasting our properties out to various investors; I work with a small group. If you are a serious buyer that's interested in developing a relationship please reach out to me.

Jennifer Ramsey

949-438-0979 - [email protected]

I have a property in Cerritos under contract that I am wholesaling. I expect this one to go fast, let me know if you are interested.

13430 Darvalle Street, Cerritos CA 90703

4 bed / 3 bath - 2,129 SQFT

Lot Size: 4,994 SQFT - Built: 1971

Double door entry with cathedral ceilings and fireplace in the living room. One large bedroom on first floor. Two good-sized bedrooms along with the master with en suite on second floor.

Pros: Excellent schools. Highest rated school district
Cons: Backs to freeway exit; some freeway noise (comp also backs to freeway)

ARV: $925K

Repairs: $80K

Cash Price: $735K

Comps:

13543 Andy Street, Cerritos, CA 90703

13818 Elgers Street, Cerritos, CA 90703

The first buyer to submit funds will receive the right to the contract.

Jennifer Ramsey

Cell: 949-438-0979

[email protected]

@Josiah Collins

@Alan Rohrer is correct. Your home office is deductible if it is exclusively used for your business. All non-business activity needs to be handled outside the office. 

Since you are using your work computer for personal use too, you won't be able to deduct the full amount. You should be able to take a partial deduction. Going forward, I would buy a work computer and use a different (old) computer for personal use. It helps to keep in mind the exclusivity test when you make purchases. Obviously, seek advice from your CPA. Also talk to your CPA about capital expenses (especially before you make big purchases). You want to get the maximum deduction possible when you buy a business asset (computer etc) by deducting it in the current year, not amortizing the asset.

@Sharon Tippett Ok got it. Why do you feel the need to create an LLC for each property and then sell the LLC? I'm still not sure what you are trying to accomplish. An LLC per property seems unnecessary.

I am assuming you don't want to put a property under contract using your name. So why don't you create an LLC, buy the property under that name, and then assign the contract? Do the same thing over and over again using one LLC.

@Ibrahim AlanqarTypically you won't be able to get a traditional loan from a bank. You will need to use hard money or a private lender.

Obviously each hard money lender is different, but a common loan structure: they will loan you part of the purchase price and loan 100% of rehab. You will need to come up with the down payment (lenders want you to have skin in the game). Will you be able to put some money upfront? 

@Ricky Jefferson feel free to PM me if you have additional questions.

@Sharon Tippett When there is a will, there is a way! I love your positive attitude and drive. Keep it up!

What are you trying to accomplish in establishing an LLC? Asset protection? Tax incentives?

Are you planning on wholesaling? How many properties do you plan on acquiring? Do you plan on setting up an LLC for each purchase?

I'm a little confused on what you are trying to do. Please provide some details, and i'll try to point you in the right direction. :)

@Manolo D. One of the R's in BRRRR is refinance.

When you purchase the property you can use cash, hard money, or private money. Then after you rehab the property and get a tenant in there, you refinance the property and pull your money out.

I have used LegalZoom and lawyers to setup entities. Here's my personal experience: If you simply want to setup an LLC and move on with your day, go with LegalZoom. If you think you will have questions regarding the setup/entity formation, go with a lawyer.