All Forum Posts by: Jesse Ruiz

Quote from @Jon Martin:

Whether or not a unit is seller financed is irrelevant in regards to STR regulations. STR regs are set by the county and/or city first and foremost and apply to all properties within that jurisdiction. HOAs can also restrict them at any time with no recourse for the property owner beyond joining the HOA themselves and attempting to change the rules.

Are you saying that the HOA is $4K monthly or annually? A $3100/month mortgage in Santa Monica with an ocean view sounds like if you mean annually but if you mean monthly, no thanks.

The condo was purchased over 15 years ago. The HOA monthly fee is ~4k. According to Airbnb, unhosted rentals need a rental length of 30 days or more.  That's insane.

I do aquarium maintenance, and one of my clients is thinking about selling her condo because the HOA fees are over $4k. Her mortgage is a little over $3100. The ocean view is beautiful. If she were to agree to seller-finance, would STR be an option? I know Santa Monica and LA overall has guidelines on STR's. I was also thinking of wholesaling it. I'm open to all opinions.

Quote from @Klint Ruud:

Gallatin, Hendersonville, Goodlettsville, Hermitage, Springhill, and Chattanooga. 

All the deals I've done in these areas have produced the highest returns. 

We’re these long term rentals or STRs? My wife and I are thinking of moving to Tennessee from Los Angeles, but we can’t decide where.  Hendersonville, and Nashville are two places that we’ve like so far. We have 2 doors in Cali, but the cash flow isn’t the best bc everything is so pricey. 

Quote from @Joshua Sinatra:

Hey @Stacey Ocampo & @Jesse Ruiz !

We have been doing the last Wednesday of every month, however at the last meeting we discussed going to visit another meetup this month. 

This one is 7/21/22 @ Hand Brewed Beer in Chatsworth from 6-8PM. Link Below. 

https://www.biggerpockets.com/...

We are exploring this meetup and potentially merging, however if most don't want to keep that, we would be switching from the last Wednesday of the month to the 2nd Wednesday of the month. 

You can also Call / Email / Text me anytime if you have any questions as that is the easiest way to get ahold of me. 

HAHA! I already had the Chatsworth one on my calender since I am in the SFV.

I would love to attend the next meetup.  

-Jesse

Hi Joshua!  If the meetup is going to happen on the last Wednesday of this month again, I would love to attend.

Originally posted by @Casey Hoerth:

Hi Jesse,

If you're looking for rehabs and turnarounds, McAllen is alright. The downtown is gentrifying slowly but surely and you can find plenty of run down homes just north of Business 83, some surely within walking distance of the pubs and the Benson federal building. The market in McAllen is quite hot, but much of that seems to be north of Nolana. There are opportunities here for those willing to put in the work, I believe. 

That is good news.  I have a buddy in Harlingen who was deployed to Iraq with me in 2004 and 2006.  I am definitely trying to put in the work.  No turn key properties for me. 

My wife (and older son) doesn't want to do house hacking.  I already tried. :(

Partnering up seems like the best option since my money is already tied up in my first investment property. 

I would only partner with one person per project. If you were investing with a partner and you were bringing in all or most of the capital on a Brrrr, how would you want to be paid? 

I am about a month away from finishing up my first BRRRR project (kinda). I am getting impatient and want to start looking for my second property in LA. I have two friends and a brother that want to jump into RE. All my capital (HELOC) is tied up on my first project. How do I approach potential investors as a noob investor myself? I would prefer to BRRRR, but not sure how the numbers would need to be since I would just be doing the legwork. I would love to invest out of state once I refi my first project and get my money back. What cities do you guys recommend? I am in Socal.

Tennessee: Chatanooga, Memphis, Nashville?

Ohio: Baltimore, Madison, Mentor, central, east, west, north, or south of Ohio?

Idaho: Nampa, Meridian, Boise?

Colorado Springs?

Wisconsin: South east?

Indiana: Gary?

Michigan: Detroit?

Texas: Mcallen, downtown Brownsville

Georgia: Jonesboro?

What's up BP,

Hoping this post is in the right section of the forums. I need input on a rehab/new construction. I understand that the ultimate goal is to accomplish a large enough gap between buying price + rehab costs vs ARV so I can pull out the initial cash that I invested in order to reinvest on another property.

I'm supposed to close escrow on a property in LA (San Fernando Valley) at the end of the month. It has a HUGE lot (over 8200 sqft). The house is small (1026 sqft) with 2BR 1BA plus a large den and a living room. I want to have long-term tenants so I think adding the third BR would help. Things I want to upgrade/add below:

-Add an additional BR by splitting the large den

-Open up the wall that divides the kitchen and living room to add a small breakfast nook/island.

-New vinyl flooring, but there are hardwood floors underneath the torn linoleum (should I refinish the floor instead?)

-New 3 BR 1 BA ADU in the second half of the lot

-Vinyl fence to separate the 3 properties? Privacy shrubs instead?

-Adding central AC to the main and JADU, or Mini-split to JADU?

Reglaze the bathroom tile and reposition the toilet

The den was added to the home and the only way to get to the den is through one of the bedrooms. If I want to make a hallway, I would need to demo the bathroom or make the already small room a bit smaller to make way for a hallway. Another idea the agent was taking part of the large den for the JADU to make space for a small 2BR 1BA w/ kitchenette and small Bathroom. The only issue I see with this is part of the JADU would be on the raised foundation. Should I just leave the garage for the main house tenants?

The den has a flat roof that looks like it may have a previous leak. Would a roof tune-up be worth it now, or wait until the rain starts?

I feel like the drought-tolerant landscaping would be more out of pocket than just laying sod. The house has a sprinkler timer and valves, but I am not sure if they're functional.

Contractor or framer, plumber, electrician? I have an electrician and a framer that worked on my house when we redid our stairs and french doors. I will obviously need to get permits from the city and blueprints approved.

Once these properties are complete and occupied, I was thinking of possibly doing an out-of-state deal. TX, OH, WI, IN, MI, FL, TN. Or should I stick to local until I get more comfortable analyzing properties?

I would love some input bc I don't know where to add the 3rd BR. Take it easy, it's my first investment property. :)

The bedroom and kitchen in red on the right would be the JADU addition