All Forum Posts by: Jesse Ruiz

@mods, can you please delete this post?

Thanks, Andrew.  I did go ahead and post on FB.  

What's up BP,

Noob here who needs 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 longer 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 is 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 beon the raised foundation. Should I just leave the garage for the main house tenants?

The den has a flat roof that 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.

Isn't BRRRR and rental property the same? The tools have these separate and I wanted to know what the difference was

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 anylizing properties? 

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

@twana rasoul can you elaborate more on the negative cash flow and overall returns? I too am thinking of buying out of state SFR or Multi after I get tenants in and refinance my first rental. LA is so expensive and nothing seems to be going down.

As a beginner REI, this article was great Justin. I can't wait to begin rehabbing my first rental once escrow closes.

Thanks Aaron. We can't go back in a time machine, right.  I'm meeting the contractor that did the siding on our house tomorrow.  

I thought about CL, FB, and OU, but I’ve heard horror stories about tenants. I may still test CL and FB, but I will be diligent when it comes to screening tenants.

What's up everyone, I'm Jesse, an Army veteran that finally decided to pull the trigger on an investment property after 10+ years of procrastination. Currently in a 30-day escrow in LA (north SFV). The property needs some rehab work (room, bathroom, JADU, and ADU). My agent says it could be an eight to twelve-month projection. I'll post pictures once escrow closes. I've been reading blog posts and listening to podcasts and youtube videos about rehabbing. I'm addicted!

Great info here for a noob investor like myself. :)