All Forum Posts by: Jonathan Wilks

Investment Info:

Single-family residence other investment.

Purchase price: $480,000
Cash invested: $50,000
Sale price: $480,000

A Planned Urban Development, So it is a single family residence with a H.O.A. the community is kept up.

What made you interested in investing in this type of deal?

The community it was a probate inherited property, with a out of state family. The builder had developed multiple communities in the area. I knew i would be able to update and rent out.

How did you find this deal and how did you negotiate it?

MLS, they were asking 525k, got it down to 480, added a shower to making it a 2 bedroom, 2 full bath, and recently had it appraised for 525k.

How did you finance this deal?

Conventional with 10% down through local credit union.

How did you add value to the deal?

Adding a new shower, and by creating better use of the space to maximize the flow and look of the property.

Lessons learned? Challenges?

Working with the city to add a shower, and the additional time took to get through the permit process.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Yes, Karen Folgheraiter.

I need a roofer for a 600 sq. ft tiny home. 

thank you 

for any recommendations

You will spend more money on all of your finishes. I would recommend looking at some open houses in the area to see what fixtures, and finishes they have. Just fix it to standard of the neighborhood. 

Hi, Jessica Welcome to BP and real estate investing. 

All of your interest are feasible to complete in our current market. I will say a lot of the options you have will depend on your finances, time, and objectives for your future. I currently invest in the orange county market, and have completed several flips, and currently have one condo in my rental portfolio.  I am also a RE Agent.  If you need anything or having any questions feel free to reach out

thank you 

jonathan  Wilks

It was difficult to understand fully your question, so i made some assumptions. 

I believe those guest will no longer be renting your condo, or the property management company will still be receiving their portion as they booked those clients under the contract period. If you are bringing in clients through airbnb or other personal avenues. You would take over the management duties after your contract ends. and the booking made under contract after they are finished. 

The LLC just creates a operating agreement that is really beneficial in a partnership. It clearly dictates roles, and financial break down. I personally believe it necessary to have a legal agreement, and ultimately trust. I personally would not invest with someone who only wanted investments to be personal. It makes things more complicated. Real value is created with a LLC. I personally believe. In the least i would have a partnership agreement, and operating agreement.

I hope that helps. 

In regards to your question you are completely able to transfer your LLC to additional service, however you may need to next time you register your LLC with the state alter classifications. In California for instance workman comp, and insurance rates are based on registration status. Adding a DBA to your LLC is a great method to expand services or protect your liability.

Welcome to Bigger pockets. 

Christoph,  i think you will find bigger pockets to be a great resource as you begin your journey into the real estate investment industry. Obviously the real estate may very widely from  the us, the basic will remain the same. In addition the forums, and podcast are great resources to continue your motivation even through the difficult situations. 

I think its a great idea! I also think creating additional cashflow income to better enhance your own real estate income makes even more since. 

Welcome to BP