All Forum Posts by: John Negron

Ditto what @Joe Homs said on those locations. I know several friends that bought in BB and are doing really well there, however prices have shot up there where it may not cashflow like a year ago. But Joshua Tree and surrounding areas like Pioneer Town work well.

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@Naveen Kumar extremely late to this party but I wanted to say thank you for your post.

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I was also looking at a rental property in Big Bear recently. It was next to a friend of mine that recently bought there's. Like @Mike R. mentioned, I ran the numbers and because the prices are so high right now, the cap rates for a vacation rental steered me away from it.

One tool that does a lot of work for you is https://www.airdna.co which does have a cost but it can help run the numbers. That house btw was a bit of a fixer and still was in contract in a week for more than asking so yes the market is very hot and I think vacay rentals in areas like this have also skyrocketed because people are happy to leave the cities for a pandemic break.

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Hi @Ryan Iskierka I will send you the info of my guy I use for home renovations who is very knowledgeable and reliable on everything except electrical.

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First of congratulations on thinking outside the box. I don't know the metrics on returns on hostels but I would imagine that doing your due diligence here would be the best approach. The location, expected acquisition price, renovation, and holding costs, average occupancy, and initial marketing and operational costs should drive your decision in my opinion.

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Great answer as usual @Joe Homs

Originally posted by @Joe Homs:

@Chi Ta I think what scares me the most from your question is that you have purchased two homes and that you admit not having any idea what you are doing.

Let me see if I can put you on the right path. You should have evaluated all of this up front. If you have an architect involved then it may just not be as simple as removing the existing items and replacing with new. Like @Eric Teran stated "Another option is you get a demo permit first to start the work and that is pretty straightforward. Unless you demo the entire structure. Another type of permit is non-structural and those are easy to obtain in a few days."

Most of my flips only require a Demo/non-structural permit. I recently closed one of my last flips, and the contractor started the next day, finishing in 30 days. The condo was put back on the market and we received an over asking price the first weekend. What you need to know is how much work you can perform without needing a permit. When you start to move walls, plumbing, electrical, or rehab a bathroom you will need permits. However even with all of this you will probably not need an architect unless you are moving load bearing walls or adding more square footage.

When purchasing a home to flip the most important part is what you pay, then a close second is how fast you can turn it around. Being prepared up from is very important, especially if you are using a hard money loan.

Good Investing...

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Hi @Tia Herricks I agree with @Joe Homs education is key. Also it's important to take action. There are opportunities here in OV depending on what you're looking to do. Wholesale, Flip, buy and hold, or BRRR.

Of course out of state seems more economical to me as well.

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Originally posted by @Dan H.:

Originally posted by @Ocean Van:

@John Negron I am also planning to convert my detached two-car garage to an ADU in Anaheim. Does anyone have a good contact for a designer/architect to help me with the whole design and permit? Do they need to be licensed to do all design or technically anyone, with design skills, permit and code knowledge can do it? What about contractors, do they need to be licensed as well?

Any designer/architect can theoretically do the work, but those who have done many small units are experts at optimizing space while not detracting from the aesthetics.

As for use of non contractors, if a person does work totaling over $500 they must be licensed. My belief is this should be higher, but I think many handymen require more oversight than most contractors. Many handymen are hacks. If you find a good one you have a nice find.

Good luck

Hi @Dan Heuschele, that makes sense, thanks for sharing your experience. I have one who's been really dependable and has certain specialties. I was wondering to do it myself with some handy help. And leave things like running electrical to the pros.

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Welcome to the community @Luke Swenty. There also are (@Daniel Luke #3) Meetups in the area and its a great way to get to know people in the community.

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All Forum Posts by: John Negron

John Negron has started 1 posts and replied 15 times.

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Post: Introduction: Handyman In Orange County California