All Forum Posts by: Jonathan Barr

I think its worth it for the savings of the commission especially in the high priced area you are in.

It also depends how much time you have on your hands.   Sometimes using a agent that specializes in specific area and is a full time agent will usually get your better price to make it worth using them.

I think once you get to point of maybe 5 or 6 deals then maybe it even makes sense for you to become a broker.

Hi I have used cozy.co in the past which is good free tool.   I would check that you first.

Yes use propertyradar.com.   The have the best most up to date information.   They allow a 3 day trail to use it.   Then I believe its like $50 a month after that.   It's one of the most amazing tools for foreclosure information. You can even setup notifications for particular properties you are interested in.   

@Melanie Gibson

Yup! you may just got lucky and have an easygoing person. Just depends how much under market rent they are usually.

Hi Melanie,

I am not an attorney.   I would suggest speaking with an attorney.   I do have a lot of experience with rent control in LA. I even moved out tenant in duplex I lived in.

Unfortunately they do not need to move.  You basically just need to negotiate price that will entice them to move.  I have paid anywhere from 15k to 50k to get a tenant to move. Its really not fair but its just kind of the way it goes.   If you look at the rent stabilization bulletin.   It gives kind minimum you need to give and that could be your starting point.   There is a specific city  notice you need to give your tenant when its not at fault eviction. You can pull that from RSO website. Not to mention if eviction moratoriums persist it will be another hurdle.

That being said for the right dollar amount most people will move.   Just keep in mind they are not required to move.  Feel free to contact if you have any other questions.

I would say if you already own property in the area sending within a mile or two radius to those owners is great.   You can let them know what you own in the area. Also make sure to hand write the address on the envelope so they more likely to open it.

Just know that the response will be very low. We have bought some the best deals that way.   So its a numbers game.   You will probably need to send in the thousands to really get traction.

Reserves need to stay in liquid account.   You will never know when you will need it.   I wouldn't plan making any money off those reserves.

In your case I would definitely hire a property manager.

Lets say emergency happens while you are in the middle of meeting.   It will be very hard for you handle something at that point.

A property manager is set up to deal with those kinds of situations.

You are better off using your energy to find good deals.   Just make sure to manage the manager well.

search tools for members better.   Its very glitchy and doesn't filter well.

I think this could just be a simple JV structure that attorney could draft for you.

The other thing we have done before with flips, the investors puts all the money and has the there name on deed.  Then you get power attorney and a separate management agreement.   As said above always consult with an attorney.  If its just family you can keep these agreements relatively simple and straight forward.   Hopefully in that case you do not incur a lot of attorneys fees.

I don't think a syndication is necessary for a short term flip.