All Forum Posts by: Joshua Garcia

Hey all!

Long time Land lord first time subdivision and new construct.

In Escrow on a property (standard 3/2 ~1200sq ft) with a garage. Property is 12200 sq ft. Off Market deal for a decent price but the deal makes it great. City has already approved for subdivision! Huge space in back. Lots on left and right have units in back. Im planning on building a House on the new subdivided lot with a Jr ADU and add a Jr Adu in the front. (total of four living units). Any Advice at all

on things to be careful with ?

on hidden costs?

on ways to proceed or exit strategies (flip/brr/hold) ?

on Financing new builds or even financing friends that do adu's

really looking for advice and tips on executing this long term plan. Looking to complete this venture in approximately 18- months. (permits are a time issue)

buying for 700. (ARV with simple 20k remodel is 775) - with jr ADU is 850

new cost for new build is approx 300k - jr adu is 75k

I have questions regarding hard money loans. I have 30 doors. Buy and holds. Never flipped before out of fear of the cost of hard money. Can I give someone a 5 minute call for advice ! Lol 

@Katie Lepore thanks much. In researching today, I did find the feb change. Might be in our favor that we decided this now

@Eamonn McElroy

Agreed on that one- see above response

@Tyler Hungerford

Thanks. To be clear, the fully in intend to have me as the owner before they die. It’s not solely a matter of death.

Hey guys ! I have a small scenario here. I appreciate any help I can get on this one.

My parents are getting older and want to ensure that their house that’s free and clear stays in the family. My little brother is Autistic and they would like to ensure he’s taken care of to their best ability.

We live in Los Angeles County.

What is the best option for us as they intend to Gift me the property ? I’m looking to avoid tax issues on all fronts.

@Calvin Ozanick yes. Laying everything out is crucial. Considering my situation I would be okay with a 60-40 split in financial investment and I make up the other 10% with my finding and working the deal.

@Tyler Gibson yea, I like them. I initially was looking to put 50% of the finances down and do the work but compared to their experience , I would be doing allll of the work. I think that should drop my financial input. I’ll weigh it depending on the deal. A contract is a great suggestion. I wouldn’t make A deal with my money if i didn’t think it would be successful but there are ALWAYS risks. I don’t want to take advantage of their trust in my experience or lack there of.

@James Gleeson thanks ! I’m putting that much down so I can clear the house payment ASAP. She’s an older lady and asked me for 45 down to make it an even 100. Terms are

10 years

5%

Negotiate extension if needed

No payoff penalty

Rents bring in total of 2200.

Good deal.

Hey ! So I became a landlord when I was 19. Bought a triplex in LA house hacked that. Then. Duplex. House hacked that. Then a deal fell through and kind of scared me. Now I’m back in the space of getting rocking again. I have a few friends who’ve seen my entrepreneurial spirit and look to me for advice. They want to invest with me. I don’t have enough money to invest yet. How can I structure fair deal where I do the work and they do the money? Is it fair to get a 50/50 return if I put in no money ? 70/30 ? 60/40? I have 3/4 friends with anywhere between 25k-100k.