All Forum Posts by: Juan Diaz

@Eddie V.

It sounds like you're going into this with realistic expectations, and have a decent background in the business. It also sounds like you're very aware of the path that you need to take, and in my view, are taking very good steps to get there. 

Best of luck in your journey!

Hey all,

I do a regular meetup based out of Oakland, and you're all welcome to come out! It's a longer training session at the West Oakland Library, 10 AM on Saturday, May 2. PM me if you're interested in details or to RSVP (limited space available)

Thanks,

Juan

You can. It's definitely cleaner to do a different LLC for every deal, but that becomes a huge hassle if you're flipping a lot of properties. They're a lot more common for larger deals

Fun fact: some lenders with nice terms require a distinct LLC be formed for the project

With standard 12% interest, 5 pts, your options are pretty diverse. 

Here's a list of a few via Google:

http://hardmoneyhunt.com/index.php/california-sp-1...

Some of the big guys in Oakland hang out at the Alameda County tax sale, and you can meet them there at 12:00 PM if you're interested

Hi Eddie!

Did you go to school to be a construction project manager? Do you have experience working in construction? Those are probably the minimum qualifications to be a project manager in the field, guys who are doing that sort of thing usually have at minimum five years of experience and could operate as a residential general contractor on their own. 

To really be involved in the design and building of the house, you'd likely either need to be an architect or be the self-employed flipper who's partnering with an investor to use their money to carry out the flip.

With your background, there is probably a natural fit in the flipping field as someone who tracks the numbers for these properties, but also coordinates things administratively as well.

Best of luck,

Juan

Are you going to be hiring someone to do the construction work for you, or are you the one with the license?

Getting licensed contractors to bid on the building will let you go to the bank with concrete numbers with expenses in hand, and if you've got great comps, you might be able to swing a deal. You can try the same thing with a private investor as well.

This isn't the MLS, but in California you can go down to the county and pull a list of deeds of trust that have been recorded. These people are usually the big investors who have a lot of activity, and aren't necessarily on the MLS.

@Brian C.

I'd encourage you to a) save up more or b) build up your business more before you go full time.

I worked full time at one company for years while I built my real estate business. You're young, RE investing is lots of hard work, and learning the ropes now while you've got a safety net of a steady job is going to take so much stress off of your mind. 

I'd recommend setting up Google Voice or hiring a Virtual Assistant in India to handle some of those calls that are coming in. With the right training, you can have an almost-instantaneous reply when someone calls you

@Martin Scherer

Feel free to use Chrome or Firefox instead of IE or get a faster internet connection, that will shrink those pictures for you. I don't imagine that this is a widespread problem, as in an identically-formatted post, no one has complained.

If you are truly interested in seeing all the pictures in ways that have been expertly manicured by Techies that will fit sate your deepest desires for perfectly-sized pictures of flips, feel free to PM me, and I can provide you with a link to the pictures, which BP will not allow me to post on here.

Interesting goal. What's your ROI? I've hit the $1 million mark of gross income as well.

Our overhead is usually around 20% of gross income, but we were running a larger operation with three admin staff and an office location. Once you get to a certain point, you may find it more cost-effective to bring on a part-time admin/bookkeeper. I find that past three active construction projects, it gets difficult to run everything smoothly. A good admin or project manager becomes essential.