All Forum Posts by: Justin Hayman

@Grant Rothenburger, thanks for the post.  Yes, you're spot on.  The owner of the hotel has been in the game for 65 years and has done more 1031's than I have years on the planet.  The rebuild will definitely be an adventure and an education.  Just getting to this point, where we are going to clear the burned debris has taught me so much.  For starters, I prefer dealing with attorneys and bad employees over insurance!  Haha.

@Ryan Heywood thanks for the welcome.  St. Helena is a cool town - I love it out there.  Funny, I put some thought into both Lake County in general as well as Vallejo.  Definitely some areas in both that could work....and some to be wary of.  Hope to connect further with you in the future!

Thank you @Josane Cumandala, @Wayne Brooks, and @Kyle J.

Really appreciate all of you posting this feedback.  A few moments from you has a ton of value to me - thanks so much!  I have a few bullet points to focus on now....thanks again.

@Chelsie Runnings, thanks for the welcome! And yes - regarding the HELOC - I would love to talk to your contact. I'l DM you my contact info.

On the meetup, I'm out of town.  That night is my birthday.....I have a 16 year tradition - Tahoe for the superbowl and my b-day!  I'll miss this one, but hope the meetings are monthly - I'll make March a priority.

--Justin

@Jenelle H., thanks for the invite!  I WANT to go, but will be out of town - Feb 6th is my birthday and I'll still be in Tahoe for the superbowl.  I'm assuming the meetups are monthly?  If so, I'll clear my calendar for March!

I'm currently looking into a HELOC and wonder if the community can chime in. I am specifically curious about how an appraiser might value upgrades.

In my situation, I bought a new construction home and closed on Memorial Day weekend last year.  The same model I'm in is now selling for 92k more than my purchase price.  I also added 45k in upgrades.  Since I moved in at nearly the same time as all my neighbors, we've forged a pretty tight community.  That said, I've toured everyone's house, and I added the most upgrades in my area by a good margin.

How much value will an appraiser account for in terms of the 45k in upgrades?  As I shop around from bank to bank, having this information in my back pocket will be a huge plus. 

Thanks in advance to those who chime in!

--Justin

@Jenelle H., thanks for posting!  I'm definitely game to get together!  Normally I'd invite you to Equus, but as you know it's gone :(

Any time you're ready, just let me know!

@Bukka Levy, thanks for the welcome.  I'd love to connect.  Next time you have an opening on your calendar, let me know.  Maybe we meet up for coffee, beer, wine, booze, or even water, although I listed that last intentionally!

@Brian Burke, thanks so much for the reply.  I just looked up Praxis and saw what building you're in.  So funny, I nearly ended up in an office there following the fire, but wound up in the Fountaingrove Office Park across from Kaiser.  I know the optics are terrible from where you're at.  I have a meeting with our carrier to review debris removal bids tomorrow morning - we'll get it cleaned up soon!

K-section really took off, you're spot on.  There's now a waiting list, as they only release about 4 homes per phase.  Our model is now selling for 92k more than we paid in 6 months' time - crazy!

I've got to tell you - when I discovered the podcast, I set out to listen in order starting at the 1st episode, but when I saw Santa Rosa in the notes, I was excited and jumped ahead.  Great to have a guy like you locally - you're the man!

Good morning BP!

My name is Justin Hayman.  I've lived in the North Bay most of my life, currently living in Rohnert Park, but working in Santa Rosa.  Speaking of work - it's been a CRAZY 3 months for me.  As many of you likely know, we had some devastating wildfires here on October 8th.  I have been in hospitality my entire adult life, and am the General Manager of the Fountaingrove Inn, a full service hotel in Santa Rosa which unfortunately burned down in the fire, along with the Hilton next to us.  The owner of the hotel has kept me on the payroll, and I am currently handling the insurance claim, and, if all goes to plan, the rebuild.

In May of 2017, I bought a new construction home in the city I live in (Rohnert Park).  This development was the first build since the 1990's.  At the time, odd as it may seem, the new construction was priced very close to the median price point of homes 50 years old.  I jumped on it.  While the home has appreciated nearly 100k since my Memorial Day close, the chunky mortgage payment hurts!  That said, I've read and read (including @Brandon Turner's The book on investing in real estate with no and low money down) and quite few others.  After dumping in nearly all my cash to my home last year, I'll need to be innovative in financing.  Matter of fact, I started making calls to local banks on HELOCS this week.

The more I read, the more I want to stay in multi-family.  My goals in the early stage leans to small units, with apartment buildings being more of a longer term focus.  I've been picking the brain of the owner of my hotel, who owns several apartment buildings and quite a lot of commercial space.  He's encouraged me to gravitate toward commercial.  Perhaps that comes into play down the road.....but I need to crawl before I walk.

Thanks to Brandon and @Joshua Dorkin for both the podcast and this site.  In my 6 months of exposure to the podcast and short time here on BP, I've learned so much and appreciate the time and effort you guys put into it.

Looking forward to growing, learning, and working with the community!

--Justin Hayman