All Forum Posts by: Kiersten Vance

Hello Derrick! Welcome to BP. Yes you can get into what is called "wholesaling" where you get paid for finding a property that needs work and then finding a buyer that wants to buy it cash and flip it. The reality is that in Southern California there are 1,000's of wholesalers. You will have to spend money sending out flyers ect to find deals so it isn't a no money get rich quick scheme. Are you currently renting and do you have any money for a downpayment? Maybe consider buying a duplex/triplex/quad and renting out the other units to help pay your mortgage.

Hi Jonathan. The previous posters are correct unfortunately. You need a lawyer. I hope the property is not rent controlled but if it is near USC and in LA city it probably is. This means you cannot move the tenants out or raise their rent easily. Did your agent tell you anything about rent control when you purchased the building? The seller and sellers agent should have disclosed that at some point. I have a good RE attorney if you need his contact information.

Hello Bryce! We bought a run down tiny house in the low income/commercial part of Glendale in 2013 and sold in 2015 for double what we paid for it. We then used that money to buy in a residential neighborhood in Cypress and our house has gone up at least 100k since we purchased it. I do agree with Tim Ryan though that we must be close to the top of the market. We understood that when we purchased our new home and are willing and able to stay if the market drops again. I would suggest if you are looking to buy something, try to find an older home that needs work where you can at least be buying under market value. Best of luck!

Hello BP Family, I am looking for your help. I have a client that is looking for a building that could be used as a youth shelter. They are a non-profit based out of San Bernardino County and we have been looking for over a year now and haven't been able to find many options. We have made offers on a few, but none have worked out. They are currently operating out of a building in Redlands but the owner will be converting that building to a senior assisted living soon and so we need to find them a new building. They are willing to remodel a building or add on to meet the requirements below. Ideally we are looking for an abandoned school, senior care facility, dormitory, sober living center, YMCA, rehab center, or something along those lines. If anyone has a building like this or knows someone who does, please contact me! Thank you to all in advance for your help! Requirements: - San Bernardino County - Max Price - around $600,000 (if minimal remodeling required) - Multifamily or Commercial Zoning only - Ideally with at least 4 rooms big enough to have 2 bunk beds per room for a total of 16 kids. - 4 showers and 5 toilets minimum - Minimum square footage needs to be at least 3000 to accommodate everything they need. The ideal building would have around 4500-5000 sqft - ideally an open kitchen/living set up to allow staff to prep food and watch kids at the same time. - Space for office for staff and study areas for kids. - Seller must be agreeable to a longer escrow as the organization will have to obtain a CUP permit prior to purchasing. 3-4 month process Keywords: Redlands, Loma Linda, Yucaipa, San Bernardino, Fontana, Ontario, Rialto, Colton, Mentone, Rancho Cucamonga, Upland, Claremont, Pomona, Bloomington, senior living, assisted living, Crestline, Arrowhead, Big Bear,

Hello Walter. I have a good contact. PM me for his name and number.

Hi @Sergio Avina. That sounds much more reasonable. Again it will vary with the GC, but that pricing makes your situation seem like it isn't worth it to build in the back of the lot. Let me know if you need any help looking for MFR!

Hi Will. You do not want to act as a GC because if you don't have a license, then it is against the law to act as a GC. Unlicensed contractors can only bid jobs up to $500. Look up California State License Board for more information! Best of luck.

Hi Sergio! Your realtor has estimated less than $100 per square foot for a new build. That is way off in Southern California. You shouldn't need a new water meter but you will need permits for everything as well as a new electric meter and gas meter. Since there is nothing now, you will have to run all utilities to the site and construct everything (foundation, roof, walls, and all interior finishes) I would definitely call some GC's and get a better ballpark figure and be positive the city will allow you to construct. You have to have room for parking, garages if requires, set backs ect. Make sure you fully understand the building requirements before you buy a property to build. (Also you plan of cashing out in 2-4 months won't work unless you have a lot of equity in the property). I doubt the market will increase substantially in 2-4 months to allow you to take enough out of the property since you are only putting 3.5% down.

Hello Steph! Welcome to BP. This is a great community for learning more about real estate. I am in a similar situation to you. I bought my first property in 2011 and lived there for a while to start with. I got my real estate license in 2012 and have continued to invest since then! I live in Cypress right next to you in Long Beach. I would be happy to chat or meet up for coffee if you would like sometime!

Hi. If you are getting an FHA loan for the property, then that lender will take 1st place. How were you planning to give 1st place to another lender? Do you have another property you could offer as collateral? As said above, your best bet would be private money. It will be very hard though to convince someone to loan money when they have zero collateral for the project (until your house is completed).