All Forum Posts by: Kyle Longacre

@John Moorhouse

If I heard of someone with your ambition talking about your goals, I’d get you signed on with my broker under my team.

If I found out you dropped out of high school because you found it annoying and challenging to focus, I’d reconsider.

ALWAYS EDUCATE YOURSELF, especially when it’s paid for. Don’t do RE instead of school, add it to your plate so you can be a high performing member of your community and network. If you can’t do both, stick with school and listen to great podcasts on BP and other sources at night after your homework is completed. HS is free, if we are talking about going $60k into student loan debt to study an obscure subject that doesn’t add value to the global economy, I’d say spend $400+ and get your RE license or use that money to start educating yourself with valuable, time-tested books. BTW that’s what I did. I graduated HS during the recession and paid my way through working at school for an associates degree that took me two years. I am 30, debt free other than RE, and still slowly getting my bachelors, but I’ve worked 40-80 hours per week since I was 20. I have friends still paying off their student loans, moving back in with their folks indefinitely, and working at Chipotle. To be clear, this would be a HUGE mistake @John and a complete bummer because it sounds like you have big goals. If you want to chat I’d love to talk with you. Twenty years down the road if you decide to have children, what advice would you give your son? Be the example and listen to those that have gone before you. Take care young hustler.

-KL

@Daniel Lynch what a great question and I think the fact that you are asking that questions means that you are seeking to make this a personal question rather than a business question. It’s the right way to take it depending on how long term/serious the relationship is, but even in a new relationship I’d imagine the budget isn’t the only deciding factor.

What if someone buys a house with their fiancé but one person rents a room near their house because they don’t want to live together? From a values decision lens that makes sense, from a business mindset that’s an extra $650 that could go towards the wedding.

Think on it, communicate with her about it and see what she wants. Is she pushing you to give her the world, pay her bills, fly her to Bali and buy exotic purses? I assume not but that would be a red flag factory. You’ll know what to do.

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KYLE LONGACRE

Agent inc. Residential- OC

@Aaron K. Well put.

What I like is that because his question was not only hard numbers but also interpersonal/relationship values the response is accordingly so.

Please as thoroughly as possible explain opportunity zones. I’ve researched online but wanted a BP perspective. Thank you in advance!

Hey BP,

I wanted to get a wide variety of answers around where you find your best deals. A very common question that I want to hear in this way:

1. Location: city and state

2. Source: off-market, MLS, LoopNet(??), PIN properties online platform, online source other than mentioned including this site.

3. Partners: Brokers/Realtors/Commercial Brokers, lenders, title, marketing partner.

4. What else should I know?

Thank you in advance! Msg me if you don’t want response public.

KYLE LONGACRE

ORANGE COUNTY

@Rob Massopust

Thank you for your input. This is a cash deal so refinancing is not necessary.

I’m expecting us to close in 1.5 weeks. Because this is a smaller deal we are doing it and taking the hit on taxes, using the capital alongside his 1031 money he will have in 3-6 months when his commercial property sells for around $4M.

For me it all comes down finding a tenant that would pay a minimum of $1.8M so I am targeting businesses and agencies that would be able to perform.

Because we are looking at several other projects, let me know if you see anything off market/steeply discounted that doesn’t fit your criteria. Thanks again!

Hey there BP,

I wanted your opinion on a property I’m looking to partner on. The building was appraised 6 months ago for $800k, we are picking the deal up off market for $350ish if we close in the next 3 weeks.

The building is 19,090 sqft of brick and in need of a roof (maybe a patch job), 50 windows, electrical, heating and flooring estimating around $350k.

At $700k project cost + holding expenses, our goal is to flip the property and provide a vanilla shell to the county/city courthouse, laws offices or medical offices. Our goal is to sell in 6-12 months for $1.8M, our only concern is that this market overall is a little sleepy and slow. Do you ever invest in a deal because the numbers make so much sense even when the area is not up and coming?

The property is zoned downtown business residential and is located downtown right next to the county courthouse, hospital and other local government agencies. The town is in Vernon Rockville, CT about 20 mins outside of Hartford and away from UCONN. Thank you for the input.

I am interested in hearing about any and all creative PR and marketing strategies on a mixed-use building that recently was rehabbed. A the ground floor of the building being commercial, floor 2 and 3 potentially residential.

I don’t have an immediate need to utilize now but see the value in having that strategy in my tool belt. Thank you in advance.

I am curious to hear any and all creative PR strategies when bringing a mixed-use property project to completion.

I don’t have a need now but see the value in having that strategy in my tool belt. Thank you in advance.

 Happy to be corrected or shown my data is dated but from what I understand prop 13 limits prop taxes in CA to 1% and annual increases not to exceed 2%, not including assessments as you mentioned or Mello-Roos etc. Prop 13 didn’t mandate that 1% is a minimum. 

On the county level, Butte, Colusa, Glenn, Humboldt and several others all fall below .75% before any additional local taxes and assessments. Here I live in OC the tax rate is .69% and after assessments I am sitting at 1.04%. CA is ranked +- 36th out of all states for the lowest prop taxes.