All Forum Posts by: Lee L.

I'm reading The Complete Guide right now. Great stuff! The case studies are really helpful. I like how Berges walks you through a few scenarios in the same deal, and gives you an idea of what's good and what's bad. The author seems to be really pushing his "value play" thesis, not that I'm opposed to it of it, but it's definitely something to be cognizant of.  I appreciate his insights and suggestions nonetheless and think reading it has been time well spent.  

@Jay Y. 

 From what I understand,  one of the main differences between thicker and thinner planks is that thicker planks can be made to "float" over the floor after installation.  Floating planks need to be made thicker to allow for the two edges of the planks to glue together (regular Allure), and even thicker to click together without glue (Allure Ultra). 

Also thicker planks can give you a much more dynamic and interesting grain. 

@James Sotipalit

I got my license about a year ago. Originally my rationale was to  earn a buyer's commission off my own deal.  Looking back, this was kind of a stupid reason, because it took me so long to get everything ready -- more than a year.  But I stuck with it, and now I'm licensed, I did my own deal, and I feel I have limitless earning potential outside my regular income . 

Through getting a license , I've met a fabulous broker who has been a generous teacher. I've searched, walked, and researched countless properties for clients, in countless areas, and have talked to countless people --  -- buyers, sellers, neighbors, inspectors, developers. 

For me, the license, literally gives me additional license to have my ear to the real estate ground, and to follow my passion. You don't necessarily need a license to be tuned into the market (going onto BP is a great way to learn), but a license sort of provides you a financial incentive to learn, and really helps speed things along .  

But the licensing process takes a really long time.  I'd say at least a year to get everything set up -- including studying for the test, scheduling and waiting to take the test, passing the test, and finally ... finding a broker who will take you. The amount of time it takes can be costly in an up-market, as was my experience. I started studying (off and on) at the tail of 2012, and finally bought something in 2014.  Actually, if I had the money in 2012 or 2013, I guess I would have bought something earlier

On the other hand, I've learned so much after getting a license, and it has opened up so many doors. It has turned out to be an excellent decision so far!

@Logan Allec 

Nice to connect with someone also starting out in nela! 

 I heard there is a group in the Silver Lake area that meets for lunch on Tuesdays sometimes. but I'm not really sure of details. I've been meaning to check it out and find out more info. I'll let you know if I find out. 

Good luck with the hunt!

Hi logan,

You often pay a big premium for units that are delivered vacant -- I'd say much more than you'd pay if the unit was delivered occupied but at market.  Plus you'd be severely limiting your choices.   You'd also be competing with other seemingly "irrational" buyers who also intend to owner occupy. These buyers are willing to pay a premium.  

I'm not a lawyer, and not intending to give legal advice, or even good advice, but this is what I did, and it's working out excellently for me: 

What I did for my purchase was I had the tenants sign an agreement which stating essentially that I'd pay $X,XXX a few weeks before they moved out, and the then $X,XXX by XX day, the day they moved out.  I had them sign the document after we opened escrow and a few days before the end of the contingency period. The whole agreement between me and the tenant was contingent upon my successful purchase of the house. ie: if the purchase falls apart, I do not have to pay the tenant anything. The contract was written this way because, as I understand, you are not allowed to get into a contract with someone on properties that you don't actually own. 

It's worked out well. I still talk to the tenants that I paid relocation to. Do I think it was worth the $10K+ I paid? Absolutely!!

I'm also getting $1.89, although it does have that "Special Buy" icon next to it.

How does Allure compare to the Tranquility brand from Lumber Liquidators? The 5mm Tranquility stuff is $2.31 right now. Is it pretty much the same stuff? 

Thanks!!

In L.A., there are plenty of Chinese tour groups who come to see Disneyland. They travel in huge groups, occupying whole buses. I've been thinking about staking out some of the hotels where they stay, and perhaps hitting them up during breakfast. Or perhaps work out a deal with some of the hotel staff. 

Once I find out more information on how to close deals with foreigners and foreign money, I might try to get a deal or two this way.

Do any of you guys have insights on how to work with foreign buyers, or specifically Chinese buyers?   Especially in respects to U.S. and China regulations on money laundering?