All Forum Posts by: Lisa Kinman

Oh - lessons learned - don't drain your husband's retirement account without first talking to your accountant. Apparently it counts as income AND bumps you into a higher tax bracket, and the giant expense won't always balance out your new tax bill. Who knew?

Investment Info:

Single-family residence other investment.

Cash invested: $350,000

Husband's childhood home was long term rental and trashed. Renters moved out and I completely renovated it. Now it's a vacation rental and doing very well!

What made you interested in investing in this type of deal?

Creating something beautiful from something disgusting; maximizing profit with asset.

How did you find this deal and how did you negotiate it?

N/A

How did you finance this deal?

Took out a HELOC on my residence, then drained my husband's retirement account. :\

How did you add value to the deal?

I updated the bathrooms, added a game room, an indoor griddle/breakfast station, decorated with beach theme (it's by the ocean), replaced the roof, added an HVAC, added all new flooring, resurfaced the pool, poured new concrete in the backyard, created an area for a fire table, bought furniture for outdoor dining, and much more.

What was the outcome?

It's only been on the market for about 3 months, but we're nearly booked solid! Finally making money on that house!

Lessons learned? Challenges?

Don't waste time and money with "handy" or unlicensed people. Get bids for big jobs and pay for the one that feels right. Get signed contracts and receipts - you'll need them for your taxes. Also, "repairs" will be deducted on current taxes, while "renovations" will be taken over multiple years.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

I didn't have to, I'm a realtor :)

 BUMMER!  :( 

Well that market has cooled off a bit. Prices continue to be "up there," but the feeding frenzy is over. I would love to help any of you who are still looking in the area. I partner with an agent in Landers who is extremely knowledgeable about the high desert - all the way from Morongo to Landers to JT to 29 Palms... we know all the back roads, the secret areas, the high end homes to the jackrabbit homesteads! Summer is a good time to buy, too - it's low season. 

 I just looked at this post from 9 months ago, but I have a real estate agent in the area who knows so much! All the nuances of the area! Her name is Kim White, and she's with Keller Williams in Palm Springs, but lives in Landers. You can contact her at hideserthomes at icloud dot com. Good luck!

 Hi Mauricio! It’s been a year since I’ve visited this site! Did you end up buying in Landers? I was just there this weekend. I’m JUST now starting to move forward on my reno!

 Hi Mauricio! It’s been a year since I’ve visited this site! Did you end up buying in Landers? I was just there this weekend. I’m JUST now starting to move forward on my reno!

@Peter Mckernan Congratulations! Love the area!! Do you have a lot to do?

@Mauricio Arroyo, of course! I’m open to anyone who wants to know more about it! One thing to know is, if you have to bring in water, the price of your meter is going up on July 10th or 11th - right now it’s only $6500, and it is going to be more than double. It may come down again though - they keep changing it. 

I’m a licensed California Realtor and would be excited to help anyone find a place in the area (anywhere really, but right now the Yucca Valley area is my sweetheart!). Or just bounce ideas if you’re already working with someone. (By law I have to put my DRE license #02091360 if I talk real estate on this thread). 

Our first goal is to get that water hooked up and plant some TREES. Gotta get some shade happening. I’ve researched trees that do well in the high desert and can’t wait to get planting! Does anyone have a recommendation in the area of where to buy trees that won’t break the bank?

Thanks in advance!

We just closed yesterday on a homestead in Landers!!! So excited! I'm really looking forward to putting in some elbow grease and bringing it back to life. It's currently just a tiny, cinderblock box on 5 acres. Eventually we'd like to rent it out as well, like everybody else lol! Heading out tomorrow to pick up the keys :) :) :)