All Forum Posts by: Lor Fara

Thanks for the specifics @Caroline Gerardo!

- I didn’t understand what you meant at first, that local community should be IN the pictures.  Ok.  (this community is mostly Hispanic.) 
- we had 42 pics posted for the first 30 days and a longer description.  We were separately advised by other agents to have fewer pictures, and a shorter description :)) so we adjusted both.   it didn’t make a difference.  
- there were two broker preview open houses - but not with food.  Good to know!! 
- agreed on social media. 

Thanks!  

Quote from @Steven S.:

Yup, I see AS-IS this should have sold for closer to $425k, to be flipped at $610k. Whoever purchased at $540k is way too close to the ARV of $610-625k.

Someone already ate up most of the value-add component of this deal, did you get this from a wholesaler? Someone made easy money on this, but it wasn't you

 @Steven S. no, this was a HUD purchase. There's no way I could have bought this house in 2023 with $425K in CA. I could have probably negotiated $10-20K less.
I knew the margin was small but I thought manageable, and I wanted to get started, test my contractor teams.  
everything went well until the sale.  Lesson learned that I do need more margin, and others! 

thanks everyone for the feedback!  
I’ve learned a lot. 

Obviously we didn’t use just one house to calculate comps, we had a dozen on the list.   The one I posted wasn’t even listed when I listed.  It bothered me bc I didn’t understand the reasons it went so fast compared to mine. Now I have a clearer picture. 
I’m able to make a decision for the next step, thanks everyone! 

Hi Caroline - thank you for the feedback.  I have real cameras installed from the beginning of the renovation.  
What do you mean by it should be on social media “with a Filipino teen girl, a South Asian older man” - like in the pics? 

the neighborhood is mostly Hispanic. Agree that target buyer is family with kids.  Or even two families in this area.    However, not many showed up.  

the agent did do broker open houses and pitched it to brokers.  I don’t think there was much social media marketing. 
I think I’ll go for a price reduction.  Still needs to be marketed better I think.  Thanks! 

Hi Martin, thank you for the reply.  
- The bathrooms are redone with quartz walls, which is higher end than tiled walls. That didn’t come across in the pics?  No maintenance required either.  
- yes, our comps were no more than 1 mile around. several sold over the asking price 1-2 months earlier.  I was confident this would sell based on comps.  
- Richmond has many pockets, this area is safe that’s why I purchased there.  But I think as a buyer coming from outside the city, it’s hard to know that.  We tried to convey it in the description and my agent called a bunch of other brokers. 
- we had about a dozen good showings.  Everyone who comes over “loves it” but then they don’t put an offer.  Came close a couple if times. 
- we didn’t get feedback that the price was too high.  

I’m concerned that if March comes, it will be the same situation.  

Thanks!  😊 

Hi Armand - is your flip in Vegas a house or a condo? How do you go about finding tenants, do you advertise it yourself or through a property management company?  

If I go this route I’d prefer to work through a property management but I don’t have anyone yet in my network in CA.  

Hi Erik - I haven’t considered renting long term as I had some bad experiences with tenants in other properties, but getting around to this option.  

Thanks Armand. May I ask what rate did you get on the DSCR loan? And which lender?

Hi, yes looked into renting it short term. The property management companies said that would be unlikely to find  in that location for short term,  plus risky bc of rent control and eviction local laws.  (Aka I may find myself in a situation where people say they want to stay a few months but then don’t want to leave and I can’t evict them)

My property is this one 

https://www.zillow.com/homedetails/1402-Esmond-Ave-Richmond-...

the one that sold is this one

https://www.zillow.com/homedetails/1918-Roosevelt-Ave-Richmo...