All Forum Posts by: Maggie Jones

So pretty! Someone's going to be very happy with this home!

Gorgeous flip!

$100-150 per sq foot?!?! How are these prices possible?  Can anyone recommend a GC in the LA area?  I've gotten 3 quotes for an approx 400 sq foot master suite addition (plans already approved by the city) and the least expensive was $150,000 - tile, fixtures, etc not included.  

We usually act as out own GC so I figured we'd have to do it on this job, too, but life would be so much easier if I could have someone handle it for $150/ sq ft. 

LA really is a different animal.  Our experience to help you benchmark:

- Bought duplex for $550k in 2010; live in one, the other rent-controlled unit rented for $865/ month (0.3%).  After investing about $250k and refinancing at appraisal value of $1.2MM, we've gotten tenant up to a whole $1078/ month.  They're moving out soon, though, so, after putting in another $250k or so, we should be able to rent that unit out for $4500.  Only 0.4% but we'll be living rent free in a beautiful home.

- Bought 4plex in 2015 for $1.1MM with rents at $6,285/ month (0.6%).  Will shortly have them up to 0.7%.  

Tons of equity there, though, as others point out. It's just different here.

Such a cute and charming house! I'd do a bit of staging and take fresh pictures like you plan.  Nothing major - a fun-colored pot, dish towels, a bowl of colorful fruit and flowers in the kitchen; a shower curtain and towels in the bathroom; etc. A bit of color as suggested would be great.  Maybe a high-top table, bar stools and wine glasses set up in a corner.  I like people to imagine the glamorous and exciting life they'd live if only they lived on my property.  It's terrible but I buy accessories from Target before taking listing photos and return them immediately after the open house :-)  

Seems silly but I swear it makes a difference:
https://www.onradpad.com/9907108-apartment-652-mar...

Good luck! Someone is going to be very happy there!

@Ciprian - 50% bump after a weekend turnaround! Amazing!

I also love having a personal relationship with our tenants.  As difficult as it is to find a deal in the LA area I'll always want to be local.

Hi @Ciprian!

Definitely nice to meet another local!  Burbank is a great area we'd love to get into.

When we bought the fourplex in November it was fully occupied but we had our first ever vacancy in March.  A week of painting and minor cosmetic updates and we found a great tenant paying 20% more.  I think we left some money on the table, too.  We collected over 20 applications at the open house.

We ended up having to serve another tenant a 60-day notice after several domestic disputes where the police (and in one case fire department) were called. We're taking the opportunity to make some more significant upgrades. There's one more unit whose lease we won't renew at the end of the year due to major damage they've caused but then we'll be done.  

It's so nice not being subject to rent control! Our duplex is in the City of LA and we're just really lucky we never had issues with the tenants (besides the crazy low rent).

What areas do you think you'll be looking next year?  

My husband and I started our real estate journey in 2010 when we bought our first home, a duplex in Los Angeles. We spent the next 5 years on a DIY down-to-the-studs remodel on our unit.  We were able to pull out some equity last year and put a down payment on a fourplex in Pasadena which we're now in the process of renovating.  

We'll be done upgrading the Pasadena apartments early next year for a 30%+ increase in rents. Then, the search will be on for the next rental property.

The BP forums have been a great resource in the past and I'm thrilled to finally be saying 'hi'. :-)