All Forum Posts by: Mark Baldwin

Hi all. My wife and I will be purchasing in spring of next year. We know it's going to be a house-hack of some type. However, a decent du/tri/quadplex is min $2-3M - we can't qualify for a loan for that. We can likely afford a cheaper smf residence however it's going to start in much worse condition as well as be located in a much less desirable location. Or we can buy a decently updated sfh and perhaps build an ADU, but the costs associated with that (lumber, permits, etc..) are probably just as exorbitant. I'm not sure how to attack this issue. All suggestions are appreciated.

ALSO, are there any local REI meet-ups in town?

Hi Everyone.  Just as an update, I ended up walking away from the deal.  Too much risk as @Aaron F. put so succinctly.

On to the next. Thank you for all of the insight, advise and suggestions - it was exactly what I needed.

@Joel Miller thank you for sharing, we'll certainly be looking to negotiate it down.  @Lynnette E. Great analogy.  I'm new to foundational issues but you're right, I can't imagine an easy exit down the road given it's current condition. Thank you - I really appreciate the advice and will entertain a full replacement.

Thank you @Sean T. Combined, all 3 properties make good sense.  That is until the structural issues became known.  To be determined...  Thank you for the insight!

@Marc Rice Thank you.

@Mark H. Porter that sounds consistent with what I was told as well.  Thank you!

@Mark H. Porter Thank you for the input. We're going to go back and ask for closing costs to be covered as well as price reduction.

Hi guys.  I'm from SoCal and in contract for my first deal - a 3 duplex package out in the mid-west.  The inspection report came back and the block foundation for two of the properties are in poor condition.  Some of the walls have substantial movement with considerable bowing occurring in several areas. There is also water/moisture build up throughout the subfloor as well.  I had a foundation engineer walk through and said it would be about $12k to place in several steel I-beams and carbon fiber reinforcement to maintain the integrity of the walls for both of these properties.  We're going back to the renegotiation table with the seller but my fear is they wont budge on the price, and if they do not, I'm left with a decision.  

I have a STRONG desire to close my first deal but I'm afraid that this may fog my decision.  I know the foundation is a big deal but these costs don't hurt my numbers too much.  All other mechanicals are in good condition too. Looking for guidance, advice, suggestions, past experience - anything that may help clear my head with the upcoming decision.  Thanks.

Hi all.  My name is Mark and I currently live in the Southern California OC/Los Angeles area.  I've recently been introduced to the world of real estate (as well as the bigger pockets community) and, as a result, have developed a strong passion for the industry.  I would ultimately like to become an investor one day however I currently do not have enough money for even a rehab of a property. Therefore I would like to pursue a career in Real Estate to learn as much as I can while making money.  However, given my work experience, it seems that the predominant jobs that are available are either Real Estate Agent or Wholesaler...  An area (sales) that is not my strong suit.

My question is - are there any other entry-level, foot-in-the-door type positions that one could apply for with little-to-no relevant background or experience?  Any recommendations would be greatly appreciated!  Thank you.
 

@Evan Snyder Thank you for this post.  My intrigue of the real estate investment world had sparked just over a month ago and I've been neck deep into absorbing as much as I can ever since.  I too live in SoCal (just down the 91 from you in Long Beach) and have been struggling with understanding how a buy/hold could reasonably apply in this area.  Most examples I hear of are affordable $80k-$150k properties, yet, when I go on Zillow or Redfin in our area, I can't help but get overwhelmed..  Like how the hell am I going to make $500k work.  Seems like a quick flip is really my only true option.

Anyway, I created an account on this website 30 minutes ago and this post helped bring a lot of clarity to a lot of confusion, so thank you.