All Forum Posts by: Brian Mollo

Definitely some good advice on what to look for. Referrals from folks doing what you're doing/trying to do are always going to be your best bet, especially if you can visit their job sites. If that fails and you get a deal and are really in a jam, go to the nearest Home Depot early in the morning and linger at the Pro Desk. Do it for a couple of days. You'll quickly learn who is buying a bunch of material and who the employees are paying extra attention to. They're the ones who are busy and it's likely because they are good at what they do. Good luck!

I agree, unfortunately. Most general, nationwide 'rules of thumb' do not apply in any CA market that you'd want to invest in. You have to get more granular in all facets of underwriting.

Hey George. I don't have experience with any specific vendors but a few apps/websites have popped up where folks can 'rent' out parts of their home, garage, etc. for others to store stuff in locally. Might be a cheaper route- think 'Airbnb for stuff'. I think storeatmyhouse is one. That could qualify as a cheaper and creative than a conventional storage place. Good luck!

I'd second Caroline's gratitude. Also, congratulations on your newest ambitions. There are lots of niches to pursue and real estate is a great avenue to open many doors and provide an exciting work life and personal life too. I'm sure your background will help your cause and think about trying to find a good mentor. Good luck with it all!

Incredible story; I'd agree with most folks here. Try and find an experienced partner if you can, as you will need some capital to pull it off regardless. 70 units is no small task, especially with a building that was mismanaged. And just because they self managed, doesn't mean bringing in a professional management company won't have its advantages. I really just wanted to chime in and wish you luck! I hope it works out for you,

This appears to be a very, very old note, but I thought I'd reply to see if you'd get this note. I'm late to the game to notice AxiDraw. Did you ever pursue it? Any experience with using it? Doesn't seem that expensive but its practicality, I'm not sold on for mass mailings.

I'd agree with the sentiment here. I wish I had pulled off a house hack earlier in my days-it's an absolute no brainer if you can accomplish it...you might have to open your search up to additional areas; not sure if that's an option for you, but as mentioned, getting the deal is the most important part. 15-20 mins from your ideal location shouldn't rule out the property. Yes, it's absolutely competitive and inventory is tight, but there are still properties to be scooped up. Especially since you'll be able to pay more than your average flipper who needs a profit margin built into the acquisition price. Maybe you land a mom and pop owner who is fed up with what they thought was going to be a coupon clipper investment but have run into non-paying tenants. Anyway, good luck and don't give up!

Investment Info:

Single-family residence fix & flip investment in San Diego.

Purchase price: $375,000
Cash invested: $60,000
Sale price: $585,000

Single family fix and flip in San Diego, CA. 114 days hold time.

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

Off-market, through an Agent.

How did you finance this deal?

We used 100% hard money with deferred interest payments. All rehab material was put on Home Depot credit card with no interest for 90 days. Cash invested includes closing costs, holding costs, GC costs and some make ready costs.

How did you add value to the deal?

Complete remodel.

What was the outcome?

Fast rehab, good product, multiple offers over ask, great return.

Yes, it does seem investors fall into the 'pro-license' side, or the 'why would I need it?' side. I personally find it very useful. While Redfin/Zillow, etc. have become more robust, they have limited information when digging deeper relative to the actual MLS. I don't necessarily use the MLS to source deals in my competitive market, but it is very useful to look up an off-market property's historical listing(s), access tax records, and it will give you a much better snapshot of comps. Additionally those comps will sometimes have 'agent only' comments in the listings, that help you understand the story of it, thus giving you a clearer picture of the subject property and make you more accurate your analysis. Early on I had occasionally listed my own flips and sometimes wrote up the offer on the front end to put the commission into the deal. Also, if there is a realtor association lockbox on a property that is pre-market, I also don't have to have someone show me in. And being part of the Association will give you access to Realtors to source deals for you, as 'one of them'. I do think the positives far outweigh the negatives. The cost is relatively minimal over the course of the year and to obtain one isn't that hard. I'm not sure the argument against it really, although I've heard some elude to the fact that having a license holds them to a higher standard or may interfere with their investor/wholesaler activity... I'm not sure what State they reside in, but if you always disclose your license (and actually do operate with integrity) I'm not sure I understand the counter-argument, or the repercussions of doing both activities. Good luck, Zach!