All Forum Posts by: Gloria R Lowen

Investment Info:

Single-family residence fix & flip investment.

Rehabbing a 110 year old Craftsman style home in Highland Park. Got off to a rough start as the contractor hired by my business partner turned out to be uninsured and was going for change orders right out of the gate. We let him go and the project went dark for several weeks while we found another contractor. New guy is amazing. In less than a week we have a new roof on the place, rough electrical almost complete and 50% rough plumbing done. Making good progress now.

April 2020 Update. Project was completed mid-February. Received multiple offers within 5 days. Sold for over asking and closed March 20th amidst the corona virus pandemic. Feeling super grateful. Stay safe and healthy all.

Hey thanks for the responses.  I was trying to update the posting I made back in the fall.  Seems I ended up making an entirely new post!  I would appreciate tips on how to update an old post.  That said the update is that the house is listed now and responses from the open houses this past weekend have been positive.  We have one solid offer and are waiting a day to see what else comes in. 

Investment Info:

Single-family residence fix & flip investment.

Rehabbing a 110 year old Craftsman style home in Highland Park. Got off to a rough start as the contractor hired by my business partner turned out to be uninsured and was going for change orders right out of the gate. We let him go and the project went dark for several weeks while we found another contractor. New guy is amazing. In less than a week we have a new roof on the place, rough electrical almost complete and 50% rough plumbing done. Making good progress now.

@Scott Smith Thank you for your response. I read the article on the Delaware State Trust and am wondering can a DST be a JV partner like an LLC can?

Hi Todd, 

Thanks, I'll check him out. 

Hi BP Community,

We are looking for an accountant that is experienced in working with real estate investors and a really good real estate attorney.  We are doing our first flip right now in the Los Angeles area and will be forming our company soon.  We are doing the flip in our own name, but going forward we want to put everything into a business entity.  We will also be doing some private money lending to other investors, so want to make sure we have the right legal documents etc. for that.  So if you know of someone that is savvy in working with RE investors and is in the Orange County/South Los Angeles county area please forward name/contact information to me.  Much appreciated.

Thank you Alex Bekeza, Mark Waite and Jacqueline Gardiner for your posts on this thread.  There are a lot of considerations to owning a vrbo in Maui while staying on the mainland.  As has been pointed out, property management fees are running from  25% - 36%.  That's a lot of the net going to someone else, and yet it is necessary in order to keep the rental unit close to full occupancy and generate the needed revenue.  

Hi Alex,

Yes I have noticed that HOA fees are extremely high. In the ROI projections I ran, I put in $1200/month. It seems to depend on the amenities in the complex. I am seeing HOA fees running from $500 up to $1600/month. In a lot of cases the fees include everything except phone (which isn't necessary anymore) and in some cases cable. And even with the fees that high my calculations are still showing decent passive income cash flow.

Do you own an investment property in Maui?  If so, I am interested in hearing about your experience with property managers, as well as rental income.  I am considering 1031 exchanging a townhome I own in Southern Cailfornia for a condo in Maui which would be rented out as a vrbo.  The research I have done so far indicates I could double my monthly cash flow doing this and have a free place to stay when I go on vacation in Maui and be able to write off any travel expenses incurred to 'check on' the condo.  Sounds almost too good to be true - what am I missing?  Thanks in advance.  :)

Thank you Tony, Suny & Clark.  Your answers are helpful.  For now I will not be concerned getting a RE license and see how it goes.