All Forum Posts by: Gabe Cole

@Doug Pretorius Thank you!

@Doug Pretorius Thanks. How have you structured a deal like this? Seller still owns the property and the JV agreement outlines how I put up the remodeling expense and then at the sale he gets X out of it (whatever our agreed price is) and I receive Y out of it (proceeds above seller's agreed price?)

Hi everyone! I have a free and clear seller that is willing to sell me his property, but he doesn't want to close escrow until after January 1 for tax reasons. The property is vacant and he told me that he would be willing to allow me to start renovating the property prior to closing so that by the time we close escrow the house will be all remodeled and ready to put back on the market. Obviously this will reduce my holding costs and interest carry, but has several potential negative outcomes and risks. Even if I have him sign escrow instructions and his grant deed and deliver back to escrow, he can still instruct escrow not to record if he decided to.

This property is around 600k, so my monthly carrying costs will be around 5k/mo. Wondering if anyone has any work arounds for this or other creative options out there that I should be considering. I know I can just do a long escrow and start the remodel in January, but if there is a safer option where I am not making payments on the property during the next 2-3 months I would be open to suggestions. Thanks!

Hi Cindy,

I live and work in Newport Beach as both an agent and investor. We currently have 2 residential projects going in Newport right now and just completed and sold a home in Corona Del Mar last month. I will send you a PM. Happy to help in any way that I can.

Hi Holly,

I'm interested in learning the details. We buy in Newport Beach. Please let me know. 

Hi Justin,

I live and work in Newport Beach. I am a broker and an investor. I noticed your post and thought I would chime in. What most buyers don't see or realize when they are looking at these mobile home listings is that there is space rent on top of your loan payment for the manufactured home. These properties you have  highlighted have monthly space rent from $1800-2400/month.

Once most people find this out they are no longer interested in the manufactured home option. For those that do buy them they just want to live close to the beach and you can't get anything as close to the beach as these for this price.  It would not be an investment I would recommend. I think you are much better off finding something more like a condo, duplex or entry level home that can appreciate. If your budget doesn't allow for Newport Beach prices then I would recommend going a little further inland where you get more for your money.

Let me know if there is anything I can do to help!

Good luck!

Will Barnard with where you think multi family is right now, what are your thoughts on the residential market in SoCal for 2015. Any change of plans for the coming year or are you still targeting your luxury flips? I have been doing a couple luxury flips in Newport and trying to do more in the coming year.

Very impressive!

If you were to sell the property now based on recent cap rates in the area, what do you think the property would sell for?

It's inspiring to see the successful results from those that have shared. It appears the people who have received the most income as a result of BP are also those that have have put in the most time and effort and been willing to share their knowledge with others. I have been a member of the site since 2008 and regret that I haven't gotten more involved over the years. I have however learned a lot during this time reading through forum posts and I am committed to getting more involved and networking within the community moving forward as it has obviously had a huge impact for many people.

Cool video seeing it all come together. Great job Will. It was good seeing you on Friday at I Survived.