All Forum Posts by: Ramsin Jacob

Yes, in California you do not have to specially mention to seller or the agent why you are canceling.  If you have the contingency period still alive, you may exercise it at any time during the duration or the contingency.  Simply fill out the 1 page cancelation CAR form and select that you are exercising your property contingency as per the contract and because of that you are obligated to receive your full deposit returned from escrow.  

 Preeti, 

Just saw this post, glad you did not buy.  I specialize with investment deals here in the Bay Area, over 90% of my business are investment transactions - fix & flips, rentals & commercial.  Just some notes for you to keep in mind moving forward if you want to fix and flip, especially here in the Bay Area :

1) Los Gatos Mountains or any rural areas - are not ideal for flipping.  You are going to have a very small pool of buyers.  For flipping, focus on neighborhoods with good schools  and close or easy commutes to major companies here in the Bay Area. Stay away from East SJ & SouthEast SF.  

2) Without any detail, I can already tell you this LG deal was not going to worth the time. The ARV on that home wouldn't have been more than $600k.

3) A deal like LG, would be ok if you wish to hold the house for at least 10 years.  Definitely not to flip. 

4) Looks like you discovered the extra liability that comes with owning property in rural areas such as the Santa Cruz Mountains.  Just avoid that type of landscape all together.  

As a new flipper - focus on homes with flat lots, on concrete slabs that were built no earlier than 1960.  You will have less surprises to deal with in terms of structure.  Find the cosmetic fixers, where the bones are good.  Develop relations with contractors and hard money lenders - figure out the processes through these easier types of deals.  

I know it's exciting to find something under $500k in the Bay Area - but there are obvious reasons why that house is under $500k.  Secluded, small, steep slope (most likely unbuildable land) & environmental liability. 

There's a lot of fixer opportunities now than I have seen in a while.  It's a good time while majority are sitting on the sidelines.  I work with multiple investors and they have stacked their purchases beyond their normal monthly quotas because deals are easier to secure right now.  

If you need assistance, reach out, since just beginning 2021 I've closed over $30,000,000 worth of investment deals to put in perspective. 

 Hey Valentina, I sent you an email intro to an old friend of mine who works in that area. 

I don't mind sharing my CPA contact info.   He is based in LA.  I've been working him him since about 2014.  Handles multiple businesses of mine and personal.  Feel free to reach out if you still looking. 

Zestimates are the worst thing anyone can use to evaluate a property.  Knowledgeable buyers and Realtors know how to analyze comps and neighborhoods accordingly to provide an accurate property value in the current market.  I would not worry about that if I was you.  If you have any questions, I'm here to help.  

You should conducting proper due diligence on the property regarding the conditions, comps and neighborhood.  Don't be greedy and try to cash a big check off one deal.  It's all about closing high volume of transactions.  I see too many newbies try to hit a grand slam with one deal and then I never hear from them again.  The more properties you analyze, the easier it will be for you to make appropriate offers to sellers which still have meat on the bones for an investor.  When you have a off-market deal under contract, contact me ASAP.  Closed over $20,000,000 this year with my investors, we'll make it smooth if the deal makes sense. 

Do not use Zillow pricing.  It's a random number, majority of the time never accurate.  If you want to know appropriate prices to offer you need to conduct proper due diligence on the property conditions, the neighborhood & the current comps within 1 mile or less from the past 90 days.  If there are not enough within 90 days, go to 180 days.  If you get a property under contract and need to assign it (must be off-market) contact me.  Anywhere in the Bay Area, I have clients who can close in less than 14 days.  Sold over $20,000,000 this year.  

Hustle all day and night, reach out to your contacts & let them know you are in the Real Estate business.  Figure out ways you can afford to market yourself to the general public.  Network, network and network some more!

Hi Joy,

Downtown San Jose is a great area to invest in whether it's for primary residence or passive income. You are correct, in my opinion, the appreciation within Downtown San Jose appears to be a sure thing as we move forward for years to come. You are better off buying a SFR with land but given the prices in the area it may be too high for your budget? Reach out to me when you have time and we can further discuss. This year alone I have sold over $20,000,000 worth of Real Estate in the Bay Area. I am a San Jose native.