All Forum Posts by: Robert Chuang

@Account Closed 

And each HPOZ board has different rule and guideline? I am assuming?

Hi Fellow BPers!

I am wondering if any flipper have dealt with a HPOZ (Historic Preservation Overlaying Zone) house before? If you do, have you experience any delay with your construction period because of the HPOZ process? And how much longer does it take than the typical flip? 

What about the cost of the flip? does it significantly increase because it needs hardwood window, paint, the door to be as close as the original?

Thanks!

@Mark Marinaccio 

I am around the same boat as you do Mark, but I look for flips and possible investment. To answer your question about the market right now, It seems to me that there is NOT a specific area where you can find "hidden gems". I believe that there are factors you should consider before start farming is what price point you are comfortable to whole sale? what are your buyers looking into (networking is extremely important).

I am also a realtor in Pasadena so I have the network full of realtors. The market seems having multiple price reduction with listings, less offers, not as competitive as before, and more and more inventory on the market yet no buyer. The investors are pulling less and less margin and many are holding back.

I am not here to discourage you but only to emphasize that consistent marketing/farming will eventually get you deals. It might take weeks or months but there will be return. And when you are starting off, you should try to establish trust and relationship with your buyers first. Therefore, I would consider charging less fee for first couple of deals for your long term gains.

Below link is an article that we share in our office where most agent would agree on and it should be beneficial.

http://www.cnbc.com/id/102021503

Hi, @Jon Klaus 

I have seen multiple new construction loan for the developers in Arcadia/Pasadena. I also know that east west offers loan up to 50% of your equity (property) without further information.

Hi @Mark Hu ,

I have done some research and I know few of the developer near Arcadia/Pasadena they use [REMOVED]. You can look into some chinese bank that they have some loans that normal banks don't offer!

Also, the house has flooded before, so the seller decided to open up the walls for the investors to see! The actual studs, footer/headers seems in a good shape

Hi, I am an investor but currently do not have enough fund in my company account. Therefore I will be acting as a REALTOR for this deal . I found this deal this morning and the listing agent is reviewing for the offer this up coming monday Aug 4th.

The property is near Pasadena/Arcadia Area (Trustee sale, no need of court confirmation)

The listing price is - $875,000 - 5 bed 4 bath 3324 sq ft year 1984. I walked through the house and it looks to me mainly it need cosmetic (the seller already gutted most floorings). It may need a new roof.

Near by comps (sold) 

- $1,178,000 (not updated)- 4 bed 3 bath 3476 sq ft year 1990   

-$1,650,000 (somewhat updated) 4 bed 4 bath 3620 sq ft year 2005.

Estimation for repair ( **my opinion **) - $150,000  

Estimate PRV (predicted resale value) - $1,300,000.

As of now I knew that theres 3 offers, one of the offer is all cash and over listing price.

Please contact me and send me a message to my inbox if you would like further details and see the place! I hope somebody would jump on this deal!! I would rather have one of bigger pocket member to have the deal!

Regards,

Robert

Tax deductibles in Sin City!!! Who wouldn't love that! 

@Amir Seliger 

wow thats some A-mazing numbers you are getting! And yes I'm interested in your leads! I will contact you in a minute! Thanks

@Casey Cuppy  Im going to purchase the home and flip then sell it through agent. The website you send me looks very professional. Thank you for the information!