All Forum Posts by: Rebecca Raskind

I am wondering if anyone here has had experience with electric/ductless fireplaces like so

https://www.potterybarn.com/products/corretto-electric-fireplace-mp/?catalogId=84&sku=2356391&cm_ven=PLA&cm_cat=Google&cm_pla=Furniture%20%3E%20TV%20Stands%20%26%20Media&cm_ite=2356391&gclid=CjwKCAiAws7uBRAkEiwAMlbZjm622Y-iWpSrT4ETi6i2mWFI4TkudzMcc6r4wBEGELigXCvyPhJ1BxoCwCUQAvD_BwE

I'm currently rehabbing a home with a mid-century vibe. Unfortunately the original fireplace would not work with our floorplan and had to be demoed. We are planning to install an electric (flameless) fireplace and frame it out, then tile with Mid Century Modern style tile.

I'm curious if anyone has experience with this type of ductless fireplace. Do buyers respond to them well (thinking savvy Los Angeles buyers specifically) or would it be better to spend considerably more money for a direct vent gas fireplace (has a real flame but does not require a chimney).  

Would love to hear any thoughts or experiences! 

HI George! 

@Adriel Liwag hosts a monthly NELA meetup. The next one is this Wednesday! 

@Nick Parks to answer your other question above too. I do believe your time is just as valuable as the money. It’s your time, mental load, creativity, connections etc.. I know on our first project it was basically a full time job for me with my money partner just sending wires as needed and collecting the profit at the end. The level of stress, time, and day to day headaches of the design and renovation process were not felt by her at all! Something to think about :)

I have a money partner and we structure deals exactly this way. On our first deal together I had skin in the game as well (paid about 1/3 of the renovation expenses) but she handled the down, about 3/4 of construction costs all the loan interest payments.  The deal went very well and we are doing more deals together now where she will be 100% of the money. The split is still 50/50 but she is more or less hands off during the process. We keep detailed spreadsheets of expenses with receipts. We do have an agreement that details this arrangement where of course after closing (we split closing costs), all monies spent go back to the partner who spent and the remainder of the profit are split in half. 

It’s helpful that I’ve known this partner for over 10 years so we are entering the arrangement with a history of trust. 

I work with a money investor! I think it would be smart to have a conversation with the potential investor first. Offer to buy them lunch or coffee and chat about what you plan to bring to the table. Discuss what you will be looking for in a deal (spread etc...), demonstrate you know what you are talking about, the market, necessary connections etc... You do not need to have a deal in place to line up money. Then, when you DO find a deal, bring it to your money person before making an offer or locking it up with the seller. Put a presentation together (does not have to be fancy) demonstrating why it's a good deal with proposed acquisition price, estimated rehab costs, ARV, comps, expected timeline etc..Explain how you see the money relationship working (how much are you asking from them, will they getting a percentage of equity or interest etc..) IF they think it's a good deal and interested in partnering then you can proceed to make the offer and get the property under contract. That is how I would work it personally.

Looks great and congrats on the quick and easy sale! 

@Will Barnard Thank you! Yes, the staging really brought everything together. I like to think we set ourselves apart by not doing a cookie cutter flip. We plan to continue reviving homes with finishes and staging that are warm, stylish, and unique all while staying respectful to the original structures. We held the property from December 1- June 15th so about 6 months close to close. I will check out some of your projects in LA as well!

Thank you! It was really lucky to have happened upon this deal. Now that I’m actively looking again it is slim pickings :)

Thank you everyone! Eyes peeled for my next deal :) 

http://www.2261chelan.com/