All Forum Posts by: Robert L.

Hi Ryan, Welcome! Sounds like you're off to a good start. I've been thinking out of state for my first investment, but I'm also searching for something out of my area and still within Cali before going out of state. Best of luck to you!

Hi Brandon and welcome, I'll reiterate, the Ultimate Beginners Guide to real estate investing is a great place to start. As well as the great podcasts. All the best to you!

I have a couple of contractor references you can checkout. They're not cheap, but reliable, dependable and can complete on or before schedule. One of the guys I know personally and the other has done upgrades for family members and are raved about. Both GCs. Both licensed, bonded and insured. Which is why they are not cheap. I was talking to the GC I know and he was telling me that it's his insurance that is the main factor that drives up his price. But, he also knows of ways to keep costs low, if not more than one guy is needed on a job. Maybe an option if a place doesn't need a ton of work.

Hi Kaitlyn, welcome to the BP community. I'm a fellow newbie. I love the discussion you have going here. One of these days there should be a SoCal Meetup. Not to exclude Northern Cali, but it seems there are so many investors in just SoCal, that we could probably fill up a place easily. All the best to you with your PhD and investing plans!

Oh, that 4-plex bullet I mention was... Listed for $180k ARV of $194k We got the price down to $167k, but the seller wanted us to close in 3 days, Cash. Wholesalers said it needed a lot of work. After we backed out. I found another investor's contractor found the rehab to be a whopping $100k of rehab. The seller, of course, did not want to go low enough to cover that. He was more concerned with taking as much money as he could to do a 1031 exchange. Forget about that fact that he didn't take care of his place. And I found that I know of the guy. He's not distressed himself, but it looked like he was running the place as a slumlord. Not cool. We were also told that one tenant hadn't paid for 2 months. So, that would have been a potential eviction to go through right away. Another tenant was planning on moving in two months. The other two were set for at least a year.

I was considering a 4-Plex for my first investment. Until I dodged a bullet, then heard a BP podcast which brought up that if something goes wrong, it is harder to sell a 4-plex than a SFR. Also, with SFRs, you typically have tenants that stay longer. And I know of SFRs where I see that play out all the time. It can happen with MFRs too, but I'm hearing there's more turnover in MFR. On the flip side, in the Ventura market, I'm noticing some landlords seem to be having more trouble renting their houses (SFR). So, they are selling or flipping to sell them. Something to think about. Weigh the pros and cons and look at your specific situation. If you have the money to budget for the cons that can come with investing in MFRs, than I imagine it can be a good way to go.

@James Bynum Thanks for chiming in.

Right, one of the tenants had not paid for a couple of months. And the place had rediculous deferred maintenance. Of course the seller wants almost top dollar to do his 1031 exchange... for not taking care of his property. Description of the sale might as well say, "Looking for a sucker!"--- Almost had me.

Welcome Todd! Hey, good hobbies. My family and friends are planning a hunting trip to Alamo mountain at the opening of the season, in Oct. Meetup! lol

Hi Stephen, Welcome! I realize it can be nerve racking to jump in. Depending on your area and the market there. If $10k is sufficient enough capital to cover a down payment and other costs. I would be on the lookout for a rehab investor in your area and see if you can partner with them. Find someone that has done a few fix&flips successfully. BP can be a good place to find someone, or a local REI club/REIA, maybe the courthouse foreclosure auction. Build a relationship, so you can make sure they are someone who is going to actually take you down a road you want to go on. If I was financially ready to rehab/fix&flip houses, that's what I will be doing. Right now, I'm marketing for wholesaling. But, I'm also networking to prepare to rehab/fix&flip. In that, I am getting to know the rehab investors in the area. Best of luck to you!

I'm just curious, what gap are you looking to fill? I would imagine that CA's DRE doesn't have anything specific to wholesaling. It's usually certain contracts that have had sections prohibiting the assignment of the contract.