All Forum Posts by: Ruddy Anthony Salazar

I bought 5 liens in the LaPorte County tax sale last year. Two were redeemed and I took title to the remaining 3 parcels. One was land next to a house I already owned, the second was a shack in a crummy part of town, and the third appeared to be a nice house in a very good part of Michigan City. The lawn was mowed, there was a car in the driveway and from what I could tell, the home was in reasonable condition. I thought I stole it at 40% of ARV.

Despite the home's reasonable appearance, little did I know it was a disaster inside! The previous owner went into an insane asylum, which is why the taxes were unpaid, and she was the proverbial crazy cat lady. Sixty days prior to me getting title, the health department took out 39 cats and when I opened the back door, there were at least another 15 cats still living there. I have affectionately called this house the cat sh*t casa. It cost nearly $8,000 to get 12" inches of cat feces and every square inch of the house demolished. After some minor delays, I will be listing the house next week with no cat odor and hope to get all of my money out. As someone may have said earlier, just because it looks OK from the outside, it could be a sh*t show (pun intended) on the inside!

That has to be one of the funniest pun-stories I've heard. Sorry to hear about the disaster, but glad you got it worked out in the end. It could have been worse if you bought it at 60% or higher.

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Very nicely done, inspiring!

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7-8 rooms would be great. I was going to “theme” it and try to find creative/entertainment types, since it’s the business I work it. (Also considered renting the house to film productions since I have tons of contact for it.) My uncle has experience with it and has been walking me through it. There are a few pockets (pun not intended) that don’t have rent control that I was looking into.

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Hey everyone, I need a bit of advice on strategy I should take with my first home purchase. I was just approved for 700,000 FHA @ 3.9 interest and I am waiting to get my Certificate of Eligibility so I can get my VA options. I have been considering 2 different options. A SFR with 6+ rooms (live in 1 and rent the others) Or A Multiplex In Los Angeles area, the areas and rents of each place change significantly along with the purchase price. The 3 locations I have been considering is North Hollywood, Northridge, and LA south of USC. Any recommendations and suggestions to really get the ball rolling in Real Estate?

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Originally posted by @Account Closed:

Originally posted by @Ruddy Anthony Salazar:

I apologize, I should probably have clarified that the 600-900 dollars is for renting a room* not a SFR.

I only mentioned room rents because many of the buy and hold investors here buy 5-6+ room SFR's and rent out the rooms individually, therefore creating CF in a market where CF is harder to find.

Interesting, sounds like you mean hacking a SFR and renting out each room? Is this a real common practice there? The 5-6 room SFR still would be valued using comps as a regular SFR and financed as a typical SFR property though.

I'd say about 10-15% of buy and hold investors do this or a variation of it.

1 example would be one investor I know buys SFR's with 5-6+ rooms and splits the rooms for international students.

Another example is a investor/contractor that builds 10 room rehab homes.

There is also post-rehab homes as well as assisted living homes.

Just to give you a range.

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I apologize, I should probably have clarified that the 600-900 dollars is for renting a room* not a SFR. I only mentioned room rents because many of the buy and hold investors here buy 5-6+ room SFR's and rent out the rooms individually, therefore creating CF in a market where CF is harder to find.

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I've been living in the area my whole life. The rent is highly dependent on the area you choose to live in. Someone renting in Santa Monica could easily use the same amount of money to OWN in areas of the Valley (the greater Los Angeles area). Sylmar, Reseda, Woodland Hills, Santa Clarita, etc. The biggest problem is traffic, depending on where do you work? I work in Television so I travel to all sorts of places and various times. A trip from Sylmar to Sony studios at 5 am is about 25 minutes. leave at 7 am and the same trip is easily 2 hours. Rents in the valley can range from 600-900 depending on the area. The closer you get to areas like Studio City you can see rents skyrocket to $2-3000. It's like they say, location location location...

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Hey Bigger Pockets community,

I am learning the business and I found this interesting opportunity and wanted some advice from you fine folks. I have posted a the Deal below.

Just some additional info:

This apartment is in Los Angeles California.

Rent in the area ranges from 1,700-2,300.

What other information should I be looking at?

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Originally posted by @Jorge Ruiz:

@Richard Duong Thank you. I am well aware that with $15K it is pretty impossible to do anything, that is why I was asking to see if anyone had some creative ideas. I think my best bet is to make it grow in order to invest in something that will make it grow all the more. If anyone out there has any ideas I'm all ears.

Not sure if this is "BP" apporpirate, but have you considered other investment oportunities? I currently have about 30K in another investment that I am growing that also pays me monthly (passive cash flow). The most important aspect of an investor is to have the mindset and to look for opportunities wherever they may be. Either way, would definielty like to connect with you being in LA. I am currently looking elsewhere to invest in.

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Originally posted by @Jeff Wallenius:

@Ruddy Anthony Salazar thanks for your service and welcome to BP!

Thanks for having me!

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All Forum Posts by: Ruddy Anthony Salazar

Ruddy Anthony Salazar has started 7 posts and replied 43 times.

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