All Forum Posts by: Sean Resavy

Yea man let me know. You can come check out the duplex if you'd like before i get it rented. Lets grab a beer at Mare Island brew, its just a couple blocks from the house. DM me when you are available!

+1 for Vallejo! Bought my first duplex here a couple months ago. @Mike Bolen is right in that the area is expecting some major appreciation over the coming years. Born and raised here and would be happy help let you know which areas are good and bad as there a lot of pockets around here. Best of luck to you!

Yea just curious :) congrats on your flip! 

are you self managing or using a management company?

 Hey Alexandra! I just got off the phone with the hotel and the block is booked on one of the nights and therefore wont be able to move rooms. I'll only be a small walk away lol see you there!

Oakland in the house! Let me know if you want to meet for a coffee before the conference.

Born and raised in Vallejo, CA !

+ 1 for Vallejo. id avoid Benicia, very pricey for only a few miles down the road. Depends on how long you plan to hold the properties for. If planning to hold for over 10 years i would highly encourage buying in an opportunity zones to eliminate the capital gains tax and buy in a historic district to significantly reduce your property tax (mine by 85%. value of house to land). with these combined in at a 17.5% COC return.

Hello everyone!

My girlfriend Lexi and I will be there for our first BPCON and will be staying at the Sheraton beginning Friday!

Goal: To get leads for our first out-of-state BRRRR deal.

Currently finishing a rehab on a duplex here in Vallejo CA (SF Bay Area). Taking advantage of opportunity zones and historic districts (Mills Act) to avoid paying capital gains tax when we sell and to avoid 85% of our property tax.

Looking forwarding to meeting anyone and everyone! Please reach out if you wanna chat or connect before the event :) 

Are you buying in Hidden Brooke? I would advise against buying a single family in a HOA for the purpose of an investment property. Trying buying in an opportunity zone or one of the historic districts downtown. Just be cautious when choosing the neighborhood.

Investment Info:

Small multi-family (2-4 units) buy & hold investment in Vallejo.

Purchase price: $510,000
Cash invested: $57,000

This is an incredibly historic duplex! The property was built by St. Vincent's Church in 1925 to serve as their original rectory building. The house has since been converted to a duplex which we will renovate and rent out. The house is located in both a historic district (Mills Act) as well as an opportunity zone allowing for large property tax rebates and the elimination of capital gains tax when we sell. The duplex features a 1/1 and a 2/2 with the ability to convert the 2/2 into a 3/2 as well

What made you interested in investing in this type of deal?

The property is located in both 1) an opportunity zone and 2) a historic district. If held for longer than 10 years, the opportunity zone eliminates the capital gains tax when we go to sell. Being located in a historic district that allows us to opt in to the Mills Act. The Mills act provides us large property tax rebates as long as we continue to upkeep and preserve the exterior and look of the property from the street. We also needed a place to live.

How did you find this deal and how did you negotiate it?

This deal was found on the MLS and presented to us by Steven Lam and his team (Julian G. and Hobie D.).

How did you finance this deal?

FHA loan 3.5% down. Total acquisition cost us $34,084.00

How did you add value to the deal?

Only half of the space upstairs is being used. By pushing out some walls into the un-used attic space we will be able to convert the 2bd/2bath into a 3bd/2bath. The current foundation has 6-10 years of life left in it. When it comes time to replace the foundation we plan to lift the house and add a 2bd/1.5bath ADU downstairs, significantly offsetting the cost of the foundation.

What was the outcome?

Still currently rehabbing the property.

Lessons learned? Challenges?

So many lessoned learned on this first deal and first rehab. the biggest take away for me personally is not to be so hard on myself when things dont go perfect. To trust the process and my education.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Rockstar agent from David Greene team (DGT), Steven Lam!