All Forum Posts by: Edgar Stanislavsky

Thank you Francis A.

@larryt thank you very much for the great advise. 1 down 9 to go. I am actually signing docs today for my duplex. I do hope that I get to 10+ properties soon.

Hey Gang-

I am about to close on my first buy and hold duplex in gorgeous downtown LA. 

I got a non-occupant loan and the ROI is crazy. That's why I bought it just in case anybody is wondering.

My question for all you experienced landlords is what is the best advise that you would give someone (me) who is about to become a landlord for the first time? Please don't say run, it's too late for that :)

Lay it on me BP.

Thanks

Edgar

@Mark Mynhier thank you for the tip. My office is in Burbank so I should be able to attend.

@Larry T I would love to be doing multiple flips but the guys that I currently work with can't seem to find good deals fast enough. Note to self, find new source for deals. I really have no excuses. I own a printing and direct mailing facility in Burbank.

@Account Closed  can't agree with you more. Thank you for your feedback.

Thank you @Ben Leybovich and @Will Barnard for your prompt feedback.

I feel validated that you both agree with me. The consensus is that deals are hard to come by, cash is readily available and that a 7% ROI is just a reality for this type of deal here in Los Angeles and way more than I would make by leaving the money in the bank. It's a valid point but one that I still can't easily accept. As a new investor I found myself trying really hard to justify these figures just to have another deal but after closer consideration I realized that the risk-reward just doesn't make sense.

@Will Barnard  - the purchase price was $350K and the estimated rehab cost is $30K.

Thank you both for taking the time to give me your feedback. I really do appreciate it.

Edgar

BP Nation I need your help.

Disclaimer: I am very new to the RE investment game.

I have a fix/flip deal on the table that is mine if I want it. I've already invested $450K with these guys on two separate deals, they are very proficient and trustworthy but I've always had the same internal struggle. The issue is that I don't think that the terms are very favorable to me considering the fact that I am the investor that is coming in with most of the cash. I need to know from the seasoned investors if this is a solid investment.

DEAL DETAILS

SFR 4BD/2BA, 1500sf, 6000sf lot - Property is in a nice neighborhood in LA and the projection is that it will be fixed and sold within 4 months.

Total capital investment (purchase, agent fees, rehab, etc.) $382K

Projected sale price based on current comps after closing costs and commissions: $437K

My share: $232K which is roughly 60% of the total investment

My estimated ROI: $16,692 which is 7.2%

I would appreciate some input and guidance from all the BP members but I would especially like to hear from the BP superstars @will barnard, @Ben Leybovich, @Brandon Turner , @Joshua Dorkin and @J Scott.

Thank you,

Edgar S.

@Jim Workman - thanks for thinking of me Jim. Unfortunately I won't be able to make it and it kills me because I live 10 minutes away from WP. It's my daughter's 6th Bday Party and family comes first always :)

@Paul Ortiz - Thanks for the shout out hermano. I appreciate it.