All Forum Posts by: Shawn Nguyen

How much should I offer  house listed $199k? There is significant foundation, plumbing work to be done in addition to other items. Property values $240k

Joseph,

I live in Orange county CA. We paid it cash. no Financing.

Thank Will and James and everyone else,

Abrahim,
Thanks for the feedback. This is a positive for me. We were talking to people around. They said that we were crazy for buying at that price and sell it at that price. We pretty much gain mostly on labor and discounted materials. It is a lesson for me. Thank god it is a positive one. This first sale really open my eyes. Thanks everyone. The people who bought it was really happy. The inspector that inspected the house was consider of selling his and buy ours. Lol. I thank everyone and this forum for helping me out.
Btw, what is arv?

Hi everyone,

My brother and I just made $42,000 on our first flip. Our business is slow, so we decided to flip house. My original plan was to buy a fourplex and invest in it, but the price was just ridiculously high, so we decided to flip house. Please excuse my grammar, but here are some details about it. Damn, I wish I took some pictures.

We bought this house for $386,000 in cash. This house was in bad shape, it looked like it has been robbed. Cabinet, countertops, sinks, oven, water heater, air conditioner, heater, and some doors were missing. The neighborhood was selling b/t 440,000-525,000. Because I am hvac/electrical contractor and my brother is general/plumbing contractor, it's no problem for us. We remodeled this house from sctach. All new Heating, air conditioning, water heater, kitchen, floor, painting, bathrooms, plumbing, and I even added solar panels. Everything was permitted according to city codes. The remodeling process took us about 2.5 weeks with three helpers. We put on the market for $475,000 and what amazed me is the amount of offers and how fast it was sold, only two days. Anyways, we are happy with our profits. After materials, fees, ect. We both profited about 21k each. The only thing I am weak at is real estate experience, but I am learning more and more now after the first sale.

I am looking for the next house as I am typing this. I will take some pictures next time
:lol:

Steve L,

Are you planning on using cash or financing to buy?
Planning on 250K down and financing the rest.

What areas do you live close to and how flexible are you on area?
I live in Anaheim, planning on living in one and rent out the others, so I can manage them.

Damn, one million? If that's the case I am going to have to reconsider my plan. I was hoping maybe in the 500k-700k.

Thanks

Cool,

Thanks scott. I want to go solar panels is because I installed them and are able to find used ones for good prices. My main concern is laws and regulations as I am a newbie to all this. What are some of the challenges involment in a fourplex?

Hi everyone,

My name is Shawn and I live in southern california. I have about 250K for down payment. I am looking into buying a fourplex within 8 months. My plan is to live in one and rent the others. I am planning on buying a fixer up house and planning on putting solar panel on all the units(so I can advertise with free electricity). I am hvac/electrical contractor so the cost for me is very small. I also have relatives that are general/plumbing contractor and are able to help me. I talked with my wife and we both agreed that with inflation, our 250k in saving account is loosing money.

1. What do you guys think of my plan?
2. Do fourplex appreciate value in southern california?
3. How do you find fixer up in good locations in southern california?
4. How hard is it to manage tenant? such as laws, time, ect.

Anyone inputs would greatly be appreciated

Thanks,
Shawn