All Forum Posts by: S L Martinez

Great Job!!!

I am in the process of obtaining my first property. it is a vacant lot, over 1/3 acre, zoned multi family per the Realtor though he suggest to verify this with the city. I am hoping to put two duplexes on the property. I have funding lined up (100% of the purchase price and 100% for construction). I also have a title company doing research on the property to make sure the seller is indeed the owner, free and clear. All utilities on the property. Am waiting for confirmation from the city of Centralia, Washington on the multi family zoning. Have the General Contractor lined up as well as a landscaper. Centralia Washington is a small college town, only about 4,000 students and there is a housing shortage.  

I should have no problem leasing out the property.

But back to you, again great job. I hope to be as successful at my venture as you with your.

What city did you purchase the Town House? I doubt that would have been possible in Los Angeles. The Median price of a home here is around $675,000 and the cost of living is astronomical. 

Ryan;

I appreciate your response. To start off, I do not have contractor connections though I do have a GC given to us by the President of the Los Angeles Real Estate Investors Club, he uses the same GC all the time in his multiple flips. He gave us his name and phone number (He is a GC and his wife is a Realtor).

I have a GENERAL knowledge of flipping. That is why I am considering partnering with an experienced Flipper. I just happen to stop by her table as she was a Vendor at the monthly meeting. She seemed sincere in wanting to work with me. 

We exchanged emails and phone numbers and she said she would contact me today. I have NO idea if SHE has ever flipped a house but I ASSUME she knows someone who has. What I don't know is if she will bring THAT person in on the deal, thus splitting the deal. She also represents a company that could fund the deal but I prefer a company that I have done some research. 

But again, thank you so much. I will discuss this with her when she contacts me.

S. L. Martinez

I am new to Flipping and I was attending a Real Estate Investors Club recently. I was speaking with a RE Agent and mentioned that I had found an abandoned house. I gave a description, but that's all, and she suggested that she wanted to help me purchase the house and flip. in the back of my mind, I am cautious and leery. 

Question #1: Is this a good idea as I am to Flipping?

Question #2: If I do, how would I profit from this arrangement? WILL I make a profit?

Any sincere responses would be appreciated. 

I am a newbie in flipping. I have been doing a LOT of research, visiting various sites online. I am now in the process of contacting a GC and getting to know who can do what at a fair price AND ON TIME.

My question: has any experienced flipper ever partnered up with a neophyte and showed him the ropes. I also would not expect to just tag along, I would be more than willing to put in the required cash down payment and hopefully we make a profit and split the profit. 

I would hope that someone is willing to partake in this sort of partnership.

By the way, I live in the Los Angeles area, and I retire at the end of the month and am seriously looking to do this.

Hopefully, someone out there is willing to take the lead and partner with me once or twice. Who knows, maybe it will be more than once or twice.

Brian;

You were almost responsibility for me chocking to death. I was eating an Egg Roll and when I read you fired your own Mother, I laughed so hard, the Damn Egg Roll didn't know if it wanted to go down or back up. WHEW...

But I now know that I have to look for a Realtor with knowledge of what an Investor wants. My son is a Realtor and though I love him he is not looking at Real Estate from the Investor's point of view.

Thanks again for the info and the bruised esophagus. 

S L Martinez (Lou)

Brian,

Thank you for your input, I do appreciate it. 

I am thinking I might have to do some research on an Investment Realtor versus a garden variety (no insult intended). But I assume an Investment Realtor understands what an investor is looking for versus a Realtor who has expertise in a Buyer/Seller situation where the buyer plans to live in the property and the seller is simply trying to unload property.

Time for me to do some research, huh?

Christi;

Thank you for your input. I will check into those books. Now I have to figure HOW to find a reputable and successful Realtor. 

One advantage I have, I think, is that I have worked for Facilities Management for a Los Angeles County Department. We have electricians, plumbers, carpenters, etc. Fortunately I have become friends with them while working with them for over six years. I just might have to contact them and see what we can work out.

Again, thank you Christi, your response is appreciated. 

Thank you both so much. I am thinking of sitting down and picking the brain of a contractor in Los Angeles. I want to get as much information as possible, including how to chose the "Right" Contractor, one who has a substantial list of sub-contractors (and has used them regularly). How do I go about choosing a contractor to discuss this with?

I have already decided on two Hard Money Lenders in my area. I also plan to sit down with them and get as much information as I can.

I am the typical analytical type person. I want to make sure I have a decent idea of what I am getting into before i take the plunge. 

I recently retired and am not the type to sit and do nothing. So, I thought, check into Flipping.

I am interested in getting into Flipping Houses and have attended a Real Estate Investment Club in Los Angeles. So far, it has been interesting and I have learned quite a bit. The one subject that has been missing is this: When flipping houses in Los Angeles, I assume that one must have a business license and one must have an IRS tax ID number. I want to know all the legal ramifications BEFORE I actually jump into this. Any suggestion?