All Forum Posts by: Tim Kunz

@Sol Romand for the right price a flipper may buy the property with the squatters in it and take on the problem themselves.  They will want a discount for dealing with them but it all comes at a cost, instead of paying an attorney to deal with it and then still having to get it sold, let a local flipper deal with it.  What's the address? I may be interested.  Feel free to shoot me a DM if you don't want to post the address publicly here.

I'm wondering if it's possible to buy a dead end/abandoned street from the city.  The street will not serve future development, it is adjacent to a property owned by our family.  Does anyone have any advice on how to go about this or who to speak to at the city?  The property is located in the city of Sacramento.  Thanks for any help in advance.

Thanks @Sergey Tkachev.  Are you guys still holding meetups?

@Victor Rallo the seller had passed away, heirs wanted to get rid of it.

@Sean Smith costs broke down fairly evenly, here's a link to the breakdown.  I did about 90% of the work so most of those numbers only reflect material.  The electrical, HVAC, countertops, garage door, and landscaping were subbed out.  A couple areas that we went over our budget were framing, electrical, & HVAC.  We encountered a lot more termite damage than expected, which caused some unforeseen costs.  We weren't planning on rewiring the house either but it made sense after we had so many walls open chasing termite damage.  Also upgraded the HVAC from the original plan which was just going to be a wall unit to central heat and air.  I also have a link to more photos if you're interested

https://drive.google.com/file/...

Summary:

SFR off market rehab

Purchase: $200,000

Rehab: $75,000

Holding: $25,000

Sale: $330,000

First rehab project purchased May 2020, sold Oct 2020. The home is a 2/1 on 950sf in the Arden Manor neighborhood of Sacramento. Built in the 1950s home with minimal improvements done over the years and plenty of deferred maintenance.

How we financed it:

We financed through a HML at 9.95% and a bridge loan from a family friend at 10%.

How we found it:

The property was found off market through my partners connections as a local real estate agent.

Improvements Made:

Full gut. Remove existing carport and rear patio overhang, replace damaged framing due to termites, open up kitchen with recessed beam, new roof, all new plumbing, electrical, and HVAC, new windows, new flooring, new cabinets/countertops, new tile, paint, new sod at front yard.

@Sander A Swenson welcome to BP, this is great place to be. You have some solid goals laid out.

1) As you've probably heard and seen through your research California is a tough place to cash flow in general and especially the coastal areas with housing prices, your best bet would be multi family units with deferred maintenance or get creative with an SFR to make the numbers work in terms of cash flow.

2). @Ben Tilbury pretty much summed it up on this one

3). You really need to get creative here and think outside of the box AND have an exit strategy in place before buying. In terms of long term hold properties you can look to STR, corporate housing, renting out garages as storage, etc. I know people who have considering renting a car out with there AirBNB as a package deal. These all require substantially more work but can increase cash flow. There's a good investment summit this weekend in Oakland put on by @J. Martin he and @Al Williamson are experts on these investments (Event Link: SF Bay Summit or Bigger Pockets Event Link). The CEO of Bigger Pockets will be speaking as well which will be cool to hear.

4). There's a ton of thought on this but nobody knows when/why/how bad/etc. about the next recession so it shouldn't affect your current investment strategies.  Buy right, like Ben said be prepared to buy low when it does happen, and possibly look to invest in areas less prone to market corrections (ie. midwest markets)

Welcome to the community down here, I'm actually working with Ben on a project right now.  I'd love to meet up sometime and talk real estate and goals in general, always good to network with like minded people.

Cheers

Tim

@Neems Y. to give you an accurate answer we need more information.  It's unclear what your'e actually doing here...water lines? drain lines? sink plumbing only? new sink? moving plumbing?  provide as many details as you can and/or photos and we can try and help

In Sacramento County I don't think you can find property owner information online for free. You have to call or go to the county assessor office. The other options are find someone with access to the MLS as tax records can be pulled through there or you can sign up for a Property Radar account (they offer a free trial).

This question is coming from the tenant side of the world but hopefully some of you landlords can give me some insight.  Each month I'm charged for water which is just a number provided on my monthly bill which is taped to my door.  It includes both gallons used and cost.  Between February and March my water usage went down by a few gallons but my bill increased from $58 to $84.  I reached out to the property manager and they told me the city increased the rates on them.  I looked at the city's website and couldn't find anything related to increased water rates, with the last increase being August 2017.  I asked the property manager for documentation on this because a 150% increase doesn't seem normal, they told me they will talk to the owner and maybe get me a copy of the billing.  I feel like the property manager/landlord is trying to pull a fast one on me?  What would you guys do if put in a similar situation?