All Forum Posts by: Bill Larsen

Hey Mark!  I'm a fix n flipper in LA, but have lots of experience working with wholesalers.  The only advice i have is do ur own work.  do your own marketing, lock up deals, and then find a buyer.  i get very frustrated with people marketing other peoples deals or offering deals they havent even locked up yet.  plus, youll make more money this way.

I know few real wholesalers in la that are very successful, but they work at it full time and spend a good chunk of $$ marketing

Being a fix and flip investor i was happy to read about less money coming into the market! but @Lee Davis I have been seeing the exact same thing.  All the flips we have listed in the last couple months (LA and OC) are sitting and the amount of showing we have are WAY down.  From what I am seeing in my personal experiences with the market has me pessimistic (at least for the short term)  yet I keep seeing positive article after positive article.  really interested to see what the next year brings to the market

I would love to hear what others are seeing first hand in the California market 

Wow, great deal!  What types of marketing do you do to find these?  

7:30am upload trustee sale schedule, send inspectors, comp deals and get max bids on all properties. Auctions go from 9:00-12:00ish. Sometimes later. Afternoons I do any work on evictions, rehabs, listings, write offers on MLS deals, look for out of state buy and hold deals, then it's off to surf or gym

Hey @Will F. 

I have had the same experience with wholesalers in LA/OC.  It's even gotten to the point where I get an email from someone with a 'wholesale' deal, and then 20 minutes later someone else sends me the same email but with an increased purchase price.  

I have only come across 2 legit wholesalers.  well, at least only 2 that will sell me deals.  Both of them have systems in place to get deals and put them under contract.  I don't waste my time with the 'I know a lot of agents and am a great negotiator' people.  

As for estimating rehabs, even the good ones will estimate low on rehab and high on ARV, but I don't blame them. We just do our best to show bids and comps so everyone can agree on a fair sale price.

I usually like to use the listing agent in situations like this, have them write up the offer for me.  That way I know if I'm too far off from current offers and to not waste my time.  I list my own flips to cut down on expenses, but if you're not an agent you could offer the listing on the back end as an incentive.

It's nice to finally read a positive article about OC real estate!  Everything I've been seeing for the past month or two has been gloom and doom.  What I have begun to look at is who is writing/promoting the article and what is their end game.  

Home builders and highly leveraged buy and hold investors tend to promote the positive data, while flippers and want-to-be home owners will promote the negative.  

It'll sure be interesting to see where the market goes and what happens when rates finally increase.  Maybe we should all put $5 in a pool along with our guess at where we'll be in 2 years... winner take all :)

Yo Trevor!  I'm in a very similar situation... I live down in Dana Point and I can't justify even buying a small condo within 20 miles of me.  I've been flipping for 5 years and have been wanting to pick up a couple buy and holds, but think how can i do that before I buy my own home?  I really appreciate what everyone has commented on this topic, maybe it isn't as crazy after all 

as for the vacay rental... i would remember to factor in cleaning fees (which could be passed on to the renters) as well as any extra tax for the lake resort.  My family has a condo in mammoth lakes that we vacation rental out and the city takes a hefty extra tax.  

Yeah my first go to is the tax page.  See who the owner and where their mailing address is.  If their mailing address happens to be the vacant property I'd ask the neighbors

Hey Eric,

I have been buying 4-16 units for an investor in Long Beach lately.  He likes the area for strong rents and appreciation.  They don't come cheap though... we're looking at around 5% cap rate with the plan to move it up to around a 6.5% after improvements and raised rents.  I've heard the return out in Riverside is much better, but it may come with more headaches.