All Forum Posts by: Amber Rueda

I agree with Karen. Gavin, you should share that story, new buyers could feel an emotional connection to the home. 

The subject property is a probate sale so I'm assuming the deceased was an elderly person. In California this type of death would have to be disclosed for 3 years so I would likely still have to disclose to potential buyers after the property is renovated and back on the market. I was interested to see if anyone had any decrease in value for sales in this type of situation.  I would hate to purchase assuming I can sell at market value and then have to sell for less due to the disclosure. 

Hi BP!

I'm looking into to purchasing a flip property where the owner recently died in the home. The after reno value of this property,without a death in the home, will be around $400k. How much decrease in value should I consider for disclosing a death on the property?

Thanks Jeff! It's always nice to have opinions from people in the area with experience.

Hi everyone,

I would like to ask your opinions on a design dilemma I'm having. We are flipping a 4 bed 3 bath 2,000 sq. ft. house in Sun Valley California (borderline Burbank if you are familiar with the area). The house will sell in the 700s. We are putting hardwood floors throughout the living room and kitchen and all other main areas. Baths are tile. Would you recommend continuing hardwood throughout the bedrooms or install carpet? I personally would prefer hardwood and it would look much nicer than carpet, but it will be about $3,500 more all together. Do you think buyers would prefer hardwood enough to cover the difference and some? Or should I save the money and go with carpet? I want to go with whatever will give me the bigger bang for my buck.

Thanks for you opinions!

Hello again everyone. I am working on a deal with an investor and had a few things that needed clarification. In a 50/50 split scenario where the investor is putting up all of the funds, how is title taken? Is it the same as fixed interest where the flipper takes title and investor takes a deed of trust? Or joint ownership? Or should the title of the property be in the investor's name and profits be split out of escrow?

Thanks again for all of your help.

I am looking for sources to find auctions for condos in Los Angeles County area.

Any suggestions?

Thank you!

@Will Barnard That sounds like a perfect way to get the property listed in my circumstances.

@Ellis San Jose Thank you, that really helps!

Also, does anyone have any references for a RE attorney to look over the JV agreement?

Thanks!

Mike G. I agree with you on avoiding the LLC. I will do a JV.

For private lenders - How is the interest rate calculated? Annually or flat?

For example, if I borrowed $100k at 10% for 6 months, do I pay $5k in interest for the half of the year it was borrowed? Or $10k regardless?

Thank you all again for the great advice.

I would see how a private lender would be more beneficial. However, in my case, the other investor would also be helping with the reno. He would be more hands on with the repairs, while I coordinate material purchases and subcontractors.

With that said, considering all of the great advise you all having given, we should go with a JV and split the profit as Mike G had mentioned, splitting the cuts for both investor and rehabber. I would keep my real estate income for buying and selling the property separate.

Does that sound accurate? Please correct me if I'm wrong.