All Forum Posts by: Andrew Tyree

I’ve got a good real estate attorney for California. He’s based in LA and has helped me a few different times and is great. I can’t give info on the forums but DM me and I’ll send you his email address. Good luck. 

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FIBI Pasadena Real Estate (RE) is happy to present:
Derek Harms: Flipping 101 & High Level Tips & Tricks Ive Learned Over 13 Years"

When: Thursday April 20, 2023 - 7pm

IN PERSON ONLY

Where: (Temporary Location) 801 N. Brand Ave., Glendale, CA
The New York Life Building

Fee: $25 at the door

Link to register and PrePay: $20
https://forms.gle/hHDMaKrvP4Vkcpy49

SPEAKER TOPIC: Flipping 101 & High Level Tips & Tricks Ive Learned Over 13 Years"

Over the last 13 years professional Flipper, Derrick Harms has learned the multitudes of what works and what doesn’t. Flipping is a high intense focus business that requires intention, focus, careful due diligence and focused project management. There is much that can be done to make a flip successful, but there’s also potential for pitfalls. Derrick will go deep into his experience to help you be successful as a flipper.

Bio:
Savvy negotiations and innovative marketing strategies join uncompromising integrity as the emblem of Derek’s service. Derek is well respected within the industry, not only for his high ethical standards but for conducting his business honestly and morally while doing absolutely everything in his power to ensure his clients’ success.

A Los Angeles native and long-time San Diegan, Derek thoroughly understands what California living is all about. Having graduated from Sonoma State University while playing on the World Series baseball team, Derek implemented the humility and selflessness learned from years of athletics into his real estate practice.

In depth local market knowledge and innovative marketing techniques aside, Derek also possesses an advanced set of negotiating skills demonstrated by a designation associated with less than 1% of Realtors nationwide — Master Certified Negotiation Expert®.

Find out more about Derek Here:
https://derekharmsgroup.com/page/derek-harms

Ooooof, that's rough! I would call in an attorney to properly advise on the subject. I have a great real estate attorney who does tenant issues all the time. Feel free to DM me and I'll give you his contact. He's great and not as pricey as other attorneys I've seen. 

Hey Jason! Welcome to the BP community and to real estate investing. My wife and I bought a duplex near Pasadena in 2017, rehabbed it, and live on one side and it changed my life. I now am a licensed broker in California, I work with investors and families to get them amazing investments/homes. It's such an exciting field and I'm happy other people in California are into it! Feel free to message me with any questions ever! 

Hi Fernanda, the CA Dream for All loans are out of money. They ran out of funding in a matter of days. I always advise my clients to use FHA loans, the interest rate is a full 1% cheaper than traditional loans currently and there are a ton of benefits. I can connect you to an FHA lending expert if you'd like. There is a lot to know about them but they can be super helpful!

I would suggest house hacking a 2-4 plex. You can get into a deal with an FHA loan of as low as 3.5% down, your housing will be paid for and you will learn how to deal with tenants, manage a property, EVERYTHING while gaining equity in your home. My wife and I did it in Highland Park, near Pasadena in 2017 and it gave me a ton of knowledge. Also, talk to an investor-friendly real estate agent that you like and understands what you want, and can help you.

Investment Info:

Small multi-family (2-4 units) buy & hold investment.

Purchase price: $910,000
Cash invested: $180,000

Represented clients purchasing a two-on-a-lot duplex in Frogtown, a gentrifying area of Los Angeles. They house hack and live in one, tenants pay $2,800/month and the duplex is now fixed up and worth $1.3 MM.

What made you interested in investing in this type of deal?

I love representing buyers looking for good investments that they can live in to build equity and wealth.

How did you find this deal and how did you negotiate it?

It fell out of escrow for $1.1MM and we got it under contract for $910,000, rehabbed it and it's now worth $1.3 MM.

How did you finance this deal?

Clients did traditional 20% down.

How did you add value to the deal?

We bought below market value in the middle of the super hot market of August 2022, we rehabbed the whole place and they kept the existing tenants who are paying $2,500/month. It's now worth $400,000 more than they bought it for.

What was the outcome?

Home value went up $400k and they live in the back house for about $2,000/month after the tenants pay rent.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Worked with amazing contractors and lenders I know as an agent.

Investment Info:

Condo buy & hold investment.

Purchase price: $410,000
Cash invested: $82,000
Sale price: $650,000

I represented buyers who are musicians from Canada who wanted a place in LA for when they're here and wanted to rent it out when they're gone. We found a one-bedroom in Studio City with great bones that was way under market, bought it for 410, put about 50k into rehab and now it's worth about 650k. They rent it out part-time and it pays for itself and cashflows while they're not here. Great success!

What made you interested in investing in this type of deal?

I love representing buyers who want to value add to their property. I arranged for contractors to rehab the property and their apartment is now worth much more than when they bought it and they are able to rent it out part-time to cover the mortgage.

How did you find this deal and how did you negotiate it?

It was on the MLS for a while. The pictures were terrible, the last owner was a bit of a horder.

How did you finance this deal?

Traditional 20% down.

How did you add value to the deal?

Took out the junk, and rehabbed the whole place, it looks amazing now.

What was the outcome?

They have a home they can live in when they're here and can rent when they're in Canada.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

I was the agent and I have great lenders and contractors who helped along the way!

I've got a great real estate attorney. I think I'm not allowed to give the contact on the comment area, but DM me and I'll send him your way. His name is Josh Driskell. 

Just sent!