All Forum Posts by: Will Barnard

I tend to agree with Matthew above, BT is not easy to learn and subs will not get on the system. This is more for larger businesses. So with that said, an excel spreadsheet or basecamp would work for you as I stated above.

Jay, is your lot already zoned as a multi family (i.e. R1.5, R2, R3, or R4) or is it zoned as a single family lot (R1)? If it is R1, then you can not get a second address for the second unit, you can only get a second address for a detached ADU on R1 lots. Of course the new SB9 may be changing this. If you do have a multi family zoned lot but the previous owner added the second unit without proper permits, you can get it permitted and with a new second address. Then you can also get another address for the ADU.

Yes, you can have separate meters for each unit but ONLY if each unit is permitted with a C of O (Certificate of Occupancy).

@Chris Mason - What you posted is referring to single family dwellings. Under the ADU laws currently in CA you can add ADU's onto multi family lots as well as convert non livable space (car ports, garages, breezeways, etc. into livable space so long as you meet fire code/egress rules). Could you explain more clearly what you mean that investors cant refi on multi family with ADU's? Never heard of that here.

Thanks JD.

True that! The site went down after Josh tripped over our connection string. That was the IT department back then! Back then, it was @Joshua Dorkin, me, and @Jon Holdman, the first ever Moderator. Then came @J Scott shortly after, the king of the airwaves on the podcast and the author of the best education books on BP regarding flipping.

This is my 15,000 post on BP Nation! I thought it would be appropriate to post in the rehabbing thread as that has been my main specialty for all these years, although I have utilized many other investment strategies and will continue to do so.

So with that, if you have any specific questions on rehabbing, sourcing deals, numbers on deals, how to get over a hump, or whatever rehabbing question, do ask, hopefully I can answer it for you here.

Happy investing to all!

Your own website with SEO and driving for dollars are two other methods to sourcing deals as is networking which everybody should do no matter which strategies they employ.

There is no way to answer this question. The market conditions for a wholesale which is intended for a flip need only be a good market for flips which is any market where the market is going up. You need to concentrate on finding good deals (in any market), that is the important step. I suggest starting within your own backyard as you can learn the area well over time and create your systems for locating motivated home sellers and cash buyers for them.

As Joe stated above, escrow companies handle the paperwork of the contracts between buyer/seller. Title company provides the title insurance, title report, and recording of the grant deed (and deed of trust if there is a loan).

Why are you trying to hide the assignment fee from the seller? Not being upfront and honest in your transactions is not a good way to do business in my opinion. Additionally, if you are locking contracts here and then marketing the property for a buyer for a fee, you are brokering without a licenses here in CA.

I would suggest having your buyer upfront, know what they want and go find that criteria. Then the contract can be made directly in their name with a signed side contract between you or you simply form a new entity naming your buyer as one of the owners and sell your shares for your fee in the end. This is the only legal way to "hide" your fee. Even if you double close, the seller will know once the second recording is complete (if they look it up) as it is of public record what you paid them and then what you immediately sold for.

Typically when investors provide materials to the contractors, it is finish items like the fixtures, etc., not the wiring itself. The contractor probably has greater purchasing power than you do so you are probably not saving any money (once you factor in your time) by buying EVERYTHING.

Additionally, if the contractor has no mark-up on the materials, he is likely not going to warranty them, perhaps only the labor/install. If he installs your light fixture and the fixture does not work, since he didn't supply it, the cost to remove and replace it will likely be on you so keep that in mind and ask what the contractor will cover and what he wont in situations like that.

Ditto what Jerry said and it is perfectly legal too. Bandit signs are often illegal and shirts, hats, and car magnets or having your car windows imprinted are all great ways to gain attention.

This is where experience and knowledge of the industry comes into play. Getting an ARV is a combo of math and art. Speak with experienced agents in the market and even appraisers. Appraisers make adjustments to subject properties based on the difference between the comp and subject property. Condition, size, bed/bath counts, amenities (pool, view, etc.) are all adjusted accordingly and knowing how much for each for your market is essential.

Back in 2009-2011, most comps in my area were short sales or REO's, all of which in need of repairs, often major repairs. There were hardly any and sometime no fully renovated comps in 2009. So I had to know how to adjust upwards for each.