All Forum Posts by: Loren Becker

Hello,

I have had my California Realtor license for over 20 years.  I have not utilized it much.

Can anyone share how they are using their RE license to benefit them in real estate investing.

Currently I am flipping homes and use other realtors to market houses.  Am I leaving money on the table? 

Thanks

Loren

Hello,

I have a flip I have complete. I've listed the property and received a full price offer in 1 week.  The buyer is using a relocation program offered by the Los Angeles Airport.  LAX is paying 48K to the buyer for down payment, she was displaced from her current rental due to airport purchasing the apartment she is residing.

My question is the relocation company hired by LAX is asking for a lot of different requirement to fund the $48K

1. Sound proofing testing
2. lead paint inspection

The rehab is fully permitted and I received a certificate of occupancy for the County of Los Angeles building department.  

Has anyone had a similar type of buyer using government programs, and if so is this more trouble than its worth?

Thanks

Loren

Hi Gabriel,

Thank you for your service!

Pulling an owners permits you can expect to be in the $175 to $200 per sq foot range.  If you are choosing very nice finish material the price will go up considerably.  

Hiring a draftsman verse and architect and/ or structural engineer with also help to save a ton of money.  You can typically find them around the building department passing out cards flyers etc.  Get several quotes and find someone you can relate with.

If you are going to save money you will need to get involved searching for contractors that deal with investors.  Typically you can find these trades by driving neighborhoods and taking note of the homes being renovated get out and talk to the crew to find the person who is running the job.  

The general contractors that are doing room, kitchen, and bathrooms additions are retail. You can spot these by really nice lifted trucks with big tires they provide white glove service with expensive pricing.

Good luck!

you can PM me if you want further info.

@Karl Graham

As of yet I have not sold the property.  

Thank being said I had several quotes to jack up the house and put a new foundation that is up to seismic code.  those ranges were from 19K to 26K.

I chose to get structural engineer and come up with a much cheaper solution which included bracing rebar and concrete at a much cheaper price.  

I would consider lowering the asking price then you have room to correct if its an issue.

Good Luck!

@Carson Wilcox

Thanks for the suggestion.

Loren

Morning,

I purchased a property to flip and have to pulled permits for general rehab electrical, stucco, framing, plumbing and I am adding on another bedroom.

In order to get the project moving I used owner / builder to pull permits.  In California state code say NO sales for 1 year.  I will be selling in 90 days.  

Has anyone had experience in this area? I plan on moving the permit to a contractor.

Thank you,

Loren

$250.00 in Los Angeles

@Megan Roche

Hello,

I I am the next city over in Hawthorne.  It sounds like you are very excited to begin your real estate investing, that's great!

I took a similar approach thinking if I just read everything I can get my hands on I will be successful.  This is a good approach, but the reality is that you need to take action. 

Imagine if you were focusing on baseball and you knew every thing you could know about baseball. Now picture yourself walking out to bat in a major league game clearly the education is great, but would do little for you in terms of the actual game.

So that being said take action.  You will learn more in your first deal than 10,000 pod casts.  Mistakes will happen and you figure out how to correct them or not to do them again.

Good luck,

Start taking action!

@Warren Bell

The purchase agreement was written as me or assigned.  The reason I used that method was to be able to put the property in my name or corporation or partners.  The assignment agreement addendum was signed a few weeks into escrow.

I was not worried that this would trigger the seller to back out.  There were several issues with title and it was obvious they wanted to get quick cash. 

Hi @William C.

I purchased this property at a very reduced price AS IS.  I had limited access to property due a court ordered sale and lack of selling party help.  I knew what I was getting into, but really want to repair the problem as cheaply as possible.

Thanks