All Forum Posts by: Steve Jones

I think the best thing you can do in this situation is GET GOOD TENANTS. Screen them, get credit reports and interview them. Home looks nice, best of luck!

Try analyzing the property to find out why. Like @Brandon Battle, I would be reluctant to give it up before trying to remedy what isn't working.

If the assessor's office shows it as 5 units, then it is 5 units and considered a commercial property vs a 4-plex, which is eligible for residential type financing. You could legally convert 2 units into one, however you would have to close escrow to do that.

Maybe keep looking?

Hi, often times a PM will have an open house for a few hours on a weekend

to try and get as many people through the door in as short a period of time. You might ask her why no evening showings?

I've renovated many homes in the Highland Park area and while I think the margins have narrowed because you have so many flippers jumping into the game I think there is still opportunity. I am closing escrow on a home in the Hermon area shortly and am still a believer in the area!

Find someone you admire and can relate to. If in your area take them to lunch or coffee. See if there is a fit. Ask your mentor what THEY would like to get out of this relationship as this is a 2 way street. Set up a meeting 2X monthly and come prepared with questions, agenda, etc. You drive the meeting and be willing to be coachable!!

Hi @Adam Phebus, thanks! I did A LOT, all new systems, windows, doors, roof, etc.

A few things I look for: hidden value, in this case it was adding on the sq footage, creating a really great master suite and also leveraging the views. Prior to purchasing the home had no deck and the home is perched on a hillside with really spectacular views. So adding the deck was very much a value-add. Prior to purchase the previous owners had turned the garage into an office....I switched it back to a garage.

@Eric Dowling & @Kevin Crosson thanks so much!

I've been flipping for about 10 years and I'm really looking forward to this great community!

And learning!

Spend a weekend visiting other units for rent in your area to determine if your units are priced low or high, also look on craigslist rental section to get a feel for rents. You will become a market area rental specialist very quickly. 

:-)

Also look to see if there is any "hidden value" in the property you are interested in that hasn't been taken advantage of.

Hi, I'm based in Los Angeles and to date have flipped over 100 homes in both LA and Orange County.

Additionally I have rental income property in both LA & OC.

I'm here to learn! It's amazing what this community has to offer and I'm so inspired by everyone's posts!