All Forum Posts by: Bobby Nilsen

@Aaron Phillips Take it as an awesome lesson learned. I once spent 6 months spinning my wheels on a property, potential first flip, that was in contract, had an opportunity to sue. We decided we just got a valuable education in real estate and took everything we did wrong and learned from it. The next year we became one of the biggest players in our area. I think the biggest take away is once you have a verbal put it to paper and get it signed, if the seller is serious he'll sign and if they're not you know not to waste anymore time. We have actually gotten a few deals this way because others don't act quick enough, at least here in the sf bay area time is of the essence. Charge forward and use the "loss" as motivation.

Hey @Shawn Razek I'm a flipper in the south bay. Done about 15 deals this year and love meeting meeting new people and expanding the network. If you're ever in the south bay or just want to chat let me know.

I am a full time investor/flipper in the Bay Area in CA. If you want to chat please let me know, would love to help out.

Hey Nick, I got out of the military in 2014 and am a full time investor/flipper in the Bay Area in CA. If you want to chat please let me know, would love to help out.

@Ray Ebert The contractor picked them up. We told them what they wanted and they did everything else. 

@Ray Ebert @Mike B. Thanks Ray and Mike, much appreciated. @Carson Wilcox If you and your partner don't have a solid plan laid out from the start that you can agree on you may want to rethink it so you both are on the same page no matter what happens. That way when a scenario happens that you didn't think of you're more likely to come to some agreement. Not sure your partnership relationship but being on the same page is key.

@Carson Wilcox One last thing would be to make sure you have a solid tenant screening process and have that documented, that will help. There are a lot of people that want a turnkey investment. Not familar with C+ areas so I'm not too sure how investors are in that type of market, maybe a little pickier, but Sacramento is still pretty hot, yeah? As long as your worst case scenario you can rent them, cash flow and refinance yourself to a comfortable position, I'd do it.   

@Carson Wilcox See above

I'm not 100% sure for Davis, but I'm guessing it's a pretty hot market out there right now as well. The reality of the numbers is what matters. If you have one unit filled at $2,800 and your using that to pro forma the other units when the normal rents for something similar are $2,500, then yeah the $2,800 probably won't fly. But if you have four or five units rented at $2,800 when market rents are closer to $2,500 then its easier to pro forma that last one at $2,800. We rented three units leaving the best one for last to make the $2,800 an easy sell and we had three or four emails coming in each day to see the unit. If all the units were empty we probably would have been using $2,600-$2,700 as our pro forma rents and we may not have set the record for the highest sale in that area. In the bay area not having a solid I & E doesn't really matter, of course it helps but it's not going to keep you on the market for an extended period of time. If you are on the market too long you did your original numbers wrong and/or your anticipated arv was wrong. We bought this with an I & E scribbled on binder paper and sold it with all pro forma expenses and income, tenants weren't even in for a month. We bought another 4-plex with the I & E scribbled on something a little more professional but still essentially it was garbage. I guess the point is if the area is solid, which Davis is, you shouldn't take too big of hit, if any, as long as your being realistic with no solid financials. Having them rented will only help.

Is this six town homes in a complex or a 6 unit building? If it's six town homes in a complex that might be your bigger battle.

@Robin Boyer 200%