All Forum Posts by: Brenda Garcia
Brenda Garcia has started 6 posts and replied 10 times.
Investment Info:
Small multi-family (2-4 units) buy & hold investment.
Purchase price: $1,119,000
Cash invested: $250,000
Duplex on west side Costa Mesa
What made you interested in investing in this type of deal?
I prefer multi family investments and I like the city of Costa Mesa.
How did you find this deal and how did you negotiate it?
I located based on web searches and my Real estate agent negotiated the deal
How did you finance this deal?
1031 exchange and traditional financing
How did you add value to the deal?
Did repairs to the front unit and found renters to pay market rent. Back units are long term renters and I am slowly increasing rents to get them to market level.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
Tim Carr was the sellers property manager and real estate agent. My real estate agent was Jordan Bennett
Post: Nuisance Tenant in Duplex
- Posts 11
- Votes 3
Need advice from more experienced self-managed landlords. I inherited a tenant in a duplex who I am unable to evict because of CA laws. They feel the need to tell me they’ve been there 9 years and that they know their tenant rights in every interaction I have.
They dislike the new tenants in front and have complained about smoking (not allowed) and loud fights. I have spoken to the front Tenant and they said they are not even home from work yet at the time mentioned in the complaint. As for the smoking my maintenance guy was there a few days ago and said there was no signs of it and the tenant also denies it. I believe them but what do I do with the complaining tenant? Do I tell them I’ve addressed their complaint and leave it at that? I don’t want to give them more info/ammo than necessary.
Post: Should I buy a duplex in OC where I have to pay out of pocket every month?
- Posts 11
- Votes 3
Hello all, I am in the middle of my first 1031 exchange. My investor and I owned the sold property 50/50 and now I am buying the next property on my own.
The property I like is a $1.1MM duplex with under market rents in Costa Mesa; a city that appreciates well. But with 50% of net proceeds and another $100k for the down payment I am still going to have to pay +$2k a month to cover the expenses (largely impacted by the 7.5% interest rate). It would take until about end of Year 3 to break even monthly and thats assuming market rents and a refinance to a lower rate. Is this worth it? I am a long term investor so I think I will make my money back but others are telling me I will be in the red for too long. I appreciate any advice!
Quote from @Bill B.:
Do you have any other offers? The realtor should be presenting all offers. If no one else is jumping at your price then maybe you have to take this offer. Since they are e presenting both ends I would specifically ask them in an email so you have it in writing. Are there any other offers? Do you need/really want to sell? If the price is high enough and you start talking about pulling it from the market if you have to fix this then maybe the realtor jumps to your side? I THOUGHT a double agent owed more responsibility to the seller than the buyer, but that might be state by state?
Is this $40k on a million dollar home or a $200k home? Is it a rental bringing in money or a house sitting empty? Could you sell it for more if you advertised it as having new pipes? Obviously it’s worth more with brand new pipes than u0 year old ones, so no way should this be 100% on you.
Quote from @Theresa Harris:
Quote from @Brenda Garcia:
Quote from @Theresa Harris:
If it was marketed as 'as is', then tell them it is as-is. I'm guessing the price was lower than market value to reflect the 'as is' condition. What does your realtor suggest? They should also know someone who could price it.
If they are double ending the deal, then I wouldn't trust them either. They are meant to represent you. Ask them if they are willing to reduce their commission since they will be getting the full amount instead of splitting it with another realtor...I'll bet they say no. Call and get a second quote for replacement and then offer to split it 50:50 with the seller AND have the realtor kick in a bit to make the deal happen (only because they are double ending the deal).
Thank you, I realize now that it was not listed as as-is so I’ll get a 2nd bid and offer to split the costs if the agent kicks in too. I appreciate it, that seems fair for all parties.
Quote from @Theresa Harris:
If it was marketed as 'as is', then tell them it is as-is. I'm guessing the price was lower than market value to reflect the 'as is' condition. What does your realtor suggest? They should also know someone who could price it.
We are getting a second bid tomorrow, but if much less would you suggest I give a price concession?
Hello I’m in need of some advice. I’m selling a 1960 duplex. Buyer did a specific sewer inspection and found corroded pipes with root intrusion under the concrete and the quote was $40K. Buyer is asking for a price concession but I don’t think it’s warranted. The building is being sold as-is, there is no immediate issues that alerted me as the owner that we even had issues and I’m told that pipes with corrosion are common and can still flow because the dirt below becomes compacted and does not impede the flow. What is the right course here? Price reduction or stand by as-is sale? Thank you for any advice.
Post: Orange County Duplex with ADU
- Posts 11
- Votes 3
Investment Info:
Small multi-family (2-4 units) buy & hold investment.
Purchase price: $1
Cash invested: $60,000
First property investment
How did you add value to the deal?
Remodeled all units
What was the outcome?
Higher rents and long time tenants
Post: Duplex Investment in Orange County
- Posts 11
- Votes 3
Investment Info:
Small multi-family (2-4 units) buy & hold investment.
Purchase price: $780,000
Cash invested: $25,000
Rental long term hold
What made you interested in investing in this type of deal?
I prefer investing in multi family properties
How did you find this deal and how did you negotiate it?
Found on zillow, fell out of escrow and new the agent representing seller.
How did you finance this deal?
Cash out from another investment
How did you add value to the deal?
Complete remodel of one unit with higher rent and no remodel but kept long time tenant with slightly higher rent