All Forum Posts by: Bruce Woodruff

Above responses are good. I'll just add this: do not be afraid to leave a 1 star review for a bad guest. Most guests just have a few (<5) reviews. So a 1 star will really hurt them. You should have 100+ reviews, so a 1 star retaliation review will not even be noticed once it's averaged in.

Quote from @Nicholas L.:

@Bruce Woodruff

good post, concise statements!  I think I agree with... some to most of it?

"everyone else needs the USA more than we need them" - I have no idea how to validate that.  maybe it is true.  how would you measure it?

I think the US is a more desirable place to live and do business than much of the rest of the world.

to your point 5, I do think there is a job shortage that is likely to persist... but i don't know if it's in the most exciting of fields.  for example, i believe we will need hundreds of thousands or potentially even millions of home health care aides.

the people telling us that AI is going to AI everything are the people selling AI.

"everyone else needs the USA more than we need them" - I have no idea how to validate that. maybe it is true. how would you measure it?

We assume that....but just ask around or think about it deeply. WHo else would be in the #1 position? Some people might say China....but their economy is a 'house of cards' as we hear over and over, plus a totalitarian Communist regime is not likely to be trusted, so not them. The EU? Too fragmented and diverse to be powerful enough. They can't even protect themselves without the US, hence NATO. So not them. India? Nope, lol....

It's really just us.

the people telling us that AI is going to AI everything are the people selling AI.

So true, right? And AI will always have a huge trust factor.

Firstly, I am admittedly NOT a finacial genius! Having said that (and reading some of the really good thoughts above) I would just opine thusly:

1) The Tariffs are simply a power play, no more, no less. They will be raised or lowered like the heat on a stove, until they accomplish their purpose.

2) No recession is coming. The same people that are instituting these Tariffs can, once again, raise or lower the heat as needed.

3) Isolating China is a good thing.

4) Everyone else needs the USA more than we need them.

5) These 'highly mechanized' factories will require many people to run them. Millions. At high-paying salaries. AI and Robots need constant attention, maintenance and periodic servicing. My son is an engineer in that field.

Just random thoughts. Great thread!

I would be a bit nervous as well. Trust your instincts. And maybe revise your requirements to include this situation, so in the future it is just a solid pass.

Quote from @Alan F.:

Update; The L.A. times reported as of March 26th only 4 permits have been issued for building in Pacific Palisades. "Fast track" lol

4 already? Wow, I honestly thought they would take 6 mos even with the political pressure.....

What @Quinton Brown said for sure! IF they are indeed legal (go to the City and ask both Zoning AND Planning Depts)

Then.....if legal.....I would look to see if there are any other properties anywhere within a few miles that are similar. You should find aty least a couple.

If not....go out farther until you find something. Then adjust your pricing based on amenities, location (add or subtract for better or worse neighborhoods), and condition of the properties.

There's not much else you can do....I don't like the idea of thinking of it as a bonus house.That is unless it's not legal. Then you have a complete other issue....

My thought....if the old floors are that important...why the heck rent to people with pets? The easiest most sensible thing to do would to not allow pets. Problem solved.

If you absolutely must (for whatever reason) then I wouldn't bother with carpeting or rugs. Just let your floor take the wear. You can refinish several times, and if necessary, you can find some red oak or yellow oak, you just have to know where to look. It's really expensive though, so once again, why allow pets? Plenty of good renters without pets out there (or just cats).

You're hearing a lot of advice to Househack. Better to get out of your parents house and start living. You don't need to be a 'licensed' Realtor (or Contractor), but it wouldn't hurt to learn as much as possible about both of these industries.

Quote from @Henry T.:

Like the others have said, not prudent unless you have an agreement to move forward. Meanwhile, you should be looking at as many open houses as possible, you'll learn a lot. 

I'm sure you know, the biggie is inspecting the sewer line,  sewer is the largest cost if failing.

 Yes, sewer (if cast iron or clay), also. roof, electrical and foundation....

I don't see this having much value. Most pre-sale inspections are paid for by the seller, and then only when close to being listed....as @Clayton Silva said, things can change a lot by the time this actually gets into escrow. And a basic JHome Inspection will not tell you what you want to know....you don't care about broken GFIs and stuck windows, you want to know what a kitchen remodel costs.

If you really want this house, just do your own 'inspection' (with a GC) and see what you think it needs in terms of upgrades....then do your ARV comps and see at what price-point this would make sense to actually take on. Do not let the fact that you just 'want this house' have anything to do with this. It has to make significant money or you shiuld not be interested.

Example:

1) Your research shows that nearby and similar properties are selling for $800k. 

2) You estimate that the needed repairs to make this place as nice or better than the nearby houses will run $200k (be honest about this number and make it generous).

3) How long will this renovation take? Add 20-30% to your guess at this, because it will ALWAYS take longer and cost more....... ALWAYS.

4) You want to make $100k profit for your investment and risk (which can be ongoing). Let's say this will take 10 months, so that's $10,000 a month...then subtract your living expenses and taxes. So you're down to maybe $2000 a month you get to keep...barely worth it. But your numbers may differ. Make sure you're accurate on them.

5) So in this example, your offer price would be $500k, right? Generally a seller will not like this and want closer to market even though it needs a lot of work and $$....but stand firm. Why even do a deal unless you will make good money?