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All Forum Posts by: Calvin Chan

Calvin Chan has started 1 posts and replied 4 times.

Post: First single family home

Calvin ChanPosted
  • New to Real Estate
  • San Luis Obispo, CA
  • Posts 4
  • Votes 2

@Ben Tilbury you are correct sir, right around Laguna and it’s a little over 1200 sq ft

Post: First single family home

Calvin ChanPosted
  • New to Real Estate
  • San Luis Obispo, CA
  • Posts 4
  • Votes 2
Originally posted by @Eric Veium:
Hi Calvin, thanks for sharing. Are you aware of the new ADU law that enables you to convert a garage or build a new free standing structure up to 800sqft with streamlined requirements? That may help to further support appreciation, depreciation, and cashflow.
Happy to connect to discuss.

Eric, 

I have heard about the new ADU law but have not done any additional research into costs/ROI nor do I believe I have an adequate understanding of estimating rehab/construction costs at this time. I purchased the BP book on estimating at am in progress of furthering my understanding.

Post: First single family home

Calvin ChanPosted
  • New to Real Estate
  • San Luis Obispo, CA
  • Posts 4
  • Votes 2
Originally posted by @Andrew Syrios:

Congrats Calvin! What do you think the ARV is?

With my 120k down and dumping 20k of actual improvements my guess at this time is around 650k. My holding costs of 9k took a big chunk out of my equity.

Post: First single family home

Calvin ChanPosted
  • New to Real Estate
  • San Luis Obispo, CA
  • Posts 4
  • Votes 2

Investment Info:

Single-family residence buy & hold investment in San Luis Obispo.

Purchase price: $596,000
Cash invested: $150,000

originally purchased to be my first home, started remodel (self) and eventually decided to rent out (house hack)

What made you interested in investing in this type of deal?

great area with lots of potential equity, good rental market with low vacancy; needed tax writeoffs

How did you find this deal and how did you negotiate it?

MLS, real estate agent

How did you finance this deal?

self

How did you add value to the deal?

remodeled bedrooms, master bath complete reno, added A/C along with new furnace.

What was the outcome?

still holding, in process of refinance to lower monthly payment so i stop bleeding money

Lessons learned? Challenges?

bought too high, too much in holding costs because i did the remodel myself.