All Forum Posts by: David Featherstone

Yes!! @Jennifer Swope, thanks for the reminder. I’ve heard that mentioned on the podcast a couple of times.

@Jon Kelly, thanks for the recommendation! While I might end up paying an agent to run comps, I do want to learn to do it myself for future deals. When running comps on this house would I also look for recently sold houses in a similar condition to try to figure out a purchase price, or would I estimate the purchase price by look for a recently sold houses that were fixed up and have similar specs and then subtracting the cost of repairs needed?

Hey everyone! My wife and I have been renting a home in Los Angeles from a family member who recently passed away. We now have been given the opportunity to purchase the old home off-market, if we'd like. The house was built in 1951 and most of it hasn't been updated since the early 80's. Since the family is not using an agent to sell we won't be either, so we don't have comps. We want this to be a live-in flip. Before we make an offer we are paying for a home inspection. What else would you recommend that we do to determine the home value and to determine what we offer? Any other things we should be wary of? (If we do purchase we will be using an escrow company.) 

Thanks!

@Jon Schwartz I liked what you said. My wife and I like many on this thread are looking to do the same. Would you be willing to share your calculator with me as well?

That’s a great find Cody! Way to go by not letting COVID keep you from acting, and even using it to negotiate a lower price! I’m looking to do the same so it is great to see success stories!

You can find a lot of great zoning info for any property in the city of LA @ the tax assessor’s website: zimas.lacity.org 

Just search for the property’s  address  (make sure when you search by address that you only put in the address number in the first field and the street name in the second field. i.e. 1234 S Madeup Blvd would be : “1234” in first field and “Madeup” in second field.)

Good luck and keep us posted on what you find out! Let me know if you want help on how to interpret the info from that site! 

Mechanical Engineer here! New to REI and learning the basics right now so not sure if that makes me an "investor." But I have some goals to become one soon!

@Eric Johnson, yes that would be perfect.

@Eric Johnson What kind of time commitment are you looking for? I am really interested and I speak fluent Portuguese so I can get by with Spanish. More importantly I’m a quick learner and I’d love to learn from experienced investors.

@Victor Ong, is this to be a live-in flip? I never thought of doing this with a condo! I like the idea of this! Where are you in the process? Is this a past deal? If so I am interested in know what it was like working around the HOA during the remodel.