All Forum Posts by: Elias Parisca

Hi All, 

I'm based in Los Angeles, just purchased my first RE property in Indiana (small SFH). I'm an attorney (W-2) and my wife has a private practice as a psychotherapist under an S-Corp. We need advice and strategy for merging and handling our personal finances (recently married), RE and S-Corp accounting/tax strategy, as well as year-end tax prep help.

Looking for referrals to accountants who also invest in REI. After reading some of the forums, I tried contacting @Amanda Han and her team at Keystone CPA, but I've left several voicemails for different people over the past few weeks, and I never received a call back (I assume they're too busy with tax prep).  So someone that has openings for new clients would be great!

Thank you in advance and have a great weekend!

Elias

@Andrew Postell @Simone G. @David M. @Mike Sola @Dylan Vargas 

Wow thank you all so much for taking the time to share your input, so invaluable, and I appreciate it so much!

Unfortunately flipping a first project locally is not a realistic option for me. I live in Los Angeles, the market is insane here right now, as I'm sure Simone can attest, and I work full time as an attorney (unfortunately not in real estate!). For this reason, I've decided to look OOS for a smaller project to get my feet wet. I'm looking into San Antonio, where I should be able buy and rehab with cash and then cash-out refi. I've talked to a few agents and investors in the San Antonio area and the consensus is that there are properties out there to BRRRR successfully, but you need the right team in place. That's what I've been working on. (@Andrew Postell I still owe you a phone call!).  

The insight about the current state of the market and covid's impact is super insightful, thank you so much for sharing!

@Mike Sola your suggestion of coming up with a system of bracket groups seems like a good approach for coming up with rough estimates during initial analysis, which is where I'm getting stuck. I'll talk to some local agents and contractors to come up with those brackets fro the San Antonio market. 

I know that for more detailed cost breakdown and rehab estimates I will need to get a contractor out to the property.  I'm just struggling with that initial rehab estimate before having a contractor walk the property.  

And @Dylan Vargas, I'll certainly spend some time in Home Depot this week.  

Thanks again for all your time and all this super valuable info everybody!

Have a great week!

Elias

Hi All, 

I'm looking to do my first long-distance BRRRR with no prior of experience with rehabbing. My biggest difficulty analyzing properties is projecting rehab costs. I'm reading J Scott's books on Estimating Rehabbing Costs, but I still feel I'm no closer to be able to estimate rehab costs with any confidence, especially when I'm looking at listings with only photos, some with bad photos or no photos at all. Do you rely on your local agents or contractors to come up with a rehab estimate for each property that you analyze?

Any guidance will be much appreciated.

Happy Valentine's Day people!

Elias

@Betty Cruz hahaha ok, I was hoping you would say somehow magically no problems would come my way that would require a CapEx budget haha. Thanks Betty!

Thanks everyone!

 @Betty Cruz, could you please elaborate on how come CapEx "hardly matters for a single family"?

Thanks!

Elias

Thanks @Shirley Wen and @Collin Corrington!!

Hi All, I'm looking to BRRRR properties in San Antonio and could use some guidance from those of you familiar with the area. I'm looking for rough estimates of expenses to perform high-level property analysis. With that in mind, any guidance on the following questions would be much appreciated!

1) Are these estimates about right for the San Antonio market? Should I adjust any of them up or down?
Vacancy: 5%

Maintenance/repairs: 7%

CapEx: 7%

Property Management: 10%

2) For a single family residence in San Antonio, what utilities do landlords usually cover?

3) From those landlord utilities, how much should I estimate to pay per month (or per year) for single family residences?

4) About how much should I expect to pay for home insurance for a 3 bedroom SFR in San Antonio?

Thanks!!

Elias

Hi All,

I'm an out-of-state investor looking to build a team in San Antonio to invest in my first BRRRR. Any investors in the area that could refer a rockstar agent with BRRRR experience, I'd love a referral!

I hope you have a wonderful weekend!

Elias