All Forum Posts by: Gerald Perez

Hello BP!

I'm looking to connect with a mortgage lender/broker that has experience with the investing side of RE in Los Angeles County. 

I also need someone that can accommodate Spanish speaking. I know other lenders but I am really looking for someone within the BP family.

Thank you so much!

- Gerald 

Hello!

In need of a real estate attorney in Los Angeles County that is familiar with drafting up contracts in wholesaling, JV agreements, and operating agreements.

Any recommendations would be greatly appreciated!

Thanks BP fam

- Gerald 

A friend of mine has a property manager that has claimed to fix issues with their rental property and has shown some signs of negligence. 

They soon discovered that there is mold at their property that the property manager failed to address. 

He claimed to have fixed the problem but soon to discover it is still a problem. 

I worry that the mold may be a health issue for their tenants.

I'm seeking some insight on seeing who is the person liable if there is an issue.

Is it the property manager or the landlord of the property?

The owner is an out-of-state landlord and is trying to get everything fixed, but the property manager continues to claim issues are fixed but are quick fixes.

Hopefully, this makes sense!

Thanks, everyone!

@Zach Wain I read that banks only do cash-out refi based on appraisal of a property if we hold the property for at least 4 months.

Our renovation on the place would only take about a month to do.

So if we wanted to refi are we forced to still hold the property for that amount of time??

@Chris Parsons Hey brotha I didn't go through with it.

It is just a way for you to pay for knowledge you can obtain on your own. Since then I've gone through the weeds and purchased my first flip 3 months ago and currently working on my first brrr 

Save your money or partner up with people and self-educate. The best thing you can do and obviously hang out here on bigger pockets with like-minded folks :) and go to events and meet people!

Can anyone explain how much LTV can be pulled out of a property based on the potential income of the property?

I understand the Appraisal method but this one I can't really find an answer.

Here is an example below of what numbers look like. 

Scenario-

SFR

PP- $300k

Rehab - $20k

Potential rent - $2500-$2600

ARV - $400k- 420k

I'm about to purchase a rehab home from a wholesaler 

Wanted to ask if theres any tips or things to look out for when purchasing from a wholesaler. 

Not so much about the property but what things do you look out for in their contracts or any fine print stuff that I should pay attention to.

Worried that I might get scammed in someway that I don't know about.

Thanks everyone,

- Gerald 

Thank you guys for the responses was. not too sure about the details about this so thank you for your insight and wisdom!

- Gerald 

I recently just got my RE license here in California and I've heard there are some discrepancies with wholesaling if you have a license.

Want to ask any wholesalers out there that also carry a license, what is the appropriate approach or legal approach to correctly wholesale.

Do you still tell sellers you are an investor and you will pay for the house cash?

Or do you say you are an agent first? Do you ask the first question and if they refuse offer to list their home?

Any advice would be appreciated!

Thanks BP Fam!

- Gerald 

Can anyone give an example and show how a partnership is structured when going in on a rental together?

For example if

Partner A: Has no money but has knowledge and the time.

Partner B: has the capital but does not have the knowledge or the time.

Any examples on how things such as cash flow, cash out refi, etc. we’re fairly divided?

Anything to look out for along the way or mistakes that could of been avoided?