All Forum Posts by: Gregory Storm

I too am looking for accounting software to get started on.  I've read most of the BP threads on the topic as well as software reviews on Amazon and it's clear that Quickbooks as a business has a lot of pissed off users.  People choose Quickbooks because Quickbooks has the largest market share and not because it's the best software.  The fact that you either have the buy a new version of the desktop software every year or be locked into high increasing monthly fees for the online version is worth looking for other options.

Prior to your post I was comparing Xero and Quickbooks and looking for better solutions here https://www.capterra.com/construction-accounting-s...

I hadn't heard of Wave before your post, but after some research and going through https://www.waveapps.com/wave-accounting-vs-quickb..., I think I'm going to give Wave a try.  They even have quick and easy ways to move to Wave from Quickbooks, Freshbooks, etc., but since I'm just getting set up, I don't have to worry about importing from a different program.

I guess I was just surprised by the oddity of decrying the lack of attention from real investors on this social media platform while ignoring your other social media platforms.

I would say one of the points on having your business logo in your BP signature is that you hope to get new business when you post here and if your links make it look like you're not in business it defeats the purpose of showing your business in your signature.

I agree about the heavy competition for lending in Los Angeles market.  I've worked with some of the lenders you posted but you left out Pivotal Capital Group.  They are quick as all get out and are easy and amazing to work with.

My guess is that the "real investors" are busy investing -- doing deals, looking for properties, walking job sites and making stuff happen. Speaking for myself, that's what I've been doing.  As much as I enjoy these forums, there are other priorities that demand time first.

After looking at your BP Profile, I have a couple of questions for you.

1. Your web site hasn't been updated since 2016.  Why? 
2. Your Twitter account hasn't been updated since 2016.  Why?
3. Your Facebook Page hasn't been updated since 2016. Why?
4. Your social links on your BiggerPockets profile are all broken and make it look like you're not paying attention to details. Why?

Maybe it's because you're busy doing deals and making stuff happen or maybe it's because you're spending too much time on BiggerPockets forum instead of doing deals.

Your post and profile got my attention at the right time because I'm opening escrow on five new properties and might need more lending options.  But as an investor who does fix & flip deals in Los Angeles who is open to working with new private lenders, I'm eager to hear why it looks like you've abandoned your private money business. I'm not saying you have abandoned it, but since there are no updates in almost two years, it definitely looks that way.

 The neighbors have been getting traffic for that house for last 40 years.  It's already baked in.

@Alex Hamden Did you make an offer on the house?

@Joseph M. I agree that celebrity houses don't sell at a premium and they shouldn't.  There is zero appeal to living in a house once owned by a celebrity.  You'll have less privacy with Star Tours or TMZ tours driving by.  That's why it makes zero sense for an owner who is going to occupy the Brady Bunch house to buy it.  No privacy.

 It's not a celebrity owned house.  The house is the celebrity.

The answer is yes!  It would be a solid investment.  Not using AirBNB though.  AirBNB sucks for premium vacation rentals.  VRBO / HomeAway would be the route to go.  The house next door rents for $350 per night and it's just a standard house with no pedigree.

With that said, corporate events and weddings would be the big revenue generators supplemented by guided tours when the house was not rented.

What I would do is renovate the interior of the house to match the interior of the Brady Bunch TV Show.  Once the renovation was done, you'd be able to double or triple the nightly rate.

@Dennis Canon HML was 85% of purchase price. Rehab is with our own money. In terms of drawings, have you ever tried doing those yourself? I measured and created my own as-builts for temporary reference until a drafter can come in and do more professional ones. I've been adjusting the floor plan to see what works best, but I'm wondering if I can use the ones I create for submitting to the city for permits.

@Mike H.

Neither of the sold remodels comps from this architect in my example sold for $1,000,000. One sold for $1,085,000, the other sold for $1,100,000 and one just closed yesterday at $1,150,000.

$250k is low in Los Angeles.  You'd be hard pressed to get a 0 bedroom, 1 bathroom studio condo in highly desirable areas at that price.  I don't know how high the demand in your area is or what the inventory is like, but where this property is, the demand is high as it's home to one of the best schools in the United States so it's very desirable.

With that said, I think if were selling a house that I knew would sell at $250k, yes, I could list at $255k and have it sit on the market and finally get a buyer who wants a discount because the house sat too long.  But I would probably go the same route and list it at $224,900 or $199,900 and get a bidding war.  That's how the Los Angeles market is.  Almost everything worth buying gets multiple offers within days, if not hours.  If you get a good house for under asking price in a desirable neighborhood, it's rare.

I'll explain the thinking behind my $999k/$949 strategy.  Go to Redfin.com and Realtor.com and click on the Price drop down. When you go higher in price, here is what you'll see in terms of the jumps.

Redfin.com

$900,000
$950,000
$1,000,000
$1,250,000
$1,500,000 etc., etc.

Realtor.com
$900,000
$1,000,000 with no other options.

If you expect a sale price of $1,100,000 I don't see any upside to listing at that price because you are loosing a lot of potential buyers who search $1,000,000 and under who could probably afford higher.  You are also loosing the heat and activity on the house and missing out on the opportunity to put a clock on your listing as a "Hot Home" on Redfin. 

You probably have a lot more experience in flipping houses than I do I'd like to know what you see as the downside because I don't see the downside of listing lower, at least in the hot, low inventory pockets of Los Angeles.  Thanks.