All Forum Posts by: Joseph M.

I notice it’s hard to follow the conversations because the quoted previous post is merged and there is no space or formatting . So it‘s hard to tell who said what. On the website version the quoted post is italicized. Also when typing sometimes it’s randomly automatically going to caps . Agree about trending , would like to be able to see the newest posts . I’m on iPhone not sure if things are any different on Android .

@Shawn Ward , thanks for posting numbers, appreciate it . Do you usually hire an agent to list your flips or do you list yourself  or have someone on your team list the property? 

Great podcast. Very impressive to hear what Jason and Carrie were able to accomplish in a relatively short period of time. The story of the $186,000 in 6 months they made on the 4plex with only $3000 of their own money was really impressive.  Like a 62X return! 

I believe they said their goal is 500 units , with $200 month per unit, really inspiring.

The house looks beautiful, very cool. Hancock park has some of the nicest architecture in the L.A area for sure. 

Would you be able to share the numbers on this project. Best of luck on the sale.

@Drew Sing , I hadn't heard of those sites before. I took a look at your link, it sounds like it was a  win/win experience for you and your guests and it sounds like you are an excellent host. 

I did a live in flip in 2010 so probably could of benefited from something like this, not sure if those sites were around order not back then.

One thing I was wondering is how you had the work scheduled out. Did you ever have any situations where the guests slacked off or decided not to do any more work after a day or so?..

Was it a certain set time each day?

 Also what happens if someone gets injured while working on the house? Do they have to verify they have health insurance , is there something they sign that protects you legally or anything? 

Of course not something that is going to happen every time, but it's a possibility of course. 

@Alex Hamden I saw that John Cox , running for Gov of CA is using the house as an example of how California is unaffordable for middle class families today . He said that it would take an income of $300,000 YR to afford the house . He actually shot a video in front of the house . https://twitter.com/TheRealJohnHCox/status/1021053514133397505?s=20 As far as Airbnb I don’t know if people would actually pay more to stay in the house . Also I believe legally in L.A you can only rent out the house a certain number of days since city has been restricting short term rentals . Guess I’ll be interesting to see if the house sells for more than the comps in the area . I live in L.A and it doesn’t seem like celebrity owned homes necessarily sell for more but I don’t know if this is different .

This is interesting...there is a Oakland Councilwoman that is proposing a city loan program to help 'cash strapped' landlords evict tenants... Oakland is like L.A where you have to pay thousands if you 'displace' a tenant. It costs from $6500 + in Oakland.  Wonder if they'll ever just decide to let the market do it's thing instead of 'controlling' privately owned housing. 

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The Oakland City Council is scheduled Tuesday to decide on a resolution proposed by Councilmember Lynette Gibson McElhaney that would establish a city loan program to help “distressed low-income homeowners” evict their tenants when the landlord or relative wants to occupy the property.

Under this proposal, co-sponsored by Councilmember Rebecca Kaplan, the city would set aside $300,000 “to make available no-interest loans” to “cash-strapped” landlords to help them pay city-required relocation payments to tenants they are evicting.

http://www.oaklandpost.org/2018/07/06/councilmembe...

Andrew D'Souza I believe you are talking about renting out properties from owners and then renting them out to someone else or subletting them right ? I know there was one poster on here that mentioned they are focusing on “rental arbitrage”. I take it everything is disclosed ahead of time that one will be renting out the unit to someone else ? Is there usually a premium paid above what market rent is , or is there a profit sharing type of model used ?

Jacob Irving The market is tough in SoCal similar to San Jose as others have mentioned . Definitely a speculative /development /flipping market nowadays versus a buy and hold cash flow market . Those that are doing well with rentals bought years ago before the big run up in prices or they inherited properties from family and have them paid off so they can live off the cash flow . You’ll want to have enough money for reserves to pay for maintenance and repairs and not be stretched to thin. I’d focus on earning income and saving . Perhaps you could invest in less expensive markets to get some experience once you have some money saved up . Nobody knows if the market will be higher end of 2019 for sure .. but we are at an all time high now in SoCal and markets don’t go up and up forever either.

Welcome Andrew D'Souza Your company sounds interesting . Vacation rentals seem like the way to go in high cost cities that might not otherwise cash flow .. but I know the rules/laws are constantly changing .