All Forum Posts by: Jay Dimacali

Hi  @Andrew Maxion. I'm currently working on adding ADU's to my rentals. I'm going the cash out refi way to fund my ADUs but it takes awhile and with everything going on I'm guessing it's going to be even harder to cash out.

Try checking out the Norris group at https://www.thenorrisgroup.com/.  I've not personally used their hard money but they seem like a good reputable group to work with.  They're a great group to learn from and to help you keep track of the industry.  I recommend going to their events to learn and network.  Good luck!

@Steven Garrett

Hi Steven and welcome investing in real estate. I would recommend attending real estate meetings such as the prosperity through Real Estate Group. The founders actually live in the valley but they run their meetings in Culver City. You're in luck because now many of the meetings are online through Zoom. There are other clubs in LA and there is other meetups I've heard of in the valley and you should check those out too. Just Google them. But that group Prosperity through real estate has been good in my experience and I can recommend them. An important recommendation I'm throwing out is to just attend the meetings and listen and learn for at least 6 months to a year because you'll hear some speakers talk and you want to go and spend money on their programs and their coaching. But just listen and learn and take some notes for now and then you'll get an idea of what will interest you and where you may want to focus. Hope that helps. Good luck!

@Daniel Hoghoughi

I keep track of the same type of properties around my rentals. Whenever I see a for rent sign on a similar property that jot the name and number down and do the calling for their rent amounts. Most important thing I found is to call once the for rent sign is gone and to tell them I'm a prospective customer and when they tell me it's rented I go 'oh that's too bad' and ask how much did it rent for? Now I got an actual comp. I just keep track of properties around my area that way.

As for Craigslist I have listed my property with a price that is a bit higher than I would originally shoot for. I don't give the address maybe just cross streets. Then I count how many calls I get for a property. I'm in the San Fernando Valley and if I get around 10 calls for a property at a listed price then that has usually been a good price for me. Just working to find what the market will bear.

@Terrell Garren

@Account Closed

@Will Barnard

@Xander Tertychny

@Xander Tertychny

@Xander Tertychny

@Lee Ripma

I see what you mean.

If it helps give any idea of where I am. Imagine a triangle. I'm a square piece at the 90 degree angle and I'm about 10k Sq feet of that triangle. I'd show a picture if I could post it. But without my piece they wouldn't have the entire lot in its entirety.

@Xander Tertychny

Thanks for the tip on checking for the sale price next door. I'll do that.

We do fall under rent control so I'll have to figure that in. Thanks!

@Joshua Duvall

I'm in the Granada Hills area.

@Lee Ripma

Those are good points. I appreciate hearing them.

My property is probably not an essential piece because I haven't heard from the developer.

Just curious though. How would you formulate an offer to buy out an adjacent lot next to your project?

@John Teachout

Thanks for the input John. I'm not sure if my lot is essential to their project but I'll come up with a reasonable price just in case.

Hello BP,

I have a duplex rental that is right next to a 1 acre lot where I just learned that a developer bought it. They're planning to build apartments. The story on my lot that I was told by the owner is that it is a key lot that is needed to develop the entire property. My question is what are your thoughts and suggestions to get the maximum price out of selling my property to them? I obviously want more than what market prices are because I know this lot is important for their development. I'm in the Los Angeles area and specifically in the San Fernando Valley. Thanks in advance for any help!