All Forum Posts by: Jonathan Taylor

Would it be possible to do a video meetup instead?

darius,

Sorry for the late reply. Rent redi has what I need and stessa nd cozy kept trying to get me to pay more for more features. Rent redi also gives discounts to BP folks. I pay 12/month as long as Im a BP member, the team they have took time to walk me through and have incorporated better functionality as I have been with them. Since this is a relationship business Im willing to stay with them since they are easy to get ahold of and they listen. I found stessa and cozy to not be as easy to get ahold of when I had questions.

Hope that helps

JT

@Alex Bekeza thanks for the recommendation!

Ive been using rentredi for my units, 2 thus far, adding another in a few months. The UI is a bit clunky but custumer service is great and they are adapting as they get more feedback. Im willing to stick with them as long as they keep improving. I used stessa and cozy free versions but they didnt offer enough for me to stick with them

@Joel Becerra I looked into housable but my project is too small to justify a GC. Im subbing out licensed tradesman fornthe permitting compliance but will let you know how it goes. I got my list of permits needed from my title 24 report and I need 8 permits for a 290 sq ft space.... LA may have relaxed the rules but not the time-wasting redundant paperwork/headaches.

@Lauren Hogan good question! I invest here because of what’s been reiterated here already; High values, low stock, but most importantly investing in a hard market gave me a jump start to my own RE education. In one deal I was able to learn a complete picture of what RE investing takes to succeed. I doubt I would have received the same if I invested OOS. This market forced me to learn very quickly and adapt fast to not lose my deal.

@Joel Becerra

I’m in the process of converting my garage and unfortunately it not as simple as having friends help. All ADUs still need to be title 24 compliant, licensed architecture plans and subbed out work which need to be completed by licensed tradesman. This is for electrical, plumbing and energy efficiency. Electricians need to fill out a CF-2R for any grid work they do. Any HVAC or heating needs to be compliant by licensed folks and any ground up your builds as well. Same with windows and insulation.

Building out kitchens and laying down flooring don’t need to be licensed but there’s a lot of paperwork now even though the laws have loosened.

Caveat is, and I’m sure other Angelico’s can relate, is that you get different answers from different people depending on what day or the week it is or how much coffee they had or if they are seasons behind on game of thrones and you just happen to catch them after they saw the red wedding....

Short answer, it’s more doable now, long answer, you are inviting inspectors to knit pick your property which can cause you months of delays chasing codes that they can’t explain.

Good luck.

@Jonathan Schwartz welcome to the market. As those are good standard numbers it depends on your project. I recently did a studs Reno on a fourplex and ran 5% vacancy and 3% repairs and no capex for the first three years because I replaced everything that would break. Then I return to 15 across the board once stabilized at 3 years.

This has proven correct as it’s the first year operational. For starters stick with 15% for capex repairs vac and see.

It’s a tough market. Good luck

@Kimberly S. How has your process been? Sounds like you’re about halfway through.

@Rashad Ellis it has been awhile since I first posted this thread so here’s been my experience thus far:

I closed on a four plex in NELA a year ago and am just finishing the Renovations. NACA has been nothing but difficult every step of the way. Most of the folks I've dealt with are under trained, under paid and over whelmed. They do not respond help or aid in any of my questions. I had to literally do office sit ins to get answers and move my file along. I was very stubborn but in this sense it helped me.

This program is not for the faint of heart as it is a full time job for years. I was fortunate to get a property that cash flows. I’m in a 30yr fixed at 3.375 with $4-600 cash flow each month.