All Forum Posts by: Jesse Reynoso

Are you or will someone be there who is knowledgeable in the parameters of a VA loan. I have questions on VA loans and how I can use VA loans to acquire more properties.

Looking forward to attending your meet up.  Im in the Bellflower, Long Beach area and meet ups around here have gone away.  Looking to meet like minded individuals.

Purchased a house I was planning to tear down and build a multi unit on.  Made the mistake of letting the tenant know (it kind of slipped out) and the ended up moving out a few months later and we were not ready to break ground for another 8 months or so costing me over 20k in rental income

Every city has their good and bad areas.  Its learning what area of the city to stay clear of.

Hi Paul

I hear your frustration. We are pretty slammed right now and a few of my guys are out due to covid. I can take something on in about 3 weeks. How big is this ADU? Is it attached to the main house? I ask this in order to see how and where we will connect to the sewer. Let me know if you would like an estimate and or if you just have questions

Sean

Definitely get a few more quotes.  As mentioned before chimney caps at Home Depot or Lowes will run under $100 and very easy to install.  Not sure what shape this fire place is in but for that price you can demo and build a new one.  Its contractors like these that make it hard for the rest of us.  If you post some pics I can give you ball park of what it should cost to repair.  Good Luck Brother.

Investment Info:

Retail commercial investment investment in Rapid City.

Purchase price: $150,000
Cash invested: $15,000

Purchased a 7k sq ft office building with a 7k sq foot basement. Owner financed the deal. Originally Owner was asking 200k but the building needed a new roof. They lowered the price to 150k and I flew out there and installed a new roof for under 20k. The building cash flows at 50% capacity and I am having the vacant spots upgraded in order to get higher rents. Building was appraised for 325k. And it is a beautiful place to visit.

What made you interested in investing in this type of deal?

I have been wanting to invest out of state for a while now and this just fell in my lap. My brother in law rents a space in the building and he told me that the original owner passed and his children did not want to manage this building since they lived out of state.

How did you find this deal and how did you negotiate it?

Found the deal through my brother in law and the building was in need of some remodeling and a new roof so there was room to negotiate.

How did you finance this deal?

Owner is financing the deal with only 15k down at 4% interest

How did you add value to the deal?

Added a new roof and am currently renovating the vacant spaces.

What was the outcome?

The building cash flows with only 50% occupancy and will turn the basement into storage spots to generate more rental income.

Lessons learned? Challenges?

The pros and con in working with family to manage and renovate this building .

@Jason Martinez

I am a GC and there are laws in California on how much a GC is allowed to ask for and that is 10% or 1k whichever is less. I dont like asking customers for money upfront and usually collect once the job begins. Now if they need to order cabinets and items that have to be ordered that is a different story.

@Jack Zhuang

I am a GC and developer in so cal. In currently doing a similar project in Norwalk. There are a lot of variables to consider. I can give you ball park numbers just for budgeting purposes but there are a lot of variables. You can pm me if you would like to chat and hopefully steer you in the right direction.

@Brandon Penn

Congrats! That is awesome. Thanks for your story. I'm on that same path. Very exciting and motivating.