All Forum Posts by: Jonathan Orr

Zach

First you need to check with the local government if they would allow apartments on the upper floors.  Best to check the zoning to see what you would need to do.

I would not immediately jump to adding AC.  First see if it will pencil if you just do the basics and just turn the upper floors into apartments and if it will cash flow (bare minimum to get them livable without added amenities.  From there, if it does pencil and you find there to be room start looking into the expenses to add (like the AC and more facelift)  that would best be done by having a contractor come in with a quote.  

You can do all of this during your DD period.

Good Luck!

@Brian Garrett I think the difference I am trying to ask is not from the standpoint of what is the best so I can use it. It is a question thrown out to see what works the best for other people. I have no intention of gathering the info then trying to use one particular way. When I was involved in the SFR flip side of the industry I did try all of them and found out that actually the MLS worked best for me, while mailers did not work well. I just want feedback on what they like the best or what they have found that is simply a calorie burner.

I completely agree that your market will dictate what is successful which is why I believe there is no right or wrong answer.  Just curious on where trends are going I guess.

Appreciate the feedback!

 That is the exact point of the question.  With so many avenues out there and so many resources saying one way is better than the next...etc... that is why I am curious.  I am looking for answers from the flipper that is actively doing it.  I am curious on what they find successful and what they don't.  I have read a ton of articles and materials saying one particular way is the gold mine to finding properties but it always is just taking them at their word.  I realize this is a similar thing that anyone who comments can't show proof that what they use is successful or not but I hope that with an anonymous survey people can be honest and give some feedback on their experiences.  Hope that kind of answers your confusion.  Reason why I labeled it the million dollar question.  So many avenues yet from a scientific standpoint there has to be one that is more profitable than the other.  At least to some degree, I know that there are other factors such as what markets they are involved in and price point of homes.  

OK, before I jump in.  I was to preface this with this is purely out of curiosity and research....

I am on the track to nail down the answer of how people find SFR homes to flip in today's current market. Yes I know more than half of you probably laughed at that statement because either you have the secret and refuse to tell anyone, or you don't want to admit it but you want to know as well.

Reason for the question is I was talking with a SFR guy I know and we were trading war stories between his flips and my commercial side deals and I got so frustrated when I asked him how are people finding deals for flips now? Being a real estate nerd like most of us on here, even though I have not been in residential real estate for a while I try to keep my finger on the pulse of what is going on and like to learn as much as the next guy.

So....I have been determined to throw it out into the universe to see where are people finding success to finding those flips that have more than a 5% return.

I have created a survey which is anonymous.  Would greatly appreciate the feedback.  Or you are welcome to comment on this thread.  Like I mentioned, this is for research purposes and out of curiosity.

https://www.surveymonkey.com/r/99L3TGH 

Thank you for the feedback in advance.

I have had a very similar problem like @Jenifer Levini.   Had a piece of land that would have fit tiny houses perfectly.  However, after getting into trying to entitle it and the cost it would take for that and construction.  It would have been a higher price point as a regular home/condo.  Meaning that we felt it would not be attractive to sell upon completion.  Ended up walking away from the deal.

I will say I did speak with a modular home construction group that does tiny homes on the West Coast.  Very interesting aspect and the cool thing was they can be fixed to a foundation or left on an axle like a mobile home.  Maybe something to take a look at.

Hi BP Agents

Need help clarifying things.  I am a licensed California sales person.  I have clients in California that are interested in properties in outside states (specifically Arizona, Nevada, Texas and Colorado).

I am wondering what I need to do to be apart of the properties they are looking at.  In the research I am doing I a bit confused on how Reciprocity and cooperative states work.  I realize in California I am limited to only properties in California.  However, if anyone can explain it on a basic level on what states Cooperate and if anyone has tips on what would be a good state to get licensed in so that I can use that license in other states (of course I would need a in state broker agreement).  Any tips or help is appreciated.

Thank you!

@Jonathan Hammoi  You are on the right track on saving up.

If you feel Real Estate is a field you want to be in there are job opportunities to get involved.  For example you can get your sales license and get in with a broker to start buying and selling Real Estate. Of course it is all commission so it would be up to you how hard you work.

In terms of investing, yes hard money lenders are a option.  However, I would suggest partnering with other investors or even investing on a platform where you are not necessarily the developer but just on the financing side.  For example I know a company that utilizes fellow investors and invest their money into flipping project.  In return you are put on the deed and receive a return on the money you invest.  That way you may not need to invest the entire 100k but can still make your money work and be involved in real estate and have seasoned professionals that identify and rehab the projects.   Happy to pass you along to them.

Hey BP

I wanted to reach out to the community to ask how people have grown their business.  I am a commercial real estate developer and have recently done some consulting work for smaller investors that are starting out or need assistance in certain aspects.

I really enjoy helping fellow investors grow and become successful, I would like to continue consulting and helping, but am stumped on ways to reach out to new investors and how to identify them.  Wondering if anyone has ideas or experience they can pass on how I can reach out to investors/developers to not only offer services but grow my network.  Any ideas?

Thank you!

Luke

Getting into the "flipping business" requires alot of moving parts and I find it best to partner with people who have that experience.  What I mean is building a team of people who can bring their expertise to the table.  As far as finding properties, there a many different paths to take from mailers to auctions and even using RE agents.

Feel free to reach out, hopefully I can expand on that a little more and find out exactly what your needs are.

-Jonathan

Kyle

Is there a certain aspect of land development you are looking to gather more information on?  Scraping a lot for a new build is harder to come by due to the cost and market.  Most of the scrape and new builds I have seen are larger projects because it can support a fully demo and rebuild.  

If you ever want to talk, happy to provide my thoughts.  

-Jonathan