All Forum Posts by: Josh Bakhshi

Did you already buy the 2nd property w/ 5%down?  If so, why didn't you do the 20% from the start?  Now it might cost a lot more b/c you have to do 2 more loans and each time that happens, it costs you money and time.

I think Dennis is the only normal response in this thread.  It's not rocket science to look at the lease and most of the time, it's in normal English so you don't need to have clerked for a federal judge to understand it.  That being said, 1500????!!!!!!  WTF.  IF I was a judge and your friends were trying to get their money back after the fact I would laugh at them.  Unless the old fridge was once worth 5K, there is no reason that they need to pay 1500 for a new one.  

Also remember that Los Angeles is part of the People's Republic of California (I grew up there).  Tenants have all the rights and landlords are put to shame b/c the "own" property.  So your friend might have a case.  

Are you trying to flip or brrrr? 

sell your car, watch, cell phone and blood.  When I see things like this (not having enough money to even cover closing costs, I am more convinced that 2008 is coming back.  I'm just glad I have some cash in the sidelines.

Austin

if you don't want to be hands on, sell the properties and invest in an annuity.  I had a friend that said basically the same thing you are saying so I told him to hire a PM.  Then he complained that they are too expensive and don't care about things like they should.  I told him real estate is not for him and maybe that applies to you also.

I would like to rent out a property for at least 25%.  What I mean is that gross rent should be no less than 25% of purchase price and rehab spent.  But for that return, you are expecting to get much less on appreciation.

depends what your goal is. But here is a list of things for basic flips... 1- Flooring 2- Paint 3- light fixtures, 4 kitchen counters 5- kitchen counter tops 

too funny!

Another option is to cut the property in half and one brother takes the East side and the other takes the West

It depends on what the 80 things on the list are.  If it something like the GFCI outlets in the bathroom aren't working, it's an easy and cheap fix.  If it is the AC is on it's last leg and should be replaced, then you are talking about another thing.  But you said that the seller is motivated to get rid of the house and seems that they are willing to do the work.  

But I would just send the inspection to contractors.  They shouldn't even need to visit the property b/c the report should give a description along w/ pictures.  Once you get 2-3 bids for everything, just add an additional 15-20% and say that is the kind of discount you are looking for.  

Keep in mind two things, most of the repairs wont add value to your house and it will be a pain to fix.  But if you really like the property, then do it.