All Forum Posts by: Loren Miner

@Lyall Storandt just like everyone else could you send over your CPA's info! 

Thanks! 

@Broaderick Brown That is a great question that will shape the majority of your career. I would suggest interviewing/looking at couple companies. For myself, it was about the culture and training. I wanted a to hang my license in a place where I would enjoy the people I work with and quickly learn the game. 

I just moved to Houston from Orange County. We are opening a new brokerage. If you would like more info on what we are up to feel free to PM me :D 

Goodluck on your journey! 

@Sernel Joseph  

"Please help, share some wisdom with us. We are interested in wholesaling, rentals and flipping" 

You might interested in too many things. The first step is your long term goal, and I would work backwards from there. 

Do you want a flipping buisness = you flip mulitpule properites a year for the next X amount of years? 

Are searching for some passive income and would like to have X amount coming in a month. builidng towards having X amount by X year?

@Roland Rasos I would put an emphasis on your client's strategy. If they are looking to hit the lotto like other members have discussed via the mentality of Flip or Flop. Then it's going to be really hard to find an MLS deal because there are too many eyes on the MLS. Off-market, leads will be your best bet, along with the higher price point that @Shaun Vembutty mentioned.

However, if their strategy is quantity, then ROI is great for those numbers, especially depending on the time frame the project will take. Ultimately understanding your clients goals will determine whats a "good" ROI.

@Fillipe Silvas Also keep in mind people always want the most money they can get for their home, meaning pricing the home "depending on your motivation" to sit for 6 months. If one area/section has an average 6 month DOM, then that is an area you might wanna stay away from. 

Golden rule =  All money is made in the purchase 

 Adjust your strategies according to your knowledge of that area or market forecast. Knowing a home might sit for 6 months, means you have to buy knowing that you have an extra 5 months of holding time. Factor that into the price. 

https://drive.google.com/open?id=0B8yliRaGaVAWQU9m...

Link for exit comps, Tax Profile, Underbuilt 

Here is an off market in Studio City asking $1,300,000. Planning on hitting the market this Friday.

Attached are some exit comps for the land. (ARV $3m - $4m)

Video Tour Link: Studio City

Pro:

Lot size 25,000 sq ft.

Views

Con:

Not entirely flat (reference underbuilt) 

Here is an opportunity (off MLS) to build tall and skinny units and sell them individually.

Currently sits a 950 sqft home on a 7,500 sqft lot and is zoned R2. 3-4 units can be built on the land. The Seller was asking $2,099,000 to walk away, however now he wants $1.9m range now. 

(http://www.zillow.com/homedetails/1432-17th-St-Santa-Monica-CA-90404/20479743_zpid/?view=public)

---------------------------------------------------------------

http://www.airesantamonica.com/

Garden Flat - High $900,000 Range

Garden Townhome - $2,000,000 range

Townhome - $1,500,000 Range

Resale at each at around $1.8m each

Build at $166/sq for each. I have a great builder if you need one.

Reach out with any questions! 

@ Jeremy Pakalka Thank you for the words of encouragement. Love this real estate industry in general, just don't want to specialize as a residential real estate agent. I will be on the construction site building the homes physically, but the goal is to learn all the different steps from pre-construction to the buyers hands. The goal is to overall have the best understanding of costs, process, materials, time frames for different pieces, etc.