All Forum Posts by: Douglas Larson

I've got some family holiday commitments for Thursday but please add me to your list for future meets!

Thanks - Douglas

 Yes to #4!!!

@Tanisha W.

Welcome to the BP Nation! Investing in expensive markets like SoCal can be tough but there are always opportunities for creative, hard-working, honest people who want to learn and act on that knowledge. The  and  here on BP are a great, fun way to "OD" on real estate knowledge.

I flipped several homes in San Diego a couple years ago. It was hard to find any "great" deals but buyers really appreciated a turn-key product and will pay you for your hard work to renovate well. There are also some good values and some real upside potential if you go inland a bit, like Riverside county - not sexy like the beach but the numbers can work better for flips, wholesales and even rentals.

I also lived on Maui for several years during the boom of 2000 to 2005. Prices were crazy but I was able to do some  and  with 4 different houses and one condo. If you can keep financial priorities straight and be creative, there will always be opportunities, even in the pricey markets.

You will like this  by Brandon Turner! And don't be afraid to spend a couple bucks on these . Excellent info here!

Have fun and Make Your Own Luck!

@Zack Broaddus

Another version of House-hacking, often discussed here on BP, is to simply use a SFR (single family residence) as a functional duplex or triplex. This is very common in college towns or expensive markets where you can rent out a basement or individual rooms in your home. You do have to be careful in certain areas that have local ordinances that make this more difficult. Some laws might state that only 3 or 5 unrelated people may live in a home.

You also may not be able to use the rental income from a functional (but not permitted) multi-family property to qualify for the mortgage.

I house-hacked 4 different SFRs on Maui several years back by renting out "ohana" units (mother-in law apartments) that were simply sectioned-off parts of a SFR. My ludicrous mortgage payments were mostly covered by my renters and the appreciation really paid off after 1-2 years in each place!

Have fun and make your own luck!

@Nate W.

I have invested in Hawaii, California and now in Utah, where I currently live. I find great opportunities here but investing out of state is always difficult. The successful out-of-state investors I know are either wholesaling through local networks or they have enough money and properties to connect with the best property managers in their chosen market.  I have looked into some "turn-key" deals in Utah, Idaho and in Kansas City, Mo. On much closer inspection they just didn't add up and there were no real guarantees. If you come to Utah, check out SLREIA.com and find one of the lunch groups that fits your visiting schedule. Good networking there! ... and maybe we'll see you.

 Thanks @Royce Talbo! ... and Aloha! I think I would be even more creative if I were back on Oahu!... or Maui .... I lived in Laie for a few years going to school and then lived in Honolulu for a bit and then upcountry Maui for 5 years! I miss it every day!

How is the real estate out there these days! Still expensive and going up!?!

Thanks for the Kudos my BP friends! My current project has 2 ugly doghouses left behind by the previous owner...

Hmmmm.... I wonder if I can come up with some irresistible eye-candy there! Any ideas?

I love granite but not for my rentals under 150K. Mid to higher end - absolutely!

Also . . . you mentioned 170 sq ft of counter? That's really big! Most kitchens have 35-50 sq. ft. of countertop. Larger kitchens are 50-70 sq. ft.

Also, if you do go with granite, Home Depot is usually not the most affordable. Talk to some other investors in your area for the best granite guys and you can probably have a tier 1 color installed for $25 per sq. ft. including the sink cut-out and a 4" splash. You'll easily pay double or triple that in NYC, San Francisco or Maui, but it should be accurate in your area.

Bottom line though is more about what is expected by renters in your area and price range. A great, cheap DIY option is solid wood butcher block, now carried by many Lowe's stores and also at IKEA. It can be as cheap as $10 per sq, ft. and you can have it in in 2 hours all by yourself.

See this link: http://www.ikea.com/us/en/catalog/products/80274963/

Thanks @Ingrid J.

Not everything we do is fun but it can be cool to look back at some projects and feel a little pride. Have fun with your aspirations in Norway! I'm sure your prices make cash-flow a bit more difficult on rental homes, but with creativity you can always make something work. I have had several flips and rentals in expensive markets (Maui, Hawaii, San Diego, Calif, and Park City, Utah). My only regret is selling most of them. Keep your focus and enjoy the journey!

Thanks @David Hays

It was a fun project because it came together quickly and made a big, ugly pit into something cool and useable! My kids keep begging me to put one in our own backyard. A functional, dug-in trampoline might also be an asset when trying to sell a home but this pit and frame were old and broken, and I think the firepit conversion added way more value for the average buyer. 

Thanks again.