All Forum Posts by: Matthew Mirkin

This is my first flip property so I've never had to deal with this before.  I purchased the house in June 2016, for ~$250k, refurbished it and resold it December 2016, for ~$350k.  Property taxes were paid through escrow for both purchase and resale however, the property tax had only ever been calculated from Original assessed Value (the value before my purchase) ~$150k.  After I resold the home I received a Supplemental Property Tax bill using the price I paid for the house in June (~$250k) as the new assessed value.  They want me to pay ~$1000 for the increased assessed value, half at the end of Jan 2017 and the other half in May 2017.

Is this Supplemental Prop Tax my responsibility? Both payments? Is it something that should be prorated for the time I owned the house 6/2016 through 12/2016, not the entire year?

I'd love some advice from people that have had to deal with issue.  The property is in Lancaster, CA, not sure if that matters.

Thanks in advance,

Matt

Hi @Aaron Swart, welcome to BP. I have a similar situation to you. My brother (a real estate agent) and I are from LA and just starting out in the REI game. We've just completed our first flip in Lancaster and are looking for the next one here in the LA area. This is a great place to meet people, get advice, and gain knowledge. Good luck!

@Andre Silva Welcome to BP! It's such a great resource for everything REI.

@Jo-Ann Lapin Thanks so much.  Price range is up to $600/650k.

Tyler,

The first flip experience has gone really well so far. The house has been on the market a little longer than I would like, but we're asking top dollar and it only takes that one buyer, right!? I actually partnered with a former coworker on the Lancaster deal. He's someone that I trust and who has a great deal of experience flipping in that area, so he already had a network/team in place, which was great. My partner was the one that found the deal and we bought the property, all cash, directly from the owner without using any agents. The biggest unexpected issue came when we were clearing/leveling the side yard, we accidentally dug into some electrical lines running below ground to the pool equipment. They ran the conduit awkwardly so we weren't expecting those lines to be in the middle of the yard. Oh well, we solved the problem, live and learn. Looking forward to the next project!

Hi BPers,

I’ve got my first flip on the market in West Lancaster, CA and I’m looking for the next deal. I’d consider another flip in the same Lancaster area but I would really like to find a fix/flip property in the Los Angeles area, more specifically North East LA (but I’m flexible). I’m looking for any investor friendly agents familiar with the LA area that can help me find my next project. I’ll need an agent that can also put me in touch with some great contractors to help me complete the rehab.

[Solicitation Removed by Moderators]

Thanks,

Matt

Thank you to everyone for the very warm welcome and for the great tips and advice!  I've already found some great stuff on this site and I'm looking forward to finding even more.

Thanks @Shane Willcox for the tip about Allied. I'll look into them via your link. 

Thanks again everyone!

Hello Biggerpockets Community!

My name is Matt, I live in West Los Angeles and I am just starting out in the real estate industry. Since the company I was working for just got sold I'm out of a job but now have a chance to do something new and REI sounds exciting and interesting to me. At this point I'm trying to learn as much as possible by researching online ie biggerpockets and meeting with people I know that work in RE and picking their brains. So far, flipping houses, specifically, is what sounds most interesting to me. I like the idea of finding undervalued properties, rehabing them, adding value, and selling for a profit.

I was lucky enough to work with someone at my last job that has been successfully flipping houses in the Lancaster, CA area for a few years now and he is willing to take me on and show me the ropes of flipping.

In addition to having a mentor lined up I'm seriously considering getting my CA Real Estate Salesperson License. So far, in my conversations with people about REI, almost everyone has told me its a no brainer and to get my License. Would you agree that I should get my License and if so, which prep class/course would you recommend?

All comments and advice for someone starting out in REI are appreciated.

Thanks in advance!