All Forum Posts by: Jonathan Vona

@Account Closed I couldn't agree with you more. Your advice is realistic and straight to the point, I appreciate that. Were all about that hustle, and plan to utilize your points in our future ventures. 

You can find REOS on all the bank websites. 

Hi BP Friends,

I am working on a deal I'm looking to invest into in the next few weeks. I've been doing a lot of research and networking since last year and before my lady and I purchase our 1st investment we want to make sure its a good deal, and get the advice from our fellow BP Pro Investors or anyone that has some knowledge in flipping houses in Los Angeles, Ca(preferably) but any advice is welcomed. I ran the BP house flipping calculator thanks @Brandon Turner @Joshua Dorkin. Ill post the PDF for you guys to review. Let me know what Im missing or not considering, as I am new to this and this would possibly be my 1st deal. The opening bid for the foreclosure is $510k, My MOA is $786k. I drove by the house and it looks like its in good shape from the outside, I'm guessing it needs minor rehab but 'preparing for the worst, so I calculated a full rehab just in case at $122k based on $40/sqft. My uncle is a GC so its not going to cost me that much but again im over estimating. The comps that sold recently with less sqft and rooms on the same block sold for 1.2mill, so I plan to make a deal to flip quickly and list at 1.1mill. Is this a good deal? I have some private lenders with 50k ready and 10k of my own money. I'm talking with a hard money lender for the rest. Whats your best advice to make this a successful deal if it is one. I am also open to suggestions for funding and rehab. Any and all advice is welcomed and appreciated! Happy Investing! Calculated PDF below. 

https://www.biggerpockets.com/calculators/shared/695483/ac93d908-9620-485c-b4be-6ad4293006ea 

@Hadar Orkibi Its good to know that people like Robert Kiyosaki and other economist predict the change by 2019, as I almost felt like I'm getting started in a industry that is due for its turn based on the 10-12 rule as you brought up. That is what was told to me by one of my real estate agents. I feel like there is never a bad time to invest into real estate as long as you make sure its a good deal from the start, and like you mentioned having enough cash-flow to back your investment in worse-case scenario. I actually wouldn't mind reading that article in Hebrew as I am from Israeli decent but born in US. My Hebrew isn't perfect but I should be able to get the gist. Besides others might be able to copy/paste into google and translate(Thank You Google) lol. Feel free to share if you have time. I hope we can find a fair ground with the import/export trade because as we know all know most of our products come from other countries especially China. I appreciate your input on the situation. Talk to you soon. Happy Investing!

@Sherman Ragland I'm not sure if my local REIA has MLS access for members, but I will be attending my first one soon to find out! If not, I also have a few relationships with agents in my area that can also help with the comps. Thanks again for the great information. Im sure many other like myself will also find this useful, We appreciate you and your time!

@Hadar Orkibi Hi Hadar, this is great information on how to get started! I will be attending one of my local REIA meetings soon and have been listening to the podcasts every day. BP has been so helpful in this learning process. I am excited, dedicated, and ready to put in the hard work. BP is a great community. Thanks for all the advice. If you ever need any help in the Los Angeles area please feel free to reach out! Hope to see you around the forums.

@Thomas Bouchereau Thank you! happy to be here, its nice to be in a community of people willing to share knowledge and experience. Hope to see your post around the forums. Take care

@Janelle Orange-Williams Nice to meet you as well! I see we are in the same area, maybe we can find a way to work together one day soon. Lets keep in touch! 

@Sherman Ragland Thank you for taking the time to share your story and experience! This is some very good advice on how to offer value to an experienced investor when you're just starting out. I plan on attending a REIA or meetup in my area very soon and I will be keeping all of these points in mind.

Hope to see you more around the forums. Happy investing!

I wasn't able to read what kind of sale was this? Reo? Short sale? If so I was wondering how did you find it? Real Estate agent? Online? Marketing?