All Forum Posts by: Eva Salas

As you said, your buyer wants a rental. He does not want to use financing to leverage. Hes let you know his strategy for himself in regards to this property. I would let him know there are other approaches but can't see him going from one end of the spectrum, an all cash buy n hold investor to the other, of flipping with hard money. Perhaps he, like many, just wants to chug along with the property as a rental owning it free and clear. Not all are wheeler dealers like we are on BP ;-) 

Is he asking you for the "best"strategy? Or do you want to provide him with some options because he's a new RE investor? 

What can I add after all that great advise except um...bring barf bags?   

@Barbara G. If I owned duplexes and had laundry hook-ups I would go on Craig's List and buy the W/D's myself. Cheap.  I would also place good pans underneath if they were in the house to avoid future water damage.  Moving is expensive and I think it would be a great selling point to have them there already.  IMHO. :-)

@Amit M. Ok, now I get it!  3k for W/D only!! I know, $200 does sound rich to me, too. But being in SF you know how crazy this market is.  In my conversation with the regional manager last night, she said approximately 3% of their bldgs. have W/D's, and that $200 is reasonable to expect because pple love it so much!   I'm going to do some inexpensive facelifting, too, at the property, (trim painting, mulch, and up-lights on trees) so the cool techies from Google will want to live there ;-) 

And yes I do have laundry on site.  Doesn't make real $$ but would be major drawback not to have it for the residents' use.  

@Steve Olafson The value of the property not my primary consideration at this time, as I consider it my retirement. What I am considering is when the market softens I will have units with a feature residents love and aside from the luxury units, most buildings do not offer at this time. Will make the building that much easier to rent if market softens. 

@Reynaldo Aranda brought up an excellent point!  59 units is SO much work for 3k a month!  I had a 33-unit bldg. that cash flowed between 7-8k per month and that kept us plenty busy!  

I spoke with the regional manager last night to get the final word on how much more I could rent the units with W/D's (and I would do this on turnover), and was told $200 more per unit.   

@Barbara G. These are not high end apts for this market. No amenties, pool, gym, etc. What they do have going for them is the quiet, beautiful SFR neighborhood, and are in close proximity to a big park and the popular downtown area. My CF is very good but if I sold the property today, the CF would be very bad, as prices have risen dramatically.

@Amit M. A gut rehab for $3,000? I just did a big, (but not gut) rehab of one of the 1BR units and it cost me over 4k.  New windows, tile in the kitchen and re-doing the HW floors, fixtures, doors, and many etceteras and it cost me almost 5k.  That unit is renting for $450 more than before so it will take me over a year to make my money back, factoring in the 3 weeks it was vacant for the rehab.  I ALWAYS factor in the vacancy factor as an expense when rehabbing! 

I'm with @Devin Morgan Flipping is only as far down the road as you make it. Network, find a deal, find a partner with $$ and give him 50% of the profit. You can get hard money with less than great credit, and a partner with a down payment can open the door to your first flip! There are all sorts of ways. I just mentioned one. 

I'm sorry but I had to give all those folks who gave this deal a resounding NO my vote!  

Yikers! Each unit CF's a whopping $50.84 a month! 

Hi! Great to have you here. I'm not in turnkey, but like you, want the control over my own investments. I can't control the market, but I can control my strategy in any given mkt. SFR turnkey sounds like a great place to start for a busy couple. You'll want to do your due dilly on the turnkey co, of course. And many people here do have experience with them. All the best with your endeavors!