All Forum Posts by: Nick Campion

Hi BP Community, 

I'm looking to add both space and value without developing into the yard.

Can anyone provide a referral or recommend a professional remodeling contractor whom specializes in the construction and engineering of design/build homes? Specifically, I am looking for a firm with extensive experience in 2nd story home additions. They'll need to inspect and analyze all aspects structurally from the foundation, interior & exterior walls, etc. to first see if it is even feasible. From there I'd be looking to discuss possible designs and receive an estimate. 

For clarification the home is located on the Westside in Los Angeles, 1156 Sq Ft, and is on pier and beam (raised) foundation. All comments and guidance are appreciated!

Thanks!

@Luis Medina ^

Hi Luis, 

West of Silverlake on the other side of Sunset. 

@Alex Chin Very solid advice.

Hey Brandon,

My wife and I also previously came across a sum of that size. We live in Los Angeles and recently decided to enter into real estate. Mind you, however, it is extremely competitive and expensive in our area; nearly all properties on the market have multiple offers and require cash, along with a quick close. 

The off-market deals are needles in a hay stack around here especially as a new entrant still networking connections. But, we wanted in -- particularly in multi-family rentals. I believe many areas of Seattle are just as hot right now. With the help of some rather brilliant team members to due some very much needed due diligence, a plan was developed to locate and purchase a single-family residence zoned and large enough to develop multi-family units. 

In an extremely cliff's noted version, we purchased the property all cash and have an incredible developer whom is demolishing the single-family and erecting a 5-unit for us. Valuation of the property will be an estimated $2M+ upon the re-fi in which we will pull our initial capital out and payoff the construction loan and developer.  This will allow us to get some long-term cash flow going and have additional equity to play with. The plan is to then rinse and repeat. 

Good convo. My wife and I just purchased a property in 90029 NW of Silverlake between Vermont and Virgil. Visually speaking, new development can be seen in many areas and it has strong a vicinity element near the Redline, college, and hospitals. We're also anticipating more Silverlake creep of shops and boutique restaurants to up the vibe.