All Forum Posts by: David Friedman

In California, even if the sale is "as-is" any known material facts must be disclosed by the seller and everyone's respective agents. According to the Bureau of Real Estate, an "as-is" sale still requires a Transfer Disclosure Statement (TDS) on all properties considered residential (1-4 units).

Hello Mitch!

I know it's not really proper to refer someone if you are related to them, but my father has been a CPA for 28+ years. We have lived in Yucaipa, CA for 22 years. We have an office in San Bernardino right next to the court house and an office in Yucaipa right before historic uptown. He has been doing family law accounting for quite a while and retired two years ago to pursue real estate investing with me full time. We no longer take on family law accounting, but we do take on accounting if it is related to real estate. We put our money where our mouth is as we are large investors in the Inland Empire ourselves. We are currently flipping 8 homes at one time. If you are looking for real estate business advice and someone with years of experience in accounting, we are a unique duo that you may not find anywhere else. 

Details? I own property in Palm Springs already. I am interested in what you are offering.

Hello George, I sent you a response over private message regarding this property. Please contact me at [email protected]. Thank you!

Are you interested in carrying back a note on the property with a sizable down?

@Daniel Chang

Hi Daniel, I agree with most of your statement except where you say flipping is comparable to a job. Flipping is more comparable to owning a business. Yes there is work involved, but if I am good at what I do, I will make much more money than working for someone else as an employee. I can eventually hire people to drive and do the paperwork. I can eventually hire a manager (Or team of managers) to take over my job. I can sit passively while I still bring in say, 20% after paying all of my employees. 

Now, I am not knocking investing in stocks. If that is what someone feels comfortable with, then they should invest in that. Warren Buffet says, "If you don't understand a business, don't buy it." There are many paths to becoming wealthy, and most of them aren't passive.

Hi @Colby Schwartz. Welcome to BP!

I'm an investor/licensed broker/property manager/etc./etc. I flip homes in the Inland Empire. I currently have 7 homes going at one time. If you are looking for blue collar areas, there are a good amount out here. Rialto, Fontana, San Bernardino, Beaumont, Yucaipa. I suggest you check out those areas. The other option would be the high desert, but I really can't suggest that to someone new. As you haven't invested in flips or rentals before, I do suggest you be conservative. If you think a repair is going to cost $5,000, expect $7000. If you ever want to grab coffee and chat, this is my full time job. Feel free to contact me.

I'll pay you 8% per annum directly, to partner on some flips in California. I am not a HML. Just an investor looking to build a relationship with private investors. Read some of my previous posts to see some of the flips my team and I are working on.

Hello @Thalia Aguirre Welcome to BP!

I buy a property at auction in San Bernardino and Riverside County approximately every two weeks. Sometimes that includes a multi-unit property.

There are some caveats to buying properties at auction that come with tenants or have multiple units. My next comments aren't necessarily to scare you, but to make you aware of possible hurdles to overcome:

California is tenant friendly. If you need to evict 1 or more of the tenants, you have to give them 90 days notice. Your best bet, if this is the case, is to offer them cash for keys.

I would let all of tenants know that you are the new manager. I would then ask to see a copy of all of the leases. If they don't have a copy, then I would ask them to sign a new copy at market rent. One thing to keep in mind is some of these tenants may have given a deposit to the foreclosed upon owner. You will likely need to reimburse that if they can prove with a legitimate rental agreement that they were owed that upon vacating When you buy a rental property you are assuming all leases as well. 

If you are interested in more information, I have a ton of experience to share. Please feel free to PM me.