All Forum Posts by: Sean Walton

As far as wholesale fee it really depends on how good of a deal you have negotiated. I would want $5,000 minimum. I would say the higher range would be 5% of your end buyer's purchase price. Most buyers won't mind you making a large profit if there is still meat on the bone. Vallejo is hot right now an if you negotiate a great deal you may want to close on it and list it on the MLS if you have access to cash.

A 3% earnest money deposit should keep people from backing out but I would make sure you have someone else lined up or the cash to close if needed.

It really depends on the area of town and level of rehab. I would say $5000 per bathroom and $7000 for the kitchen. Then call some contractors for things like paint and carpet.

I know some buyers active in Vallejo PM me if you want contact info

Hi @Jim Gallagher welcome to BP. I'm also a licensed architect looking to leverage my skills. I would say listen to the BP podcasts, network on the forums and in real life. Figure out what your goals are. Do you want passive income to retire early from, develop your own projects to retain design control and get more income?

I was very inspired by Jonathan Segal FAIA a while back and am looking to do similar to him.

Look into Chris Porto's developer academy in Oakland. He is entitling then selling properties in Oakland and also teaching people how to do it. You already have a competitive advantage knowing zoning and building code

@Gaurav Mehta it really depends on the dimensions and what your plans are. Does it go all the way to a point or just tapers in? It presents challenges if you are trying to add on or build a larger building because of setbacks but as Jim stated it can lead to some cool architectural solutions.

I would reach out to flipper in that area and see if they would be interested in buying the contract from you if Texas allows that or doing a joint venture with you. That way you learn a lot and they get a property to rehab at a decent price

@Rick Giuly There is a common conception that airbnb is only for tourists but a lot of people are doing very well with it as more of a corporate housing or business travel model. There are travelling nurses and doctors who are always looking for housing. With that said I would target properties in safe walkable area close or freeways or public transit. Search airbnb for what is available in areas you are considering purchasing. See how many reviews they have. Some people just posted stuff for the Superbowl then forgot about the listings.

Read some posts from @Al Williamson he is helping a lot of people get their airbnb's going and currently pushing a 30 day minimum model as a way to get a premium over long term unfurnished but not burn out from too much turnover

Bri Austin welcome back to BP there are some good meetups down in SJ and the South Bay. I think Jeff Pollock has a good one. See what is available on meetup.com. Good luck!

It's not clear from the post but I'm assuming the property is in Temecula. I don't know what their specific zoning laws are but California is pushing to make it easier to have in law units sometimes called ADU for accessory dwelling units. That may be an easier process to legalize the unit. Depending on the city and inspector you may need to have drawings made and open up walls but at least it will be legal. Is your goal to sell off the 1/1? Rent it to long term tenants? Short term rentals? Some cities only let you rent out the in law if the main house is owner occupied. Has there been a complaint or city hassling you or you just want the peace of mind of everything being legal? I would call the planning department and ask for advice but if they don't know about it maybe don't give the actual address

It is outside the iron triangle which I would definitely avoid especially for Airbnb but not that far from it.  I would walk the area at day and night. 

Check Airbnb to see if there are any similar listings in the area? Check airdna. I don't know a ton about airdna but I think they can help you see vacancy and price ranges in an area

Make sure you can still afford the place if short term rentals are banned and you have to do 30 day or longer rentals. 

Originally posted by @Sean Walton:

Hi All,

    I think this is the 4th happy hour I'm organizing. It will be a very low key opportunity not network with different investors in San Francisco. I attended @J. Martin's great real estate summit so I'm happy to share some of the things I learned there.

Thanks to @Eduardo Zepeda for securing the space and co-hosting

There will be no pitching or selling by the hosts but if your have a property you are selling you are welcome to discuss it.

Bring business cards 

Tagging people I'm colleagues with on BP who have attended in the past or may be interested.  @Mark Pedroza, @Puran Zach Grewal, @Ethan Cooke, @Ralph Forde, @Jason Hsiao, @Patrick Suzuki, @Jared Newman, @Nicole Petrak, @Ali Goss, @Gagan Chawla, @Matt Sanford, @Atish Shah, @Sasha Josephs, @MarieChele Porter, @Tim McGarvey, @David Kanter, @Saikat Bhadra, @Kevin Q.. @Ariel Smith, @Jonathan Gonzalez, @Ori Skloot, @Zander Eng, @So Young Lee, @Dana Dunford, @Chris Mason, @Sherwin Gonzales, @Andrew Clemenza, @Bobby Sharma, @Account Closed

 Hope to see everyone tonight!

Also much of the organizing credit goes to @Eduardo Zepeda for securing the venue