All Forum Posts by: Sean Walton

That triple net idea is cool. Learn something new everyday on BP I would try getting them to talk see what their goals and motivations are. Sometimes they like the actives and pride of owning a building. Don't assume it is a burden for them. Another option is asking them if it is the monthly income they like. If so explain how doing seller financing to you will give them a monthly income and if you stop making payments they get to take the property back. Because they are being paid off monthly there is a lower tax hit than a lump sum. I would also put in your contract that you have the option of cross collateralizing to another property if you wanted to pay them off early but for tax reasons they don't want their money early.

It is more management on your part and I'm not sure how to manage it but you could have an option to rent out the whole thing for family gatherings but have individual units available when the whole place isn't booked. you would need to be careful to not overbook it. I think Airbnb can manage this but not if you start doing vrbo etc concurrently. So you're getting less "advertising" but less brain damage managing. Look at using Craigslist to drive traffic to your Airbnb. Just set a calendar reminder and repost every week

Welcome to bigger pockets! Keep an eye out for local meet ups. I think it will be hard to cash flow right away in LA but it sound like me may have found a place with deferred maintenance so hopefully you got a good deal. While generally it isn't good to rely on appreciation if you have a good paying job you're not in a rush to leave LA and the Bay Area can be great investments in the long run

@Trent Kruessel,

    @Kurush Italia just made his first deal he is in the program https://www.biggerpockets.com/forums/223/topics/43...

I'm about to send out my 2nd mailing. 

The good: An incredible amount of knowledge in videos, script pdfs, contracts, and previous member Q&A calls (classes) and topic calls to listen back to . The ability to ask Michael any questions you have during Q&A conference calls.

It gets you to take action. They won't do it for you but there are almost step by step instructions on what to do. If you just keep falling forward and don't over think it you will take action.

Even though Michael is all about wholetailing now he has done flipping and Gabriel who runs his investment business knows most there is about Lease options so there is information available on those aspects of RE investing

The could improve: If you have a day job you can't attend the classes unless you can duck out of work. I think half the value of the program is the classes and talking to Michael and doing the roll playing classes with the accountability coaches. 

The videos are great content wise and easy to understand but they are a lot of animations of text being written or typed on a page (with a few typos). For some of the NLP and talking to seller content a video of Michael or a member of his staff actually doing it would be great.

The marketing chart video is based on the old marketing chart that didn't have a lot of the excel smarts built in. Hopefully @Michael Quarles

Personally I'm not sure why you would switch materials halfway around the building but I sympathize with trying to stay on budget.  I agree you should pick your battles even for ridiculous comments.

You could propose fastening some vertical battens every 8" o.c. or so to accent the plane appearance but it adds more potential paths for water to get in.

I would check with the city zoning on what the minimum lot size is for what you want to build. A lot of cities 5000 SF is the min for a single family home so you may only be able to do 2 properties. I would also as a land use attorney or architect how long a lot split usually takes in your area. I had a friend in the bay area get stuck for 2+ years getting a lot split and plans approved. That is a lot of holding costs. 

You may be able to do a planned unit development (PUD) to get 3 or 4 non-conforming lots approved but in a hot market the planning department may be swamped and this could lead to delays.

I'm not an expert on lending but I would think the land would need to be worth at least about $580k if you want to demolish the existing house and still maintain a 80% LTV.

Congratulations!

@Andy A., @Eduardo Zepeda, @Brite Zhou, @Ryder Meehan, @Johnson H., @Alok Jain, @Puran Zach Grewal, @Samir Pathak, @Alex Chau, @Adam London, @Ariel Smith, @Ori Skloot, @Account Closed

@Andy A. , @Eduardo Zepeda , @Brite Zhou@Ryder Meehan , @Johnson H. , @Alok Jain@Puran Zach Grewal , @Samir Pathak , @Alex Chau , @Adam London , @Ariel Vincent@Ori Skloot , @Andreas Ernst @Saj Shah , @Saikat Bhadra , @Matt Sanford , @Ralph Forde , @Katrina Razavi , @Liz F.

 I think the tags didn't work on my last post so please all fill out the doodle and I will book this soon. https://doodle.com/poll/4svqg437e3b63ucq

@J. Martin I would love to go but I think it will be tough with a work deadline. Please keep me posted for future meetups. I'm also in the process of organizing a 2nd happy hour for more general real estate networking here https://www.biggerpockets.com/forums/619/topics/42...

I don't mind you posting in that forum. I'm trying to tag people but I'm not colleagues with all of them yet