All Forum Posts by: Shiva Bhaskar

This is not the worst thing I've heard of an agent doing, BUT I'll say this:

1. You're already having trust issues with the guy. That's not a good start to a business relationship. Even if he does great from here on out, you're going to have doubts. I'd find a new agent. Just try to keep the split cordial if you can, so that if he's the listing agent on a deal you get into later, he doesn't kill your offer because of bad blood. 

2. Have this conversation openly with your next agent. If they're an investor, try to figure out some ground rules. Nothing wrong with a realtor going after a deal you passed on, or if you waited a long while before making an offer. However, clear communication is the key. 

Was born in Jersey and used to live in NYC. Never invested there, but I know folks making money hand over fist in Essex County (Newark, Orange etc). This is BRRRR strategy and long term holds. Tenant issues can be tricky, but folks who figure it out are killing it.

I think it would help. People do want extra storage. I have seen properties with ADU definitely going for more, and over 7 to 10 years, it would be helpful in terms of further appreciation.

Hi Ryan. Fellow LA investor here. Congrats on the property! 

As it happens, I'm an attorney (not real estate) but I can suggest an excellent landlord-tenant attorney. He handles both preparing leases as well as evictions etc. Don't get any referral fees etc, but happy to share his info if helpful. 

My view, as someone who follows politics: There is a contingent of folks (in the House especially, Senate to a lesser extent), who want to raise taxes on investors, and scale back some of these benefits. Alexandria Ocasio Cortez is one example, and there are dozens more. 

However, within the Democrats, there are many members who are more moderate, and whose votes would be needed for this to pass. I have a hard time seeing the two senators from NY and from NJ, which are two states that are home to Wall Street massive real estate investment firms like Blackstone, all going along with this. If I'm not mistake, Pelosi and Feinstein both own investment properties, and are quite wealthy. They will hesitate also. Ossoff and Warnock in Georgia and the Democrat from West Virginia are other examples of folks from more conservative states who may be hesitant. 

Not to mention, the National Association of Realtors and other groups have members in every district, and they are organized. If you say capital gains taxes may go up, I would not be surprised. I doubt the 1031 is going anywhere, though I can see why folks are concerned. 

Hey Brandon. We invest here (multifamily). I would say with flips in LA, if you can find fixer uppers and pay in cash, you've got some opportunities. My view would be to focus on non - luxury areas - if you can find stuff in B to C neighborhoods, probably a better bet. Still a lot of owner occupants there. 

Fixers are not attracting the attention they otherwise might in the B to C areas (outside of guys like you who are flipping), because most owner occupants right now really don't want to deal with contractors. I hear it all the time. They'll pay a little more for something where the work has been done. Folks like my parents, who bought a house that needed improving back in the 80's, seem to be less common today. 

Inventory is so low that you could do well with it. I am not sure that investors are running away from rental properties - there is a lot of foreign capital here, and they'll buy deals that are less than perfect to park cash. Stuff is definitely moving still, in the B to C class property category. A properties are having issues.

Good luck! 

With the COVID-19 pandemic, and the resulting economic downturn, we're hearing a lot about properties in distress, and facing foreclosure. Despite moratoriums and government protections, most experts expect an increase in foreclosures over the next 24 months.

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I have an ambitious list. Refinance existing rental properties I own personally (had had some nice equity built plus mortgage pay down), put together at least 2 multifamily deals locally through JV / syndication (and I plan on putting my own money into the deals, from the refinance). Grow my law practice and credit repair firm by at least 8x in terms of clients served (I think we have the systems in place finally).

Lastly, this is a purely personal but very important one, meet a nice girl to spend my future with :-) I have no problem sharing that one with the world either - as they say, speak it into existence. It's going to be an interesting year ahead. I'm fired up!  

I have never lived in any of the 3, though I have spent time and have friends who did. Like you, I lived in NYC, and I am from LA, and live back here now. I think these days, of the 3 you mentioned, Austin is your best bet. So many companies moving in there, young population, lot of things to do. 

Chicago and Atlanta both have a lot of young folks too, and Atlanta is growing fast. Not a bad option.

Chicago has serious problems in terms of government, population loss, and I don't like the weather there, so I'd rank it as the bottom of the 3, even though I enjoyed every trip I took there. Overall, I think Austin is in a unique spot right now. 

Now, as an LA guy who lived in NYC for a long time, I"m biased towards saying those two are great also (LA is incredible though not low living costs) - but of the 3 you mentioned, Austin may have the best mix of social and work opportunities. Good luck Enrique! 

William I do partially agree. I think that you can take a fixer upper, improve it, live very well, and move on. 

However, MOST people these days, as we know, don't do it that way. They overpay for a fixed up property, or fall in love with a house, and pay too much. I do agree re the tax advantages, though of course depreciation on rentals have great tax benefits too. I guess my biggest issue is that I live in California, and have lived elsewhere, and seen owner occupants overpay for so many properties. The approach you took with improving the property is a wise one, and it sounds like a great home to live in!