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All Forum Posts by: Simone G.

Simone G. has started 0 posts and replied 26 times.

Post: BRRRR method using hard money for off market multifamily homes

Simone G.Posted
  • Flipper/Rehabber
  • San Diego, CA
  • Posts 26
  • Votes 86

@Cherisse B.: Need more info. 

What are the terms of their existing leases?

Post: Should I start a podcast?

Simone G.Posted
  • Flipper/Rehabber
  • San Diego, CA
  • Posts 26
  • Votes 86

@Hayden Wright: If you launch a podcast, ask yourself what type of guests you could host, and what type of topics you could discuss that would make a new listener look informed and valuable suggesting your podcast to their friends, family and network. 

Feel free to ignore, but some things to consider when booking guests and managing conversation:

1. Someone just finished listening to your first episode, what do you want their takeaway to be? 

2. When listeners suggest your podcast to their circle, what specifically are they saying about you and your guests? 

3. What could a subscriber accomplish listening to your podcast that they could not accomplish elsewhere?

4. What type of lifestyle can people achieve listening to your podcast they can't get elsewhere? 

Consider creating a category instead of trying to fit into a saturated one.

Post: Is out of state investing worth it?

Simone G.Posted
  • Flipper/Rehabber
  • San Diego, CA
  • Posts 26
  • Votes 86

@Sara W.: asking if investing OOS is "worth it" is like asking a room full of hungry first graders what snack they want - you'll get unlimited and diverse responses, and each response will be genuine, well-intentioned, and vehement. Same with OOS investors; based upon each investor's location, experience, capital and risk tolerance, you'll get a smorgasbord of feedback. 

Unsure if it helps, but instead of asking if the best play is OOS, TK or whatever, ask yourself how much of your life you want to dedicate to managing your assets and what amount of money is worth it to you to delegate that management - then reverse engineer that play. 

Post: How to get retroactive permits

Simone G.Posted
  • Flipper/Rehabber
  • San Diego, CA
  • Posts 26
  • Votes 86

@Nicole Shipley: Need more details. Candidly, it all depends. Did her permit-less remodel change the footprint of the property? In a condo, assuming not. What exactly did she do in the kitchen and bathrooms that's causing issues with the neighbors? Typically, kitchens and bathrooms are cosmetic plays. You can also PM me. 

Post: Flooring options for Insurance Clam

Simone G.Posted
  • Flipper/Rehabber
  • San Diego, CA
  • Posts 26
  • Votes 86

@Akeim Fin, LVF is preferred because:

1. It's waterproof - invest in this upgrade

2. It is (mostly) scratch proof

3. It's aesthetically comparable to hardwood

4. It can be spot replaced (you can literally cut out a piece/plank of severely damaged LVF and re-lay a replacement as if it were carpet without tearing up or refinishing surrounding floor). 

5. It's pet friendly

6. It elevates the prestige of the unit/home which creates a premium for your ROI

7. If you select the right color, it can maintain a 'timeless' feel. 

8. If you can assemble Legos, you can install it yourself 

Post: Would you pay for a list of private lenders?

Simone G.Posted
  • Flipper/Rehabber
  • San Diego, CA
  • Posts 26
  • Votes 86

@Dan Auciello:

No, I would not pay for a list of private lenders and nor should you.

If you want a warm relationship with private lenders, focus your energy on organically entering their orbit by borrowing their more expensive, higher interest hard money first and not messing that up. 

Every hard money lender I know is a 0% interest private lender on an ARV equity split once you demonstrate you're not a moron.

If you want private money, first show you can be a stellar steward of their hard cash by:

(1) Making your hard money payments on time

(2) Establishing the term of the loan longer than you anticipate you need - versus asking for an extension  (verify there is no penalty first).

(3) Not mistaking your lender for a project manager. They don't want to hear it. Lenders respect the borrower who understands they are (traditionally) strictly a fiduciary partner and not a therapist. 

(4) If you need an extension, make the email one sentence, "Requesting a x month extension, with x terms, due to x. 

Demonstrate you requested a borrow term that accounted for your DKWYDK (don't know what you don't know) scenario versus multiple extensions. While they make a lot of money on your extensions (assuming they'll give you more than one), it also shows them you're amateur hour if you can't confidently anticipate the scope of work. This does not make them want to do an equity split with you down the road because anywhere they park interest free money for longer than it needs to be there means they're not making high interest money elsewhere.  This is the net profit flip spread aside. 

If you can do all that, once you land the unicorn deal, make them your first call on a private lending pitch. 

Do not expect private money on a crappy deal

While unpopular, I don't borrow from friends and family - not a fan of the dynamic it creates.

Hope that helps.  

Post: Discount San Diego Building Supplies

Simone G.Posted
  • Flipper/Rehabber
  • San Diego, CA
  • Posts 26
  • Votes 86

@Mark Huang for the record, didn't mean *you* were a flipper with no imagination. 

Post: Discount San Diego Building Supplies

Simone G.Posted
  • Flipper/Rehabber
  • San Diego, CA
  • Posts 26
  • Votes 86

@Mark Huang almost guaranteed you don't need new cabinets -  often you can simply sand, paint and change the pulls - saving thousands. Cabinet demo is one of the most wasteful cosmetic flip costs in your budget and are often scraped for literally no reason aside from the fact that they look like 1997 and the flipper has no imagination. :)

Post: Oceanside cabinet installation

Simone G.Posted
  • Flipper/Rehabber
  • San Diego, CA
  • Posts 26
  • Votes 86

@Jeanette Gadut via @Wesley I. just learned about the very affordable Better Cabinets in National City, a bit of a drive for you, but per Wesley, affordable and efficient, and includes labor and delivery. We also do cabinet install, but focus more on custom jobs and might be more than you want to spend if it's for a rental. Feel free to PM me if you want more suggestions. 

Post: Problem Solving - Taking over existing loan. Deed problem?

Simone G.Posted
  • Flipper/Rehabber
  • San Diego, CA
  • Posts 26
  • Votes 86

@Matthew Defore Have seen Derek Dombeck chime in on similar threads like this. Might be worth reaching out to him. 

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