All Forum Posts by: Susie C.

I know that BP has their Rental Income Calculator Tool, however, I am sure that there are others out there. What do you use and why do you use one over the other, or do you use multiple and compare them?

Anyone do this? Instead of SFR flips, does anyone ever do flips on condos? I assume that this would be more for city life such as SF, NY, LA where you can find lots of condos that are still selling.

I was curious to know how successful this could be?

Looks awesome!!!! 

I believe that you could. You should keep tabs of your receipts if you can and I would generally recommend having a different account set up so you can refer to that account. From a tax perspective I believe that there is an "education" tax deduction that could be made. However, I'm not a CPA/Account so you might want to ask them to get a better idea. 

I also don't think that you need to be "registered" since you're just a sole prop and working under yourself as your name vs. a business name (DBA). When you do deals the payments would go out to you directly, so you are your own business already. Hope this makes sense.

@Tom Ott Thanks Tom! How do you typically go about finding your turnkey properties? Do these people do the leg work for you as well in terms of making sure the math on the property is realistic and able to meet rent expectations as well as securing those rent expectations when hired to managed? 

My worry is just that you're buying properties at a premium when they are turn key (despite a low cost), but that the cash flow may not be as high or may just break even if the managing isn't good since they don't have as much skin in the game. 

@Ned Carey  / @David O. 

Another question: If you have a HML, I always read that you should be careful about giving your money to someone else.

With that said, it sounds like your HML would be the one that would make the offer on the home, correct?

Are there any agreements or templates available to help protect me when handing over the other portion of the amount thats needed for 20% of the purchase price?

Makes sense thank you!!

*** As a note, when he bought it he bought it for 750k... so even at that time he was making good cash flow. Imagine now his cash flow now.. 

If you're up for the challenge and have the #: 

https://www.redfin.com/CA/San-Francisco/1385-19th-...

This one came on. TIC, but you can just buy the whole building and avoid having to deal with TIC issues. 2b/1b around there is going for as low as 2000 and as much as 3800. Just depends on how much work you want to put into it. Two flats are 2b/1b. You have the lower garage to build an in-law as well. If you're looking to buy and hold I believe you'll definitely see a return.

When I first move to SF, I lived in an in-law (studio) with kitchenette and paid 1100 for it.  The owner divided up the garage and put two in-law units in the garage since it was big enough. The other unit next to me was 2b1b and he rented it out for $1500...For the top unit he charged charged $3000+. This was 4 years ago. I am sure it's going for more now and he's making a killing.  

I think it's going to always be hard to make a return on condos - HOAs are so high in the bay area. We're struggling to get a place right now for ourselves to occupy with under $500 HOA.