All Forum Posts by: Wesley L.

Charging a fee does weed out the serious from the just-looking and under-qualified in my experience. Restating over the phone that you charge a fee can save you a lot of open house time too.

Welcome Ryan!

I'm also here in SF East Bay, WC, so we're neighbors. It's very competitive right now and i've bid on multiple properties to flip with no success. Though when I look back on the same houses I lost on and what they finally closed for, it was anywhere between 50k - 150k above listing price! These were fixers. Move-in ready may be different. So I guess one advice I could give if you want to have better success on MLS properties is to look at what they listed for and what they finally sold for. That's what your competing with.

For 2600/month mortgage, you could probably find a small place in Berkeley or a bigger place if you move out eastward.

If you want some basic forms, you can simply go to the office supply stores (Staples and Office Depot) and buy them. You can also buy them online (nolo.com)

I asked a similar question a while back and the answer was around $100-300/sqft to add on depending on quality.

Here's the link to my post:
https://www.biggerpockets.com/forums/88/topics/87487-add-on-flip

Can try zilby, zillow rentestimate or look around Craigslist for nearby properties. The interesting thing about rentometer is that the rents it showed for my properties have been fairly accurate, within $25-50 of actual rent. Maybe it pulls data from craiglist since that and a for rent sign are my only two forms of advertising.

Do we have the same friend? This is him exactly.

Thanks for all the great advice and I will try my best to relay this info. CPDE.com and Dave Ramsey stuff is news to me also. Thank you!

Well he's his worst enemy when it comes to money. I guess what started it all was he bought his house 5 years ago and his wife left him 2 years after leaving him the house and mortgage.

His saving grace is he has a decent job income around $100k. However with a 400k mortgage, CC debts, and bad spending, even 100k is not enough.

I'll working on getting some actual monthly numbers from him. I have my doubts he knows for sure.

One of my buddiest is going through a rough time and trying to keep afloat on his mortgage payments. He's got little to no cash, mostly maxed his CCs, and is thinking about just letting his property go into foreclosure and walk away. He asked me for some advice but at this stage in my education, I don't know enough to help him. Any advice on the following situation?

Debt/Mortgage: 430k
Property value: ~450k based off zillow
Other homes nearby in nicer conditions are selling for 500-550K but he probably needs to put in 20-30k to get it up to that and he has no money.

We're thinking about the following options:
1. Rent out a room and try to stay afloat
2. List for above market and try to break even
3. We rehab his place using my funds and sell/split profits, IF ANY... I guess I risk losing money this route.
4. Point him to a short sale realtor?

Thanks for any advice

Http://www.realestatelicense.com

I'm almost through the CA one and its fast and straightforward. All online

Thanks for the generous offer Connor!

Do you have any suggestions for a broken shower holder? It's the most frequent thing I find broken in the bathrooms of my rentals and its been nothing but frustrating trying to find the exact matching part. I've ordered from part catalogs that seemed like the right part and its completely different. I usually end up just replacing the whole shower handle and holder.

Anyway, simple thing but very annoying and costly especially in a higher end shower.