All Forum Posts by: David Tipton
David Tipton has started 4 posts and replied 189 times.
Post: Best way to get to know a market
- Los Angeles, CA
- Posts 197
- Votes 59
I use Redfin for my initial searches because I like the instant email alerts. I then do more research using MLS. I like the Redfin interface personally, but other sites probably have similar information. Trulia has some good demographic maps that I find helpful. Try them out and see what appeals to you.
For rents I use Padmapper and Walkscore to get an idea for what competition might be. If anyone knows of a more accurate tool I'd be interested as well.
If you're interested in a particular area, you may want to try to find a local agent who can give you a basic rundown of prices and/or rents. They might even be able to find you a property, so there's that also.
What area are you focusing on?
@Byron Maddox, anyone you trust back home who you can partner with? I'd try to get a buddy excited about real estate and team up. You would have to split any profit, but you would also split the risk. He or she would be around while you're gone to oversee things. Just a thought.
Post: Wholesaler in LA, CA
- Los Angeles, CA
- Posts 197
- Votes 59
Welcome @Cristina Ortega.
Post: Los Angeles Meetup *** (Jan 10)
- Los Angeles, CA
- Posts 197
- Votes 59
Darn, I will be out of town. Hope to make it to the next one...
Post: Estimating rehab in Los Angeles sight unseen.
- Los Angeles, CA
- Posts 197
- Votes 59
@Meghan O'Connor, thank @J Scott! :)
Post: Estimating rehab in Los Angeles sight unseen.
- Los Angeles, CA
- Posts 197
- Votes 59
Originally posted by @J Scott:
In Los Angeles, probably somewhere between $25-100/sf, depending on the scope of the rehab, the contractors you use, your negotiating skill and how you choose to manage the project.
Unlikely you'll be getting much done in that area for less than $25/sf, and unless it's purely basic cosmetics, it's probably going to be much higher than that. And, if it's a larger rehab (including mechanicals, exterior work, etc) and you're not skilled at hiring contractors and managing them, you're probably closer to the $100/sf range.
Of course, if you don't know that already, you really, really, really shouldn't be trying to estimate costs sight-unseen. I've done hundreds of rehabs (and have written a book on estimating costs) and I will very rarely try to estimate sight-unseen.
I'm reading J's book on flipping houses now and will get to estimating rehab costs next, really helpful so far. I'd recommend checking it out:
Post: My dad's first rental
- Los Angeles, CA
- Posts 197
- Votes 59
Whoops, posted it twice by accident somehow. Obviously I don't know how to internet.
Post: My dad's first rental
- Los Angeles, CA
- Posts 197
- Votes 59
Originally posted by @Tyler Sanford:
@David Tipton I haven't found anything else in our small town that worked out this good, but that seems to be because it is hard to buy anything in that price range (~$50k). Most sfh's would be around $120k and only rent for ~$750.
Yeah seems like it should cash flow. I was just listening to podcast 59 with Paul Tschetter who is out of Washington state. Part of his strategy is purchasing vacant land and putting manufactured homes on site. If the land out there is cheap enough, it might work out where you are too. I'd give it a listen if you haven't yet, may give you some ideas.
Post: Excited to get started from Marietta, Ga
- Los Angeles, CA
- Posts 197
- Votes 59
Originally posted by @Sean Grant:
@David Tipton Thanks David! Ya, they are great! Thats how I found the site. My wife is the one that put me on to it. Love the honest and transparent interviews!
@Mike Watkins Hey Mike! I am most interested in purchasing for flips and rentals.
Nice, ok good. It's definitely the way to go. @Brandon Turner and @Joshua Dorkin definitely put a ton of work into it. Every new investor should listen to them IMHO.
Post: New member in Charlotte, NC
- Los Angeles, CA
- Posts 197
- Votes 59
Welcome @John Williams. Sounds like you're doing it for all the right reasons. Just keep an eye out for anyone trying to sell you an "easy" solution. I've found the podcasts invaluable so far, would definitely recommend those as a way to learn more.