All Forum Posts by: Wiley Strahan

@Basit Siddiqi Thank you for the advice. Very much appreciate it. We are mainly focused on the Long Beach opportunity zones and few in Orange County as well. From what I have read, the qualification of these funds and what "improved" means when it comes to rehabs is a bit gray which makes it a bit trickier to operate in this space.

@Brandon Hall @Matt Chodosh Thank you for the information!

Hi All,

I am working on raising a fund that specific invests in opportunity zones (specifically multi-family) in the Southern California market. Does anyone have a CPA who is well versed in the accounting for opportunity funds? 

Thanks!

Wiley

@Ned Carey thank you!

@Max T. @Seth Ferguson thank you for the advice! Not sure what the cost is going to be until we get in the unit. Could be anything from a $100 to $2500 if we have to replace a lot of drywall. Definitely talking to my attorney but just want to get an initial read on the situation. Thanks again!

Hi All,

I just bought a quadplex in southern CA and want to move it into an entity I set up. Who is the best person to help with getting a quitclaim deed set up? I was able to get through most of it but I was a bit confused on the tax portion of the form and the consideration. My agent is saying I should contact an escrow company to help. Is that right or should I contact some other professional?

Thanks!

Wiley

Hi All,

I recently purchased a quadplex in Long Beach, CA and to start off, the other side in the transaction has been less than cooperative which is why I am seeking advice.

So to the details, we closed on this property last Thursday and officially took over the building at 12pm on Friday afternoon after it was recorded. Before this occurred, one of the tenants alerted the current property manager/sellers broker about a leak from the apartment above them. They sent a maintenance guy out who screwed around with something and promised to return (this is per the tenant). Surprise he didn’t return. Then my property management company shows up after the title was recorded and guess what...it is still raining from the ceiling. To add insult to injury, the sellers people were dodging phone calls so we don’t have keys to the apartment after the recording. The tenant also wouldn’t let us in the unit either. In the meantime, the leak stops so it isn’t raining in the apartment. The following day, we get the keys and are able to get in the unit and fix the leak (bad fitting on the sink). I am just wondering who is responsible especially considering we don’t know the extent of the damage just yet and we didn’t own the building when the leak initially occurred. Thanks for your responses!

Wiley

@Taylor Renee Noll I don't know how much reading you have done on the subject, but I also suggest buying a few real estate investing books to understand where you want to focus your energies. There are a ton of sub specialties within real estate and you don't want to spin your wheels trying to focus on everything. I have read pretty much all of the books on BP and they tend to be well-written and really informative. I also agree with Michael that taking action when it comes to your team is also very important. Good luck! 

@Andy Cross obviously Prop 10 isn’t great for most investors. It would definitely make investing in CA much less lucrative in my opinion due to the caps on rental income. There are always going to be “deals” but there just may be fewer of them and tenants are going to be less likely to leave (who wouldn’t be) in cities where rental control gets enacted. I personally don’t think it will pass but you never know until you know. 

@Seth Borman@Tony Kim Thank you for the advice. I guess the answer is, network, find a good team, pull the trigger on a value add property.

Any thoughts on prop 10 (rent control) as it relates to the CA market?