16 Comments

1. 

   greenlander on November 16, 2010 at 9:59 pm

   That place is right out of the seventies.

   I was waiting for you to show a room with a disco ball on the ceiling.

2. 

   Deb on November 17, 2010 at 5:54 am

   Jim’s in the news again!

   http://www.latimes.com/business/realestate/la-fi-home-sales-20101117,0,3358467.story

3. 

   MarkB on November 17, 2010 at 7:00 am

   Sweet. My friend had a pool with that diving board in 1979. He was a football player and he could bottom out that spring every time WHACK!!

   That house is a job for a real efficient flipper.

4. 

   shadash on November 17, 2010 at 7:17 am

   Working with Jim was nice. With this property I thought I’d done all the research on price, location, etc. To get Jims perspective I waited about 15 minutes while he was looking around then asked what he thought. Jim pointed out all the issues I had noticed plus he showed me where the termite guys had marked up the outside deck indicating the wood would likely need replacement. (this is something I never would have known)

   Jim put an offer for us on this house back in March. At the time the listing agent laughed at it. Now they came back to us at the price we originally offered + a credit. Unfortunately back in march the “owner” was being a jerk and not letting people in The look at the house.

   Here’s a trick when we submitted the original offer to the bank I was able to see the owners name. Since it was rather original I ran it through a quick public records search online…

   The they guy had filed BK 2 years previous in Nevada. This means he likely incorporated there for taxes. I could also see that he used to own several properties that had all gone to foreclosure. So the guy probably lived for over 2 years for free in his house. An (just a guess by likely right) used the equity in his current house to buy the other houses. Just another deadbeat/scammer.

5. 

   shadash on November 17, 2010 at 7:46 am

   MarkB,

   I think it would be really difficult to flip this house and make $$$ at the price the bank wants. I used to do property management work and have a fairly good idea of the cost it would take to rehab. (100k est) Also there’s other properties on the same GC with better locations listed at 575k and not selling. The last big unknown is there are a lot of old people in this neighborhood sitting on a ton of equity that can drop their price to whatever it takes to sell.

6. 

   Josie on November 17, 2010 at 8:28 am

   OMG, the BBQ/fireplace. That’s gotta be worth 100k more right there. Nice ceiling. Sure does add up. Yep. Straight out of the 70’s. I’m thinking 500k is too generous. That’s just me.

7. 

   swm on November 17, 2010 at 9:41 am

   Avocado green kitchen counter tile, wood paneling, Brady Bunch kitchen grill, bad layout. Shouldn`t this place have some sort of historical preservation status?

8. 

   osidebuyer on November 17, 2010 at 4:14 pm

   can you break down the $100K renovation estimate?

9. 

   Dwip on November 17, 2010 at 6:44 pm

   Dang Shadash I wish you had bought it. I wanted to go the the bubbleinfo-sponsored housewarming party and give you a big ol’ brick.

10. 

    shadash on November 18, 2010 at 8:30 am

    Dwip,

    Not sure how to take that. If you’re joking neat! make it a facy brick that I can put into a wall or something. If not you might want to reassess your thought process…

    I hate Deadbeats/Scammers and unfortunately the Real Estate market seems to be full of them. Maybe I’m more vocal about my feelings than others are but I’m sure some people agree with me. It just pisses me off to think about all the hard working taxpayers that pay all their bills on time and are stuck renting while Deadbeat/Scammer “homeowners” live for free. What pisses me off even more is none of this would have happened if the government did provide tax dollars to banks to not go out of business.

    That’s like getting paid to fail!

    Maybe you should identify a couple of deadbeat/scammer “homeowners” out there living for free and put that brick to good use.

11. 

    Josie on November 18, 2010 at 8:56 am

    Shadash for President!

12. 

    Dwip on November 18, 2010 at 11:25 am

    Sorry, it was a joke. 🙂 I was mightily impressed by that massive brick fireplace/BBQ/nuclear power containment core in the living room.

13. 

    Former RB Resident on November 18, 2010 at 12:01 pm

    Actually, Jim, that’s the 3rd hole at the RBCC. My dad’s a member; I probably play it 20 times a year. You’re actually in the landing area there, so you would get some balls from time to time. But, the membership at the club, to borrow a phrase you use in the video has “a lot of gray area”, so whereas a middle aged decent golfer like me would either try to lay up short of the bunkers there or bomb it over them (In the summer I take it down the left side of the fairway and hit driver over that bunker on the left), the main membership is usually north of 65 and doesn’t hit it anywhere close to that far and thus you probably won’t get that many. There’s also a hill of iceplant and bushes that is unplayable between the house and the course, do it isn’t like people can hit directly into the house. My guess is maybe a ball a week or two on average in the yard.

14. 

    Tom Tarrant on November 18, 2010 at 12:30 pm

    45k rehab. all new kitchen, good cabinets, baths, flooring, paint, and nice finish out.

15. 

    shadash on November 18, 2010 at 12:40 pm

    Tom,

    Maybe you’re a good guy to know. 🙂

    There’s a couple of other things…

    1. Double fireplace / indoor grill needs to be demo’d and replaced.
    2. Interior (walls) need to be “opened up” walking around feels claustrophobic.
    3. This is a big one…
    A. The pool is about a foot and a half above the house. (Which might be trouble.)
    B. Needs to be replastered
    C. Area around needs to be jackhammered and replaced

    Do you think you could do it all for 50k?

16. 

    sdbri on November 19, 2010 at 3:56 pm

    Interesting! Well, there’s more fish in the sea if you have second thoughts.