Norm Kawaguchi
@NotJustTheNorm
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RE conversations, quotes, & insight (maybe). Former commercial banker. Agent & Investor | Berkshire Hathaway HomeServices DRE #01438116
California, USA
Joined February 2022
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Pinned Tweet
The First Photo is important.
Which one?
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"Just when you thought life would get easier."
Elder Care:
Base Rent: $5,000
Level of Care: $5,000
1 on 1 Care: $13,000
Total: $23,000/month
Long term care insurance covers $6,000. Out of pocket $17,000.
This is a real (extreme) situation.
Depressing.
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Before/After Update:
Since consensus was overwhelmingly negative, the change has been made.
Better?
It's a rental - young demo.
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When a home is a masterpiece.
I can't stop staring at it. Built in 1895. Pure artistry.
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An estimate for new siding.
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Can you spot the problem with this kitchen? Or is it just me?
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@realestatedude0
Broker would get upset for under 6%?
Ridiculous.
5% is good. And instead, she got nothing. 🤦🏻♂️
I would have done it. My business, my decision. I'll live with the consequences.
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So the new windows are level.
The trim is not. 🤦🏻♂️
Built in 1910.
What to do?
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This is the same room.
Same flooring & window covering.
New paint & updated light fixture.
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Straight out of Sims.
This was a $3.7 million listing. 🤦🏻♂️
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"The Seller wants cash offers only."
Is it really the Seller? Or the agent that wants a quick close? 🤦🏻♂️
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@trevizo_gabe
What I miss and remember fondly is the kids running to the door yelling "daddy!"
The joy and smiles on their faces. Such a great feeling.
I can see it/feel it in my mind :)
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@ThinkAppraiser
Absolutely imo. Never gotten an estimate for siding replacement but these #'s are hilarious to me
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I'm not a car guy, but...
This was sitting in the driveway covered for years.
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Painting estimate for all wood windows and trim only.
These painters are very thorough but wow... 😳
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@LasagneWest
@gnuman1979
Smart kid. Read the situation and stepped in.
More like - "thank you for not folding my dad."
Dude was a beast.
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Paint colors are challenging for me. My partner chose this color for the door.
I would have never chosen it but I like it.
Thoughts?
What door colors do you like?
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At my open house:
Wife: Can we replace these windows?
Husband: Why? These are beautiful period windows.
W: I'd get rid of this cabinet.
H: The buffet? That's part of the charm & character.
Me: (This is not the home for you)
Yeah, we listen in on conversations. Well, I do :)
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@brianportnoy
@danikaw
No warning on extra kids, no notice on being late, past midnight, & then asking a teenager what they owe? Irresponsible & who does that to a kid?
At the very least double and extra for being late.
No more babysitting for that family.
That's just plain inconsiderate.
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@constructionge3
@jamesglenos
We said no for these very reasons.
We fostered puppies several times and that seemed to quell the desire for a dog :)
The kids realized how much work it took to care the them.
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@LA_Multi_Fam
It can be financially crippling.
I asked the sales lady: "Who can afford this?"
Her: "Two things, long term care insurance and real estate."
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"How about an 8 x 5 picture window?"
Estimate: $11,500 (labor and mats)
"No thanks."
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@NickTimiraos
Cali peak: May 2007 ($595K med)
Cali low: Feb 2009 ($245K)
Cali turn: Feb 2012 ($269K)
Apr 2012: Median crosses $300K
Apr 2013: $400K
Apr 2016: $500K
May 2018: $600K
Aug 2020: $700K
Apr 2021: $800K
May 2022: $900K
Source: CAR - Existing SFR Med $
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My partner hates it.
I don't mind it.
You've got to pick and choose.
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@DenvrEvolution
Absolutely, I'm starting to see it the same way. Unless the parents are ultra wealthy.
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Client: "The floors are nice."
Me: "Yeah, but they feel uneven and soft in areas. It's weird."
(Enter the crawl space)
"Um, let's pass."
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@SheriffJCooper
Negative press? I think most would applaud Target for apprehending shop lifters. The general public is getting fed up with lack of consequences for lawlessness.
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@charliebilello
Surprised to see the voting.
This wasn't speculation based.
If I deposited money at the bank, I think it's pretty reasonable to expect it back. (I understand FDIC)
I could understand the sentiment if these people were speculating, but we're talking about deposits.
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Tough year.
Agent: "My client REALLY wants the place. It's perfect.
Calls me 3X.
Lender calls SUNDAY: "Buyer has been UW, good to go, quick close."
Acceptance.
Agent: "Uhhh, sorry, buyer got cold feet."
When the Agent & Lender want it more than the Buyer...
Lots of this.
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Pee stained planks removed, replaced, and layered in with new planks :)
Those dark spots?
Not water stains, but pee stains.
This will be repaired.
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You won't see this in Architectural Digest. But this was a huge win on a budget.
It was odd and a distraction.
With the help of the plumber, glass guy, & glazer, we transformed the vibe.
The end product is simple. But there was a lot of time, thought, & effort to figure out.
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Presentation matters.
You have a nice camera, but doesn't mean you can take great photos.
It's more than that.
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@LA_Multi_Fam
Whenever I see a close like this, my first thought:
"Probably double ended."
Just checked: Yup
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@maxfisherRE
#1
Rule in Real Estate:
"You've got to see it & feel it."
Always do a site visit.
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"May I preview your listing?"
Agent: Tell me about your buyer?
"I'd just like to preview it."
Agent: We'd like to know your buyer's qualifications.
It's vacant. I just wanna take a look. It's 55 DOM. 🤦🏻
Why make it so difficult?
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2009 was wild.
Short sales, foreclosures, tons of uncertainty.
Friend calls (also an agent).
"Hey, know anyone that wants to buy a 4plex?"
Me: "How much? Where? Rents?"
"$600, Echo Park, $4800."
Me: "Us, we're the buyer."
Appraised for $800K.
Stay in the game :)
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@EstateLevy
This may be Canada's version of our 2008 unfortunately.
I didn't know Canada does not offer 30 year fixed loans like the US.
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Refinishing hardwood floors is one of the best ROIs at this $/sf.
He's great and this is how he writes up his estimates :)
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Sold for $1 million over ask.
People will pay a premium for exceptional properties.
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"My clients offered on a house. Good schools, bad location. I don't like it."
Wife: Did you tell them?
Me: Yes, I explained it would be really busy during drop off/pick up.
Wife: Well, if you feel so strongly about it, show them! Go there and take a video.
This hit home.
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Schools, Schools, Schools!
Lots of out of area buyers for the schools.
(Oh, and it could use some updating.)
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@shawngorham
Right? $15K demo?!?
He's out of his mind.
First and last time I'll be in touch with this guy.
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@realestatedude0
@ThinkAppraiser
@1remotelandlord
Interior shots look nice :)
I think the front elevation is a bit odd - the charm of the Spanish architecture was modified.
Also, it's on a corner lot and at a T with the side street. Tough lot location on that one.
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"My friend looked at a house down the street, insurance quote was $24K. They passed and moved to Agoura Hills."
Insurance used to be a given, now it's one of the first things we look at.
Just another cost to consider among the long list. 🤦🏻♂️
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The appreciation game?
Sold: $2,520,000
Leased: $6,500/month
That's 32X rent.
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So my son is applying to internships...
"Some are paying 60."
Me: Wow, $60K/year is great.
"No, $60/hr."
Some are paying $58-$100/hr?!?
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@BayAreaREMatt
Love everyone's perspective on this.
For me, not sure about the cup pills. On pull out drawers fine, but what about on cabinet doors - I've not seen that before?
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I like to check out pricing.
Her: That shower will cost $10,000
Excuse me, what?
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Those dark spots?
Not water stains, but pee stains.
This will be repaired.
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So you write me a CASH offer but:
- 30 day escrow
- Loan 17 days
- Appraisal 17 days
- Write in your services
- Redefine "Days" as business days, not calendars days as it's defined in the contract.
Something is off.
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Mold "inspection"
Me: "How is it possible your readings are the SAME at 3 different spots?!?"
"Um, I make it (rig it) read either 0 or 99.9%."
Me: "Does the buyer or agent know this?"
"No."
He estimated $26K for work.
You better believe I bought my own meter!
(Top: His)
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Look at these vacancy rates! (1966)
Drastic reduction in vacancy rate in LA County within 6 months:
• Slow-down in new construction
• Potential buyers inability to secure adequate financing.
"Forced" to stay in apartments.
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@ThinkAppraiser
Pool is too close to the house and takes up the entire backyard.
Also, the best pool is someone else's. Too much maintenance and costs.
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@ConorNeu
Had this happen to a client. But he was selling a multifamily.
There were tenants (really) that wanted a cut of the proceeds once they got wind of the sale.
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Estimate for 15 vinyl dual pane windows installed (labor & mats):
Looks good to me :)
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@XCapitalGrp
@shawngorham
@index_guy
Yeah, OC prices just exploded over the last several years. Hurts to think how cheap Irvine used to be when I was at UCI (many years ago).
Prior to COVID, I would tell my wife OC was the best value - $400-450/SF. Missed out 🤦🏻♂️
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@RobMcNealy
I believe the painter sanded and used a particular primer before applying the paint.
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@ThinkAppraiser
Thanks :). That's what I initially called him for - repairs.
He comes and tells me might as well replace it all given the amount of repairs. He seemed to imply that it would cost about the same at the end of the day.
Me:
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You're going to hear California FAIR plan more & more.
Out to lunch with lender, client can't find anyone to insure their home purchase.
Enter Cal FAIR Plan. $12K (3-4x typical coverage) & doesn't cover personal.
Now insurance is on the radar. Was never a thought before.
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Nature has a way of relaxing and calming the mind and spirit.
Nothing like a tree lined street.
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How's the Market in California?
Jan 2023: $751,330 (Median $ SFR)
vs.
Jan 2022: $766,250
May 2022: $900,170 (2022 High)
Sales volume down 46% YoY.
YoY $ change slightly negative in each of the last 3 months.
Source: CAR - Existing SFR Med $
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Cracked gas line, about 15', L-shape run around the unit.
$2800 quote. What do you think?
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My client is a very busy and successful contractor. He tells me:
"I'm never too busy for NEW work."
Always responds no matter how busy he is. Answers texts. Picks up the phone. Follows up.
There's a huge lesson there for many trades or anyone in business.
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@ronmortgageguy
Everything has "reset" to a higher base.
There's no going back seemingly.
It's terrible.
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@BayAreaREMatt
Weird - sounds like the agent has been having a very difficult time selling this one lol. It's rough out there.
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@soulwebsteve
True, but so difficult if your parent needs to be taken to the bathroom every 1.5 hours. You need help. But definitely better to care for your elderly parents if possible.
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@DeerwoodRealty
It really is and something I've never considered until faced with the reality. As family and friends age, I'm hearing more stories and it's horrifying.
I asked the sales lady: "Who can afford this?"
Her: "Two things, long term care insurance and real estate."
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Anyone have a guy that levels floors before installing flooring?
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@maxfisherRE
Yes! It's deceptive. You think you're calling the company shown but they're just farming leads and collecting fees.
And many consumers have no idea that they're paying a middleman.
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@maxfisherRE
Capital is always looking for a home. With cash earning .3%, some saw getting a 3% cap would at least 10x their $.
Problem now is you can get 5% interest & no headaches for now - that's $150K on $3MM.
Years ago saw a study where caps were 6% historically. 300bps + 10 year.
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@jandreini1
Whoever came up with the idea of gift cards - genius.
How many have you not used, lost, or just sit there?
Great money makers.
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@WorldWideWob
Poorly handled by the refs.
But why were all the Mavs on the other end of the court if they thought it was their ball?
They lost track of what end of the court they were on. Come on...
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@GrulkeLamonte
Yeah, really don't want to pay that much for that. The estimate was $12-15K for 4K aluminum - can buy a used car at that point...
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Question for Landlords in LA city:
Have you asked a tenant to vacate, and the tenant moved voluntarily without asking for Relocation Assistance?
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@KobeissiLetter
When "revolving debt" becomes permanent debt.
This is terrible. The general public cannot keep up and will forever be in snowballing debt.
I guess this is bullish for cc companies.
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@nasmadotali
Interesting. As investors sell to owner occupiers, rents increase for an ever shrinking supply of rentals. Just as end users are competing for shrinking inventory supplied by investors.
The result: Increasing rents and higher/stable home sale prices.
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Buyer's Agent: "Your seller won't hear from you until it's time to pick up his check."
She stayed true to her word. Escrow was smooth.
Not a word.
Closed on time.
Me: Hi (seller), we are confirmed :)
You've got to savor these escrows.
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Open houses in LA are insightful.
I enjoy speaking to prospects learning why they like the area, what they do, and where they're from.
What I'm learning: Lots of WFH, very good jobs, and 700+ credit scores. A good number of out of state apps from NY especially.
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