Newbie REI looking to shadow experienced REI in SD!

10 Replies

Hi there! My name is Hannah, I’m local to SD now since March 2020 and am looking to buy my first investment prop by the end of the year.

I have read "How To Invest In Real Estate" published by BiggerPockets, watched a few of the webinar replays here, and am working my way through two comprehensive courses on REI from the late 80s/early 90s I got for free. My point is I am diligently LEARNING as much as I can but am looking for an experienced investor in the area to let me shadow them for more hands-on learning. Maybe for one full day so I can see what day-to-day responsibilities look like, but preferably a long-term mentorship we can mutually benefit from. I want to provide this person value in any way that serves them of course (errands, paperwork, let me pay for lunch or fill up your car on a shadow day, etc), and am looking for someone willing to answer the million "stupid" questions I have in my mind. I'm hungry to learn fast and humble enough to learn from someone else's mistakes and take advice I'm given.

Top 2 current investment goals:

1) Begin acquiring single family and/or small multifamily properties in a market that supports appreciating rent and a buy & hold strategy. I’m still researching markets but am almost settled on Hanford/Visalia CA where I’m from. (Thinking I’ll have a huge advantage knowing the area inside & out, and having connections in the area for agents, a good prop manager & family contractor)

2) Find a small multifamily in San Diego county to house hack that keeps my personal living expense under $500 but ideally tenant rent would cover the whole mortgage. I am flexible with the location in the county as I plan to do this yearly at least 3 times, but want to stay in the San Diego area. My current lease ends May 2021 so I’d like to find a suitable deal by then.

PLEASE reach out if either of those investing approaches are in your field of expertise & let me know any way I can make mentorship a great deal for you and I both.

Thanks for taking the time!! :)

Your goal #2 is going to be tough in this environment.  SD market is tough for cash flow, at least when you initially purchase the home.

Your best bet is a live in flip / house hack, meaning you buy a house in need of some love in a nice neighborhood at a discount, fix it up and then house hack. Airbnb, ADU, student housing etc, are nice options to consider as part of the house hack as they bring in a bit more income than a traditional rental.

You mention wanting to house hack your way into 3 properties at 1 per year.  It makes sense to find at least one property where you reside in it for at least 2 years, preferably one where you can force appreciation, since you get the capital gains tax exemption after 2 years.

@Hannah Spanke Welcome to San Diego!  I house hack a multi-unit property and specialize in 2-4 units...if you'd like to discuss a bit further about what's possible here locally in terms of house hacking a 2-4 unit feel free to shoot me a message.

@Frank Jiang thanks for taking the time to reply!

I definitely realize it would be a challenge to find a duplex or something here that would cash flow but I would be happy with a first house hack even if I still had to pay up to $500 out of pocket each month. You think that’s doable?

That’s great advice about alternative rental options, thank you!

@Hannah Spanke

Welcome to SD. Happy to help you on your journey. Feel free to reach out on anything relating to the market, micro neighborhoods, analyzing deals, REI strategy, etc..

We also have team meetings every Monday Morning at our downtown office. You're welcome to shadow 👍🏻

Hi @Hannah Spanke ,

If you're interested in investing in San Diego, having a local team in place can be one of the most imporant factors in making sure your rental property is profitable.

Having worked with @steverozenberg, Bigger Pockets contributor, professional real estate investor, and Head of Investment Education at Mynd Management, I've learned that not having a local team can be one of the biggest drains on investors return on investment.

There are some great ways to source a local team. I'm happy to tell you more if you're interested.

@Jon L. Thanks for taking the time Jon! I think that’s great advice, I have heard that a few different times recently on the BP podcast & webinar replays also.

Thankfully I’ve connected with a couple awesome REAs through BP & have contractor connections already. Currently I think my biggest weak link is a local lender that can work with my very unconventional finances lol, so any recommendations for lenders would be awesome!

@Hannah Spanke great connecting with you- 

If you're interested in the management side of the equation in SD- definitely check Mynd Management out. Website and contact info in my signature below- 

We're a tech enabled, full service, property management platform that can give you all of the benefits of owning a rental property without having to worry about the day to day logistics. We have a large footprint in SD and would love to assist you in any way we can. 

Best of luck ,

Jon