Looking for Multi-unit partnership in San Diego

[Joel Santana]

Hi,

After pondering the purchase of a property for the past 3 years (boy was pondering a mistake), I'm ready to finally take the plunge.

I did purchase out of state, but now it's time for San Diego.

I am looking to buy a multi-unit with house hacking as primary motivator. I will use my VA which allows me to partner with another veteran and have minimal upfront costs. Or I can partner with a conventional and offer an opportunity to buy another property for a much lower down payment.

I look forward to hearing from potential partners.

[Erik Browning]

Hi @Joel Santana congrats on taking the leap, I'm sure others feel your pain of waiting to do so as well lol.

Here's a tip: If you partner with another active duty/veteran, the property may consist of four family units and one business unit, plus one additional unity for each Veteran participating in the ownership. Thus, two Veterans may purchase or construct residential property consisting of up to six family units (the basic four units plus one unit for each of the two Veterans), and one business unit.

I have clients in San Diego and am aware of the prices for multi's right now - $1M for a decent place is common. I think it's a good idea to get another person's income onto the loan so you can qualify for more as well as expand your property types with the 6-unit ability.

You may also have the ability to split up the entitlement for each of you if you both are veterans, thus allowing you to use the remaining entitlement in the future.

Good Luck!