Real Estate Agent · San Diego, CA · Member since 2010 · 85 posts · 43 votes
I did it!!! I got the building under contract and its time to get the funding and start due diligence! It's HAPPENING!! I feel like two things at the same time... YAAAAAYYY 🎉😀💃🏾 and OH CRAP!!! 😱😱😱
Now I have Inspections, Contractors, Title Work, and ALL the rest of the stuff that goes along with getting to the closing in 28 days!! Anybody know a good contractor in San Diego? I also need to find a reasonably priced inspector.
Santa Rosa, CA · Member since 2015 · 191 posts · 75 votes
11y
Congratulations! You made me lol with the oh crap sentiment. I've felt the same way and sometimes still do with a difficult tenant. You'll get a good referral for contractors here or in Craigslist or Angieslist. Good luck. Had to tell you that your post made my day!
Well done. I own a few single families and two small multi-families (2-4 units). I was just looking at a 9-unit online tonight and running the numbers. I am trying to figure out how to make the financing work.
How many multi-families did you look at? How many did you offer on? Did you use a commercial realtor? What's your strategy for financing?
I'm in a similar situation and just looking for tips.
Well done. I own a few single families and two small multi-families (2-4 units). I was just looking at a 9-unit online tonight and running the numbers. I am trying to figure out how to make the financing work.
How many multi-families did you look at? How many did you offer on? Did you use a commercial realtor? What's your strategy for financing?
I'm in a similar situation and just looking for tips.
Mike
Mike,
Sounds like you're further than most of us! I looked at two. I offered on one of the two. I didn't look at them both for long. I chose the the one I felt was right for my strategy and offered on it. My offer was accepted. My Realtor is also my mentor. She's helping me learn the business. I knew her for a year and watched her before I asked her to represent me. I trust her. Funding Strategy - I found a place that will do my financing as a rookie and be my partner. In 12 months we will change the partnership and I'll be full owner.
My tip to you - search everything you can find to get the financing you need for your deal to work. Don't stop until you get all the money you need.
Investor, trucker · sugar hill, GA · Member since 2014 · 25 posts · 5 votes
11y
lol I like this post for a housing inspector to see what a bad inspector can do there is a show on Netflix called Holmes inspection I found it really helpful
Contractor · Los Angeles, CA · Member since 2015 · 4k+ posts · 1k+ votes
11y
@Dawn O. Hi Dawn, look up Sean Shumate, License Number 978799, shumateconstruction.com. I never got his pricing, I tried to ask prices for him for a commercial job, but he couldn't pull up the numbers, I guess his crew is more geared for residentials. Anyway, he was my inspector for a job i did in PB for san diego unified school district, pretty cool guy. Just tell him Man from Corner Keystone sent you. He works for SDUSD as an inspector, so you'll have the confidence of him not running away and finishing the job on time.
Can you give me more info on the deal? Size, scope of work, and location? I might have one more construction company for you but they are geared for a larger sized project.
Congratulations on the contract and for having the confidence to "just do it." Is this your first investment move? If so, why did you go after the apartment building?
Thank you in advance-
Paige
Hi Paige,
Thanks for the congratulations! This is my first time making an offer on an investment property. I went for the apartment building because after years of studying and being involved with different investors, I realized I didn't want to start with individual SFR's or 4 units. It just didn't suit my plan. A few weeks ago I had a conversation with myself that was like "Why Not?... I've heard this can be done with no money from my own pocket. Time to test the theory." Went out on Loopnet. Found the building. Got transactional funding. Made the offer. Found all the options for money I could. Chose the best one for my long term strategy so I'd be ready IF the offer was accepted. I figured that if I had everything in place and I didn't get this one, I could keep going until I got one. Then I could use that experience to build on and keep the partnership going with my funder to build a reputation and have a funding source that is also a trusted partner that knows my track record.
lol I like this post for a housing inspector to see what a bad inspector can do there is a show on Netflix called Holmes inspection I found it really helpful
Thanks Mark! I will look at that movie. I used to watch Holmes on Homes on HGTV. Totally forgot about his shows. Glad you reminded me. Yeeeeessssssss! He helped a lot of homeowners in tough situations after inspectors didn't do their jobs correctly.
@Dawn O. Hi Dawn, look up Sean Shumate, License Number 978799, shumateconstruction.com. I never got his pricing, I tried to ask prices for him for a commercial job, but he couldn't pull up the numbers, I guess his crew is more geared for residentials. Anyway, he was my inspector for a job i did in PB for san diego unified school district, pretty cool guy. Just tell him Man from Corner Keystone sent you. He works for SDUSD as an inspector, so you'll have the confidence of him not running away and finishing the job on time.
Can you give me more info on the deal? Size, scope of work, and location? I might have one more construction company for you but they are geared for a larger sized project.
Thanks.
Manolo,
Thank you for the inspector referral. I need to get it inspected this coming week so I'll contact him ASAP! About the deal: It's fully occupied so It has to be a unit-by-unit reno. The repairs that I could see from the walk through were minimal, carpet - I'm considering removing the carpet in all the units and getting the wood floors sanded and refinished, paint, tenting the place to get rid of pests, replacing the cabinets in two of the units - the rest need re-staining (or a fresh coat of paint), some outlet covers, light fixtures, things like that. There's some outside clean up and a little beautification in the courtyard. The apartments are quite large. All have fireplaces that aren't used (any advice on these?). I'd like to do new countertops and new appliances but that's not necessary in every unit. Only one or two that I noted. I didn't see a lot of cracks in the foundation or anything. It's located in City Heights. The roof looks okay from the ground although I understand that the inspector will give me the final yay or nay on that.
Thank you for the inspector referral. I need to get it inspected this coming week so I'll contact him ASAP! About the deal: It's fully occupied so It has to be a unit-by-unit reno. The repairs that I could see from the walk through were minimal, carpet - I'm considering removing the carpet in all the units and getting the wood floors sanded and refinished, paint, tenting the place to get rid of pests, replacing the cabinets in two of the units - the rest need re-staining (or a fresh coat of paint), some outlet covers, light fixtures, things like that. There's some outside clean up and a little beautification in the courtyard. The apartments are quite large. All have fireplaces that aren't used (any advice on these?). I'd like to do new countertops and new appliances but that's not necessary in every unit. Only one or two that I noted. I didn't see a lot of cracks in the foundation or anything. It's located in City Heights. The roof looks okay from the ground although I understand that the inspector will give me the final yay or nay on that.
Sorry about that, maybe I didn't make it clear enough, he was/is an inspector for government projects, not residential/commercial, however, he is a contractor that could help you out. You don't refinish yet unless you'll have a good tenant, there are some tenants that just doesn't care about the unit, if they don't really care, just rip off and install new mid grade carpet, I hate to see good floors with bad tenants. How many units is the apartment? Countertops on all units, they are cheap, just don't buy from home depot, each slab is around 150-300 and 3 slabs are to be used on a kitchen, I pay around 200-300/slab on installation on that. Sean will be able to help you out with the fireplace, I'm not good with designing, I'm only good at building things lol.
Thank you for the inspector referral. I need to get it inspected this coming week so I'll contact him ASAP! About the deal: It's fully occupied so It has to be a unit-by-unit reno. The repairs that I could see from the walk through were minimal, carpet - I'm considering removing the carpet in all the units and getting the wood floors sanded and refinished, paint, tenting the place to get rid of pests, replacing the cabinets in two of the units - the rest need re-staining (or a fresh coat of paint), some outlet covers, light fixtures, things like that. There's some outside clean up and a little beautification in the courtyard. The apartments are quite large. All have fireplaces that aren't used (any advice on these?). I'd like to do new countertops and new appliances but that's not necessary in every unit. Only one or two that I noted. I didn't see a lot of cracks in the foundation or anything. It's located in City Heights. The roof looks okay from the ground although I understand that the inspector will give me the final yay or nay on that.
Sorry about that, maybe I didn't make it clear enough, he was/is an inspector for government projects, not residential/commercial, however, he is a contractor that could help you out. You don't refinish yet unless you'll have a good tenant, there are some tenants that just doesn't care about the unit, if they don't really care, just rip off and install new mid grade carpet, I hate to see good floors with bad tenants. How many units is the apartment? Countertops on all units, they are cheap, just don't buy from home depot, each slab is around 150-300 and 3 slabs are to be used on a kitchen, I pay around 200-300/slab on installation on that. Sean will be able to help you out with the fireplace, I'm not good with designing, I'm only good at building things lol.
Oh... Okay. I can use him later. I'm purchasing a 7 unit. I'll take your advice about the floors. There are two tenants that have an overcrowded or very unkept unit. Every other unit is very nicely kept.
Simi Valley, CA · Member since 2013 · 22 posts · 16 votes
11y
Im curious how much 7 units cost in San Diego. Im guessing at least 2 million for san diego. I have a due diligence check list I can give you. I hope that the best of luck
Investor · Gwinnet, GA · Member since 2014 · 18 posts · 2 votes
11y
Congratulations! Bigger Pockets provide great referrals. However, you can look into your Real Estate Investment Association and see if they have an advisory board or a network to pull referrals from.
I know when I have that "Oh Crap" feeling, I know that I have everyone here on BP, as well as the members of our local REIA. We can solve any problem together.