First time home buyer
Hello all,
I am a first-time home buyer taking my first step into becoming a real estate investor.
I would love to connect with anyone who's selling a property for 650k or less in San Diego or individuals who are interested in a joint venture on an ADU on my land that I will obtain.
Wisdom and feedback would be greatly appreciated!
Hi Giovanni, my name is Adam King. I am a San Diego Realtor. Myself and my team have over 20off market properties all over the county currently. I believe several of them could fit your buy box. They do range from needing a full flip, to turnkey ready. If that interests you. Please reach out to me at any time.
Sincerely,
Adam King
DRE#02218555
Mobile - (619)818-2814
Office - (619)568-2649
Email - [email protected]
@Giovanni Vazquez Welcome! I highly recommend connecting with experienced agents who are investors themselves and other investors in the market here in San Diego that have been doing this for some time to guide you. Through this process you can look for on and off market properties vs hoping to meet someone who is selling a specific property which could end up taking you a much longer time to get started.
The reality is most off market are off market for a reason. A very large majority involve work and/or have a risk. They often need extensive rehab. They sometimes have unpermitted work or units. They often cannot be purchased with traditional F/F financing. Sometimes they require cash purchase (HML plus your own money if not going to OO).
It is my view that they are not a good option for first time RE investor. Too much can go wrong.
A year ago I got quite a few tags for unpermitted items on a property that was an MLS purchase and seemingly at low risk. Inspector just felt that they needed to tag new electrical outlets, Ac Condenser, gas run that has existed for decades (I challenged city to show that did not exist prior to the need for permit and they told me it was on me to show that it existed prior to the need for permit. Bogus. To have this evidence almost would require a crystal ball to know what in the future would need a permit). It was a pain that still is not closed (but I do need to work to get it closed).
Imagine getting tagged for an unpermitted unit or unpermitted room addition and the hassle, cost, and work involved. This is often the type of risk of off market purchases
It is rare that a rent ready, zero risk property is sold off market.
Good luck