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Rental Property Investor · San Diego, CA · Member since 2011 · 1k+ posts · 1k+ votes
Bay Park Project
Where: 3559 Ethan Allen Avenue. San Diego, CA 92117
When: Saturday June 25th, from 9:00AM-11:00AM
Project Type: Ocean View Build Out
Cost to Attend: FREE
We’re kicking it into high gear for summer! Bay Park is hands down one of my favorite neighborhoods in San Diego and its home to the newest project we’ll be show casing for our Meetup.
The guys at Noalca are taking on this massive project with the help of Antonio from Lantzman Lending & Sustainable Realty. This is a 900 sq ft 3 bedroom, 1 bath home torn down to be transformed into a 2,499 sq ft 4 bedroom, 3.5 bathroom home with a rooftop deck overlooking Mission Bay.
Represented by Sustainable Realty Group this home will be a 12 month project from start to completion. Purchased for $490,000 in October of 2015. The construction budget is $250,000 with an exit value of over $1,000,000. The lender funded $390,000 of the purchase price and the full construction budget at 10% and 2 points.
The entire team involved in this deal will be present to break down the entire process. From the Investor, Agent, Contractor and Lender. You’ll have a 360 degree view of how this project is being handled. No questions will go unanswered, we’re looking forward to seeing you there.
Be sure to meet us for drinks and networking afterwards from 11:30AM – 1:00PM at Coronado Brewing Company at 1205 Knoxville St. San Diego, CA 92110
This is definitely a project you do NOT want to miss.
Not only will you not be stuck dealing with me like last month's event, this project also encompasses quite a few facets of REI that I'm not sure we've covered in any real detail during past events.
I am really looking forward to all that Antonio and the boys at Noalca have in store for us!
Once again I will be out of town. Twice in a row. And Bay Park is where many of my high school friends lived. I grew up on Tecolote Canyon in Clairemont.
This is definitely a project you do NOT want to miss.
Not only will you not be stuck dealing with me like last month's event, this project also encompasses quite a few facets of REI that I'm not sure we've covered in any real detail during past events.
I am really looking forward to all that Antonio and the boys at Noalca have in store for us!
I saw your post because your meeting location contained #Knoxville, which is one of my key words. However, I am familiar with the price points and lack of availability in your market, as I have good acquaintances in the . So, in good fun and to help keep real estate investments in perspective, below are some pictures of what you can buy for about $1M in my market - Knoxville, TN. :-)
As quick reference, CNBC ranks Knoxville as the 4th best rental market in the country. We have a large, diverse manufacturing economy (auto to solar panels), the home to the University of Tennessee (Go Vols), the headquarters of TVA (abundant cheap power, with plenty of water for agriculture, recreation, and drinking), the headquarters to HGTV (just about everything on cable), and next to the Oak Ridge Advanced Materials Research Center (carbon fiber and 3D printing).
This home is in Athens, TN - about 60 miles south of Knoxville. This is equal in travel time to about 10 miles on the 405.
This is the typical finish and materials in this 7,400 sq foot home on 7 acres.
Then for about $1.15M you can own this rental home - in the mountains and on a lake - about 15 miles north of Knoxville. It is about 6,250 sq ft with gross annual rents of $80K
But if you want to go to $1.3M, you can choose either this 10,600 sq foot 5 BR 6.5 BA
or this 6,400 sq foot home in a private, gated lake front golf community.
If you ever want to buy something in the real world, give me a call.
@Justin R. This is fun but I did notice the same issue with the first photo. So, I think a couple more photos of the home in Athens, TN will do the home justice. The home is in immaculate condition now, and it was absolutely outstanding when it was built in 1938-39. Think in terms of a small town guy who makes a fortune and wants the build the best home in the state, in that small town he grew-up (of course that never happens in CA). Like the great houses of Europe, the stone and slate construction was designed to make it almost fire proof and to built to last 300 years.
Separately and by coincidence, I also have built most of my business on rezoning. I just received approval to change 3.4 acres from a zone allowing only 1 home per acre to a zoning for 5 units per acre. If you are ever offered anything in East TN, I will be happy to give an opinion - as I do have opinions on almost everything.
From the listing: The Great Room w/intricate wood ceiling is the focal point of this majestic home featuring 4 fireplaces, Viking range, stone & hardwood floors. Seven manicured acres include pool, pool house & tennis court.
But you have to live in Tennessee LOL. I am mostly joking as I have spent very little time in Tennessee but I have been in almost every state and I would choose no place in the US over San Diego. Of course that is why the prices are very high per the income level in San Diego. We call the discrepancy between income and property values the "Sunshine Tax". The high real estate prices and appreciation have worked out pretty good for me so I should not be complaining about high real estate prices. If they go higher I am in a great position.
I have a cousin who lives in Nashville. He has had issues with employment but knoxville could be very different.
BTW $1M in some places in San Diego county would buy a very nice place. In Jamul for example it would be able to have the land and close to the features of the properties you listed. However, Jamul is hot in the summer, cold in the winter (cold for San Diego county), and slightly remote. It is definitely not a hip location.
We're less than a week away! Can't wait to see everyone at the project, Bay Park is one of my fav parts on San Diego and its all about those Mission Bay views.
@Antonio Gonzales Hi Antonio, so I can stop by any time before 11 or have you planned specific slots to give site overview? Already have lunch plans, so skipping the 11.30 event. But looking forward to networking with other investors at the build site.