San Diego, CA · Member since 2017 · 16 posts · 5 votes
Hello everyone,
Im just starting to get my feet wet in real estate investing so I'm going to go ahead and apologize for all of the dumb questions I'll be asking haha.
Now that that's out of the way, my name is Matt. I've had a little experience in real estate, but never really looked at what I was buying as a money making vehicle. Oh how foolish I was. Now that I've seen the error of my ways, I'm looking to learn as much as I possibly can. I would love to pick all of your brains on the do's and don'ts of investing and entrepreneurship in general.
My main area of interests right now are single family, multifamily, and then once my feet are wet, maybe start learning on fix and flips. I'm mainly looking to invest out of state right now since California is uber expensive.
I look forward to learning with and from all of you.
Welcome to Bigger Pockets from north county. Lisa and I are discussing a socal meet and greet at my commercial property if you are interested. Possibly catered event with everyone from bigger pockets to get info from and contact information.
Doug Taber I have so many questions right now, I don't even know where to start. My biggest one right now is about how to finance because of the high costs in San Diego. I'm just not sure where to even get started looking. I've been going through the articles one by one though. If you have lunch free one day, I'd love to meet up and pick your brain just over how to you got started and maybe some things to look out for, lunch is on me of course.
Thank you for taking your time to greet me. I'm looking forward to learning with you.
What kind of places are you interested in investing in?
It's nice to know you've been able to make some good connections in this short of time. Finding a good network is going to be key.
You're very welcome.
I want to invest in single-family and multi-family properties. I don't want to limit myself to just one aspect of investing, so I want to learn as much as I can about all of the different niches of investing.
Lisa Tolan Thats where I'm at as well. I feel like singles and multis are good for getting started, but I want to keep expanding as I learn about new opportunities. Best of luck to you.
Welcome to Bigger Pockets from north county. Lisa and I are discussing a socal meet and greet at my commercial property if you are interested. Possibly catered event with everyone from bigger pockets to get info from and contact information.
hi Lisa I sent you a request but you can message me at my phone. We can work together and set this up. Nine five one six nine two six eight five four thanks Lisa!
in 2016 there was a near monthly BP meetup put on by some San Diego BP members (@Justin R., @Parker Cox, @Kevin Fox, @Tim G.). These meetups were at various RE investment properties. They provided an opportunity to netwok with other San Diego RE investors as well as to learn about the site project.
Unfortunately I have not seen any scheduled this year and we are approaching half way through the year.
Hello! @Matthew O'FallonWelcome to Biggerpockets World you are the right place to learn more about real estate business many will help you here all that you need to know is here free knowledge you can get.Don't apologize its okay to ask question we are all came from no experience and asking question.Its better to ask than and empty knowledge.Good Luck and hope for your success.
in 2016 there was a near monthly BP meetup put on by some San Diego BP members (@Justin R., @Parker Cox, @Kevin Fox, @Tim G.). These meetups were at various RE investment properties. They provided an opportunity to netwok with other San Diego RE investors as well as to learn about the site project.
Unfortunately I have not seen any scheduled this year and we are approaching half way through the year.
I was hoping that @Justin R., @Kevin Fox, @Parker Cox, @Tim G would indicate that they had a Meetup in the works.
I do have a unit (in Escondido) that I rehabbed in 2016 that currently is on tenant turn over (current tenant moves out end of month). It is not my favorite area as it has an apartment feel that my other units do not have. I can look at my calendar, the date on incoming tenant and see if I can schedule something at that unit but I am not real optimistic that I can fit it in and I certainly will not be as organized as the group I referenced who typically had the entire rehab budget broken out with line items. This unit also does not have much parking. So if I can arrange it there will be a short walk.
One of my favorite units is also on turnover but 1) I did not rehab it (it was rehabbed prior to purchase) 2) the vacant time prior to in-coming tenant is too tight as I believe there is only one day empty to address anything needed.
Don't hold your breath but I will at least look into the possibility.
Sorry to dash your hopes, @Dan H., but no Meetups planned in that series. No particular reason, just because organizing is a bunch of effort and we're all extremely busy counting all the cash we're making every month with our investments. It's exhausting, and that's sarcasm. ;)
I'd host, but the only projects I have going on are new construction things. We've found rehab projects to be more popular amongst attendees.
@Parker Cox and I are definitely wanting to get the meet ups going again. Shoot me a text when you get the chance and we can chat about the possibility of you hosting one for us.
Sorry to dash your hopes, @Dan H., but no Meetups planned in that series. No particular reason, just because organizing is a bunch of effort and we're all extremely busy counting all the cash we're making every month with our investments. It's exhausting, and that's sarcasm. ;)
I'd host, but the only projects I have going on are new construction things. We've found rehab projects to be more popular amongst attendees.
If you're hosting, I'll do my best to be there!
I totally understand as they take time, planning, etc. The one thing I do not have enough of is time maybe because I need to delegate better and I need a better team (maybe with a better team I would be better at delegating).
I went to the construction project that I believe was the last of your Meetups. While it was not very applicable to what I have done with REI, I did find it interesting and learned a little as well as it presented the networking opportunity (which I could also improve on my networking skills). So I was glad that I went even if it was beyond my current comfort zone.
My point is that I enjoyed the variety of the Meetups. If they were all flips that would have gotten old. Having the Meetups on flips, Buy n hold (BRRR - @Sarah D. was a great hostess), and new construction pretty much covered much of REI (missing notes and wholesaling).
So I would try to attend if you had another Meetup at new construction :=).
@Dan H. You may have missed some of the events earlier in 2016 - at least one of those was something that Tim wholesaled, so we dove into that a bit.
One big area we haven't yet found a project for is a commercial or mixed-use property. Diving into tenant improvements, NNN, financing, and some of the code-related things for commercial would be really interesting, I think.
If you'd (Dan) like to host, it'd be new to have something in north county (outside of SD City limits) ... and also something that's stabilized. Not sure if you want to drive more people to the Escondido market, but just the chance to network and meet folks would be valuable enough ... anything you can share about the property would be gravy.
@Dan H. You may have missed some of the events earlier in 2016 - at least one of those was something that Tim wholesaled, so we dove into that a bit.
One big area we haven't yet found a project for is a commercial or mixed-use property. Diving into tenant improvements, NNN, financing, and some of the code-related things for commercial would be really interesting, I think.
If you'd (Dan) like to host, it'd be new to have something in north county (outside of SD City limits) ... and also something that's stabilized. Not sure if you want to drive more people to the Escondido market, but just the chance to network and meet folks would be valuable enough ... anything you can share about the property would be gravy.
If I decide I can hold the Meetup it would include purchase price ($390K for duplex which appraisal put at $20K below market at purchase), rents as purchased (far below ARV market rent but the units were old and would be tough to rent in their condition), market rents at purchase (ARV rent at purchase) and now (now: ~$1750 each = $3,500), rehab expectations on return (I only expect significant positive return on rehab if the units are in desperate need of rehab and these where as one tenant was there 23 years when he moved out and was a heavy smoker), projected cash flow (not super on these units in part because it has an apartment feel), rationale on purchase (for this particular property the garage played a role in the decision to purchase), current market value (~$540K - Zillow has it at $551K).
It would also include the rehab (almost everything: some tile flooring was kept and we restored some of the cabinets rather than replaced, pretty much all else was replaced) and our use of the modified BRRR (we rehab typically when tenants move on if they are worth keeping and our rationale for reduced rents to keep tenant and postpone the rehab). On this particular unit we also significantly increased the back yard (from real small to just small) by taking away from Common area. Choice of flooring is similar to @Sarah D. choice (i.e. composite that looks like distressed wood: not cheap but so far has held up well in each of our units that has it). Popcorn removal decisions on older units (potential asbestos and proper handling versus cost and potential moral decision: basically I rationalize letting the contractor deal with it even though I know at the cost quoted he is not properly disposing which the environmentalist in mean realizes I am just rationalizing).
This property was purchased with modest expectations on return and so far it is our second worst performing property (the worse being our ex-home). However, the appreciation (market and forced) have resulted in close to $100K return (after rehab costs). I use 2 different estimates on cash flow (with and without equity). This property has one unit at reduced rent to our handyman (~$265 below market) and with a conservative cap expense ($250/unit per month = $500 total) is ~cash neutral without equity (would have about ~$265 cash flow without the reduced rent). With equity it has cash flow of ~$500/month ($765 if not for the reduced rent).
Not a home run but the ~$100K appreciation is not bad.
@Dan H. You may have missed some of the events earlier in 2016 - at least one of those was something that Tim wholesaled, so we dove into that a bit.
One big area we haven't yet found a project for is a commercial or mixed-use property. Diving into tenant improvements, NNN, financing, and some of the code-related things for commercial would be really interesting, I think.
If you'd (Dan) like to host, it'd be new to have something in north county (outside of SD City limits) ... and also something that's stabilized. Not sure if you want to drive more people to the Escondido market, but just the chance to network and meet folks would be valuable enough ... anything you can share about the property would be gravy.
I did miss the whose sale Meetup. From memory (I may be missing one) I attended the retaining wall/historic site SFR flip (seemed like a potential homerun but I saw it took longer than projected but I do not know why), the add granny flat flip, the PB modified BRRR (Sarah's), and the new construction SFRs by the freeway.
I think your trailer project could have added yet another variation and was half expecting it to be a Meetup.
@Dan H. I think you also missed the Code Compliance project (the one I hosted) early in the year. Man, that was a mess of a project. Kinda getting nostalgic for all the interesting stuff we did last year and all the people met.
I think the trailer flip, while awesome, is likely a one time experience. :)