All Forum Posts by: Adam King

If you look in the pro discounts section, you can enroll. and it only takes about 1 minute to complete

Hi @Andres F.

These are two very different asset classes, each with unique advantages and drawbacks. Let’s break down the pros and cons of each when compared side by side:

Condo

Pros:

• Lower barrier to entry: typically requires a smaller down payment and results in lower monthly mortgage payments.

• Minimal overhead: utilities like water, trash, and landscaping are often included in HOA dues.

• No landlord responsibilities: you won’t need to manage tenants or deal with non-payment issues.

Cons:

• HOA management can sometimes be unpredictable or problematic.

• Long-term rental income growth is generally weaker compared to a duplex, especially if your goal is to hold and rent the property over time.

Duplex

Pros:

• Rental income from one unit helps offset your mortgage; rental rates are likely to increase over time, lowering your net monthly cost.

• Higher purchase price can translate into greater long-term appreciation.

• No HOA or associated fees.

Cons:

• Higher upfront costs: larger down payment and closing expenses.

• Being a landlord involves active management — and it’s not always fun or easy.

Which asset would I choose?
It ultimately comes down to two key factors: what I can comfortably afford, and whether or not I want to take on the role of landlord.

If you’re leaning toward multifamily, your realistic next step is to speak with a lender to understand what you qualify for — that will give you a clear path forward.

These are 2 very different asset classes but I will break down the pros and cons of each in relation to each other.

Condo:

Pros:

Lowest barrier to entry in both down payment and overall mortgage payments.

Minimal overhead, it is likely that water, trash, and landscaping are covered as part of your HOA dues.

You don't have to be a landlord or worry about tenants not paying

Cons:

Having an HoA can be problematic depending on who is managing it

Long term rental growth is not as good as a duplex if you intend to hold onto the property and rent it out in the future

Duplex:

Pros:

Tenant paying a portion of your mortgage, and rent is likely to increase long term reducing your net monthly payment

higher purchase price is likely to lead to higher long term appreciation

No HOA

Cons:

higher initial cost in the form of down payment and closing costs

being a landlord is a job, and it is not fun

The question on which asset I would go for, really depend son what I can comfortably afford, and whether or not I want to be a landlord. 

If the answer to that question for you is multifamily, talking to a lender to see what ou qualify for is going to be the realistic next step.
 

Hi @Teresa Madrid, welcome to Bigger Pockets — great to have you here! I’m a local San Diego realtor and work with a lot of investors, especially those looking to buy out of state. Since you’re planning to relocate and want to purchase your first long-term rental this year, here are a few tips that might help:

1️⃣ Consider buying in the area you plan to move to — it can be easier to manage locally once you’re settled, and you’ll already know the market firsthand.
2️⃣ Choose landlord-friendly states & markets with strong population and job growth.
3️⃣ Build a trusted local team (property manager, investor-friendly agent, lender, contractor), especially if buying before your move.
4️⃣ Start simple — a single-family or small multi-family can be easier to manage remotely and a great first step.

If you’d like, I’m happy to share some market suggestions or introduce you to great local agents in areas you’re considering. Just shoot me a message — happy to help!

Hi @Ben Callahan

My name is Adam King, and I invest here in San Diego and in a couple out-of-state markets as well

I really appreciate the post, as I think almost every investor goes through this stage (I definitely did early on). I’ve been investing for a while now and analysis paralysis was probably my biggest hurdle when I was starting, and can still effect me to this day.

One mindset shift that really helped me: instead of chasing the 'perfect deal,' I focused on finding a deal that would move me forward and teach me something. The first one didn’t need to be a grand slam — it just needed to get me in the game and build momentum. Once I looked at it that way, it took a lot of pressure off and made it easier to take action.

I also found that getting super clear on my buy box helped cut through a lot of the noise. It’s really easy to waste time chasing deals that don’t quite fit — once I narrowed my focus to a few markets and a strategy that aligned with my goals, everything got simpler.

And honestly — having a small circle of other investors to bounce ideas off of was a game changer. Just having a few people to sanity-check deals or talk through decision points really helped me move from endless analysis into actually making offers.

Your first deal probably won’t be perfect — and that’s totally fine. The experience you gain is what sets you up to make better decisions on the next ones. The skills and relationships are what really compound over time.

Curious what markets and strategies you’re looking at — always great to connect with others working through this! And if anyone reading this wants to compare notes or talk through deal analysis sometime, feel free to shoot me a message. Always happy to chat with fellow investors.

Cheers,
Adam King

Hi @Kwok Wong,

When attempting to "Double-Dip" it is a good idea to remember that the Listing agent only has a fiduciary responsibility to the seller. With the changes to NAR rules as of last year, some brokerages are avoiding dual agency to avoid any potential law suits.

In situations like this, which are likely to be more common, you can go with a real estate attorney, or find a local agent who is will to represent you, either at a discount, or willing to credit you back a portion of their commission.

This can be done with non-exclusive buyer representation agreements, property specific exclusive agreements, and property specific non-exclusive agreements.

Without knowing the exact type of properties that you are buying it is hard to say what strategy will work best, but you may find it beneficial to interview a few agents, and just run all of the offers through whichever agent fits your needs the best. A good working relationship may lead to good off market deals!

@Ryan Hall is an amazing contractor. I am sure he would love to help you out!

Hi @Nick Larson,

I am a San Diego Native, and have used the BRRR method in a multitude of ways, both locally and out of state.

As many people here have said the methodology behind BRRR does not work quickly in San Diego anymore. They way I have made BRRR work in San Diego in the past is "House Waking". Living in the home during a rehab and several year later moving out, and Refinancing. That was my plan with my current residence, but with interest rates being where they are, those timelines have slowed dramatically.

My Pivot has been to utilize my experiences a flipper, to build a team and BRRR more out of state in Midwest. My particular location has been Wayne County (detroit) Michigan.

The goal to have hundreds of rental properties in your portfolio is admirable, but an ancient Chinese proverb comes to mind "a journey of a thousand miles begins with a single step" - Lao Tzu.

@Ryan Spath setup an amazing pros and cons list for you, so I will keep mine brief.

Pro - Able to scale quickly through leverage

Con - Being a leverage intensive strategy means you are more at risk when mistakes are made and with changing markets, especially when starting out.

I hope this helps, if you want to meet up and talk strategy here in San Diego reach out at any time!

@Garrett H. I absolutely do, the more information you can provide me the better. With the APN I would be able to help guide you on the overall capability of the property to have at least 1 set of hookups for an individual RV. 

Reach out to me directly and I can help guide you through everything.

Hi @Garrett H.

Great questions—this definitely sounds like one of those quirky opportunities with potential *if* the details line up.

To your first point, **financing could be difficult** if the property is technically considered **raw land**, which it sounds like it may be. Most lenders won’t touch it unless it’s permitted or has legal utility connections, so you'd likely be looking at a land loan or cash.

**Retroactive permits are possible** through the County of San Diego, and they may save you some time and money versus starting from scratch. That said, it’s crucial to check **zoning and land use restrictions** first—unpermitted structures aren’t always eligible for legalization, especially in more rural or environmentally sensitive zones.

Also, as you guessed, **SDG\&E typically will not hook up electrical to an unpermitted structure.** You’d likely need to work with the County to bring the structure into compliance first. Without power, it’s not realistically habitable or rentable in a traditional sense.

If your goal is to rent it out eventually, make sure you have a clear path to legalization. Flying under the radar is risky—not just for insurance and liability, but also for resale.

Hope that helps, feel free to reach out to me with any questions, I would love to help!

Hello @Samuel Peters

Welcome to the Bigger Pockets Party!

My name is Adam King. I am Lifelong San Diegan, investor, both locally and out of state, and I love helping people with real estate problems. 

I will do my best to keep all information in line with the questions and concerns that you posed in your post. 

As an out of state investor I have had many failures, the biggest of which was buying homes in a market that I did not full understand, Macon, GA. The home, on paper, exceeded every rule that you have mentioned following, but I was not well informed on the housing supply and the decreasing population. As a result my 2 properties Had a total of 11 months of vacancy in my first year, forcing me to drop rents and have overall negative cash flow.

Conversely I have seen massive wins! I am about to close on a Cash Out Refi to complete my first BRRR in Wayne County (Detroit). Purchased a duplex for $45K, have put ~$70K into it when you include closing costs. The appraisal came back at $220K, and my DSCR allowed for 75% Cash Out. After rolling closing costs and everything that I can into the Loan, I will be getting a check for ~$155k, netting me $40K more than I have into the property.

Having invested in multiple markets out of state, and had success and failures, I have found the best way to do market research is by reaching out to Local Realtors, Lenders, and Property Managers. This will give you a boots on the ground level of experience that Zillow, Rentometer, and other sites just won't be able to match.

I would recommend investing locally first (Primary residence), or at least having a plan to in the future. The reason for this is inverse to the reason we buy out of state. Out of state investing is great for cash flow, but not amazing at long term growth. Whereas investing in a Primary residence, is a natural wealth preservation tool. Example Cleveland has seen an overall median home price increase of 57.3% over the last 30 years, whereas San Diego has seen an increase of 433.3%. 

If you have any questions or would like a deeper dive, I am happy to help!