All Forum Posts by: Adam King

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $640,000

This is my primary residence. At the time of purchase, this home appraised at 800k. I was able to use creative financing strategies to get it for 640k with no money down (except for closing costs).

What made you interested in investing in this type of deal?

I wanted to retain as much cash as possible, while still getting into my desired neighborhood

How did you find this deal and how did you negotiate it?

Through door knocking and finding the sellers motivation and pain points

How did you finance this deal?

Conventional Loan at 3%

How did you add value to the deal?

The value I was able to add to this deal, was mortgaging the property to provide all of the cash to the seller. And letting remain in the property until they were ready to leave.

What was the outcome?

I closed on the deal at $640k while the home was valued at $800k. The seller ended up moving out in January of 22 and I move in shortly thereafter.

Lessons learned? Challenges?

The only challenge I faced was explaining how my deal worked to the seller and the loan officer. Other than that there this was a seamless purchase.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Only myself, I negotiated the whole deal. That it what made me decide to end up getting my license, and I have not looked back since.

@Hunter Harmon

First off let me say, incredible job on both saving money and doing your research. What neighborhoods have you been looking in, and what resources are you using for your expected returns?

I will tell you a little about myself. I am a lifelong San Diegan, and I have house hacked multiple properties over the last decade in order to ramp up my profile. I started off renting out my couch to a friend in my first 1 bedroom. Now I am working on adding ADU's to multiple properties. I have done everything in between.

If you have any questions about the process, or best practices, reach out to me at any time. I am here to help! 

The best thing to do would be hire a professional exterminator. Cockroaches are incredibly hard to kill on your own, they can live pretty much anywhere and eat pretty much anything to survive. If you would like to ensure that they are dead dead, and don't return, your best bet is to find a reliable pest control company.

Good evening @Marty Howie,

I have done several BRRR's for myself (currently living in one as I remodel). I have a Client currently in Escrow on their first BRRR as well. I have extensive knowledge on the BRRR methodology and a strong belief in San Diego as a strong market for most Rental avenues. (all of my RE investments are located here)

I work very closely with a lender who does both Hard Money and DSCR loans up to 4m. If you are in need of more money I do have another lender I can connect you with.

There are some hoops you may have to jump through as a foreign investor. One of the best ways is to get an Investor Visa if you intend to invest in multiple properties. It can be a bit of a long process, but I have a partner who is an immigration lawyer that can expedite the process.

If you are not going to go that route, you should expect to need 25-35% down. And the hard money will probably be at an interest rate near 12% though that does fluctuate.

If you have any questions, please reach out to me.

@Orane Jacobs

I have house hacked every home I have ever purchased. This includes renting out my couch in my first 1bedroom condo, to renting out the majority of the house I live in currently. 

Purchasing a home with the intent to house is much different than purchasing a home for yourself. When doing so with the intention of house hacking, it is always worth it. That is because you won't even consider the homes that are bad for this type of living situation.

Depending on purchase price, I cannot guarantee that you will make enough to cover the entirety of the mortgage. What I can say is, as long as we do our research, and make sure the property works for our needs, in the long term you will make money.

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]