All Forum Posts by: Alex Bradley

Okay so I want to buy a multi family place in my area (San Diego) but prices are crazy high for my current budget. I have an idea for a potential way to pay for the down payment but I have no idea if it makes sense or if it’s even possible. Would it be possible for me to get a hard money loan to pay for the down payment on a conventional or FHA loan? Would any lender approve that? My thought process is that I cant affoed the full down oayment on the conventional loan but I could definitely afford the down payment of the hard money loan. I understand that I would then have two loans to pay off and two sets of interest to pay off so I would have to see if that makes sense for me financially but I figured before I start running those numbers I would ask if this kind of thing is even possible. I’m also looking into partnering with other investors on a deal but if you know of any other creative ways to purchase a $700k + property with only $10k in the bank let me know! TIA.

@Dan Heuschele I’ve heard from a few people here on BP that SD was a bad market because mortgages are typically the same if not more than rents thus killing cash flow. But it’s good to hear that that could be wrong. I have definitely considered house hacking and I check Redfin daily for multi family properties here in SD but the same issue with affordability comes into play. I need to talk with a lender to see what kind of loans I can qualify for so that I can start looking a little more seriously.

Hey everyone! I live in beautiful San Diego, CA and I want to buy a rental property but have heard that the San Diego rental market is not very strong for investors right now. Also, with the high prices of homes/apartments/multi family places in SD it is hard to find something that fits my budget. I’ve been trying to do my own research to find good markets to invest in but I feel like I’m just going in circles. How do I even go about evaluating different markets? I know population and job growth are important but what are some other key factors that I need to check before I buy a rental property? Also, any suggestions on hot markets for rentals under $100k? Im open to buying in CA or neighboring states like Nevada or Arizona where the climate is similar to what I am familiar with in SoCal.

@Tim Gordon I appreciate the info. I'll definitely talk to an attorney in the industry before doing anything in question.

@Tim Gordon What is the legality when comes to knocking on someone's door (as a real estate agent) and asking them if they're interested in selling? I think that's the area that I was discussing with someone else and it came up that it would be unethical/illegal to whole sale as an agent. With that being said, I'm definitely going to look further into getting licensed and seeing what kind of opportunity I can make out of that. Also, I read your bio and saw that you were doing sales full time while getting into real estate. I'm in the same position at the moment and Im interested hearing more about your experience so I'm going to send you a PM about that.

@Tim Gordon I have a website but it's pretty basic and doesn't have a blog or any SEO built into it. Basically just a resource so that we look legit online. I plan on building on it but it's definitely not one of my strengths so it's on the back burner for now. As far as becoming a licensed realtor - I've read that it's not legal to wholesale if you're licensed, something about it being a conflict of interest or unethical? I'm not exactly sure. Have you done wholesaling while being a licensed realtor?

@Susan Maneck we’re looking into home hacking as well! It’s been challenging trying to find a 2-4 until place that we can qualify for though just because prices in SD are so high.

@Jay Hinrichs thank you I really appreciate your feedback and it's given me something to think about. There are so many different roads to success in this industry and I love hearing stories about all of them. I'll look into some of the jobs you mentioned a little further to see if they make sense for me.

@Mitch Messer I sent you a request

@Matt K. I'll look into it, thanks!