All Forum Posts by: Andy Eakes

@Joshua Vallejos Good luck! Sounds like a great idea to increase cash flow. Unfortunately, I do not have any recommendations, but I will give you some words of warning.

I was reading an article the other day about ADUs in San Diego. Apparently the city is supposed to be waiving the fee for permits and water/sewage/gas hook ups on some of the ADUs, but they are not. A lot of people are paying thousands of dollars in fees that they shouldn't be paying. 

Here is a link: 
https://inewsource.org/2020/08/06/san-diego-overcharged-granny-flat-permits/

So be sure to do your homework on laws surrounding what the city should be charging for and what they shouldn't, and how all of it relates to what you're trying to do. I use to work with the city on a number of things both real estate related and not, and what I've learned is that sometimes city workers and officials need polite reminders of the laws and their job duties. Usually when you prove that you know what you're talking about, they start cooperating. There have been numerous quick law changes recently though. I know a lot of people are confused on the laws.  

I hope that helps and good luck!

@Amy Aziz Of course!

I saw this article in San Diego today from inewsource. With so many people deciding to add an ADU for extra income, I felt like this article would benefit many on here. Beware of people trying to take advantage of you.

 https://inewsource.org/2020/08/06/san-diego-overcharged-granny-flat-permits/ 

@Greg M. Thanks Greg!

I am about to make an offer on a 3 unit multifamily in San Diego, CA. I just found out about rent control here. In my reading, some of the articles mentioned that you can not raise the rent by over 10% every year. Other articles say its lower, closer to 7%. I am hoping to gain some clarity before I jump into this rental!

Thanks.

@Jerry Jiang I can recommend a great San Diego CPA if you need one! Send me a message if you are interested. 

@Kevin Fitzgerald Hey Kevin! Sounds like a good problem to have! I'll start by saying that I hope your life changes work out for the best! 

To calculate ROI, you have to subtract the initial value of your investment from the final value (which equals the net return), then dividing the net return by the cost of the investment. Then you multiply it by 100.

I have always been a buy and hold fan, so I am biased toward that. And if you really could cash flow $719/month, you're looking at $8,628 a year in your bank account. That's pretty solid! You have to be careful though with the rental market right now. Do some research on the landlord rights in your area of choice. In CA where I am based out of, landlords are getting wrecked right now with little help or rights. That doesn't mean you can't find great tenants who pay rent every month and other states have different landlord rights. I'd look into that before you start making moves.

I would say that if you do decide to sell and buy up a multi-family, make sure that you will be able to cash flow on it, or at least live for free should you decide to house hack. You have your work cut out for you, but the good thing is that you have a potentially cash-flowing property already! So there isn't a rush to buy. Most prices are inflated right now anyways because of the low rates. Can you rent out a room and house hack at your current residence?

I hope that helps!

@Keegan Darby Hey Keegan! I am in a similar situation as you are in my investing career. To get a license or not to get a license?? That is the question...I gathered a bunch of info and actually wrote about why it's both beneficial and not beneficial to get your license. I wrote a couple articles on my member blog that might be good for you to check out!

Here they are: 
Why you shouldn't: https://www.biggerpockets.com/member-blogs/13357/91256-5-reasons-getting-licensed-is-your-first-fatal-investing-mistake
Why you should: https://www.biggerpockets.com/member-blogs/13357/91339-6-reasons-why-having-your-re-license-could-benefit-newbie-investors

I hope it helps. Good luck!

@Gavin D. Hey man thank you! Very much appreciated. 

Hello Alina! I noticed that your job post has been up for a while and I was wondering if you found anyone. I am interested, but I do write for a small fee which we could discuss. I am a trained writer. I worked as a journalist for a few years. I also have a BP member blog that you can read if you would like a sample of my writing.

Thank you and I look forward to hearing from you.