All Forum Posts by: Ben Capone

Always helping! Thanks @Mark Frattini

Any reliable handyman recommendations in San Diego? Thanks in advance

James - I just finished a complete renovation on a 1100 sf condo (one story though) in San Diego. I used granite factory direct in miramar for kitchen cabinets and countertops. I got out of there at about a 1/4 of what HD was quoting.

Shoot me a message if you need some more details. Happy to help in any way I can. 

@Dan H. Thanks for all the help on this Dan. 

@Dan H. Thank you for the input Dan. I think that is the route we are going to go for now until we scale up to where an LLC makes more sense as another layer of protection. By "regular property insurance" do you just mean a standard home owner's insurance policy?

@Cameron Moore Thanks Cameron. Will definitely look into that. Assuming that's a supplemental policy on top of the landlord/homeowner policy?

BP team,

My partner and I got our first rental property occupied about 3 months ago here in San Diego. We are currently doing a live in flip on another and plan to rent that out in about 4-6 months. We are co owners on both (50/50 split).

The plan is to open an LLC as we continue to grow. Question is - How critical and when does it make the most sense to do so? We have talked to a few people who are dumbfounded we don't already have one and few people who say holding off makes sense for our situation.

With the fees to open and operate an LLC in CA we would likely wipe out our cash flow right now from the first property. I am looking into covering us on the Insurance end with a landlord policy. Does that equate? Will we be safe enough in the event something were to happen? Also, if we were to look at opening in a different state where it is cheaper/less fees what would that need to look like on our end?

Interested to hear any and all experiences and pros and cons to operating under a CA or out of state LLC. Appreciate all the info in advance.

@John Philip Eugenio 

I am in the same boat here with a rental that I have in San Diego. I want to do a cash out refi on the rental to throw on another property but with the rates rising, I think my cash flow on the rental will be effected to a point that I may only be breaking even. I am new to this strategy and have been doing some research but not sure what the best option for my situation here is. 

Would love to hear which path you end up taking and how it works out for you. Best of luck. 

My buddy and I are on our second property now and eying down a third shortly. We currently have our first property as LTR that is cash flow positive. We are doing a live in-flip with our second now and expect to complete within the month. Judging by rental trends in the area, this property will also likely cash flow positive, however not as much as our other unit. 

We currently have conventional loans on both (put 5% down), but it sounds like we will likely have to explore other routes for our next one. These properties have appreciated very nicely so we plan to do some sort of cash out refi for the down payment for the next. However, after talking with a few people it sounds like we may have to also refi one of the properties (or both) as investment properties if want to still be able to reap the benefits of the low down payment conventional loan we've been using. 

1) Is there a limit to how many times you can utilize a conventional loan if we are doing live in flips i.e. considered our primary residence?

2) What would be the best strategy for our other units? Cash out refi? Refi as Investment Prop.? etc.

3) Appreciate any and all advice/tips as we are still learning and soaking up as much as we can along the ride. 

Cheers,

Ben

Hey Emma,

Congrats on the property! Give Jack Denis a call for handyman/contractor needs. He is a young guy, just moved to the OB/PL area and can definitely help you out with anything you throw at him. His number is 609-846-6342. Can't recommend him enough.