All Forum Posts by: Breanna Green

Hi Biggerpockets!

I'm seeking some advice/mentor. Before you scoff because that's what everyone wants (understandably) and I realize there's no such thing as a free lunch here's the BLUF:

I've invested in five single family/condo properties over the last decade. I'm very methodical and successful albeit this game is always a mix of skill and luck. I want a tenured professional to help me with my portfolio and analyze my next move. I'm desiring a multifamily, maybe a duplex or fourplex in San Diego, CA concentrating in Mission or Pacific Beach or a multifamily (5+ units) in the area or Scottsdale, AZ. I plan to sell my beach house for $1.4M give or take and complete a 1031 exchange, almost 100% equity in the property. (Too long to explain but it's a great property however it's an HOA with two people, myself and my neighbor split 50/50 and they have ignored my requests to provide official documentation on where the HOA funds of $300/month are spent and unless I can buy them out, which I tried unsuccessfully, they or whoever is next will constantly be a thorn in my side with this ridiculous "HOA" setup).

- Do I complete an all cash 1031 transaction for a smaller place like a duplex in Mission or Pacific Beach? 

- Fourplex with decent equity? Go for the 5+ unit complex and have a commercial loan? 

- Take out a HELOC in another property (paid off and worth ~$700k)?

- Basically what would you do and why? 

Uncertain about "putting all my eggs in one basket here" but I know some risk needs to be taken in order to grow. Looking for lessons learned here.

(More detailed questions for anyone interested: Do you have anyone I could connect with wrt commercial realtor, mentor - someone who has or had a multifamily, and/or excellent loan officer? Who have you used to purchase all your properties and due to potential numerous sales over the years did you receive any kickback or discount on commissions? I may look into obtaining my RE license and sell my $1.4M property could save me $50k+ just in the one transaction - better to network and get a deal with an agent or worth my time? I'm initially thinking Class B with room for improvements, how do I find a decent contractor? Who have you used for inspection, assuming a qualified structural engineer is someone to consider for a large property purchase? Potential pitfalls to avoid? Success stories?)

I'll be in SD end of May to scope out the neighborhood since I haven't lived there in years (visited many times and just purchased a 1/1 in Hillcrest in October 2024). Born and raised in Scottsdale, visit frequently, so know the market there as well but not multifamily options.

Thank you!!

Thank you everyone! Appreciate the support and glad to hear I didn't miss anything in particular. I'll look into what you all outlined and take action next week. 

Biggerpockets family is always so helpful, appreciate it! 

Thank you for the responses!

Dan, due to the min 30 day HOA restriction I haven't posted on Airbnb or VRBO as I feel like people are desiring shorter terms on those sites. What is GVR? I'll send you a separate message about future opportunities since you have many years of experience, if you have time to discuss.

Rodrigo, I plan to video the property after the current tenants move, good idea. I will edit my listing and do offer 3-6 month lease terms and advertise on local FB groups already. Do you have any contacts for the direct hospital outreach? 

Thanks again!

Hi BiggerPockets!

I purchased what I thought was a great investment. I have a few other properties and they're all rented and doing well over the years. I'm familiar with the city/area and completed a 1031 exchange on a 1/1 in Hillcrest San Diego, CA for a good price below market value. I thoroughly researched comps, ROI, different markets, visited numerous places, etc. over the course of six months. The place sat empty for a bit and my current tenants will be leaving soon (contract ended, they enjoyed the home) with no one else lined up although I've had some interest here and there.

The place is designed for a travel nurse or potentially a student as it's furnished and close to the hospitals as well as walking distance to restaurants and bars. I know price would be the first aspect people would say to reduce but it's priced competitively. 

Let me know your thoughts! I'd prefer a long term renter so I don't have to worry about finding new tenants every few months. I'm advertising on Facebook travel nursing websites, Furnished Finder, and Zillow. What am I missing? Thanks!

https://www.zillow.com/homedetails/4077-3rd-Ave-APT-202-San-...

That makes a lot of sense, thank you! Yes, there's documentation on the small patio common area and rules and regulations to include meetings, voting, minutes, etc. but they just ignore it. 

Ok, I will reach out (again) to the "President" of the HOA for some added pressure. Unfortunately they've owned the home for like 75 years so I doubt they have a mortgage. Good call on me being stymied with selling due to lack of HOA documents as well. I'll do my best to let them know I'm prepared to sue in the event he keeps ignoring my legal requests. Appreciate all the help.

Thank you both! Yes, the HOA "President" is refusing to provide documents and only after I hired a lawyer did he hire a family lawyer and request $500 for copies to provide me which seems illegal since I'm entitled to the documents.

I agree my option is to sell or sue since asking him 10x doesn't get me anywhere. Is there any alternative? How much would I spend on suing and do I have a case? Spending thousands more and not getting anywhere would be extremely frustrating. Thanks!

Hi BiggerPockets community!

I need help... I own a "condo" in San Diego that has a 2-party HOA, which is bizarre. 50% me and 50% my neighbor. So right off the bat I would question what would happen if we disagree etc. but I'm an out of state owner and just looked the other way until now (my fault I know, I ostriched). I've owned the 3bd/2.5ba one block from the beach for over ten years and have yet to see one official document from my 75 year old former lawyer neighbor who is grouchy and likely exploiting me/engaging in extortion. We each pay $300/month (allegedly) and there is zero upkeep to the property (no pool, landscaping, common area). I have asked numerous times to send me official bank statements, receipts of work completed, master insurance documents, etc. and have received a few emails with word document summaries. There hasn't been any major work done in years, to my knowledge but somehow we are running out of funds. I ended up hiring two lawyers who agree that is unacceptable and yet $2,500 later I'm still at ground zero with them not willing to provide documents or the latest is them asking me for $500 for "copies" - also who knows what the documents would entail after they hired some family lawyer, which was likely paid out of the HOA dues. It's all just very bizarre. I know I can sue but honestly who wants to do that, what a pain but maybe that's what I should do? Or sell? Attempt to eradicate the HOA (not sure that's an option since we share walls). Or hope they move on... soon? (Still doesn't help me with the 2-party HOA).

The property is my cash cow and a great investment, I rent weekly in the summer months and 9 months out of the year to students. It's paid off in full Dec 2026 where I'd make approx $6000/month net. I want to keep the property but also know that this ridiculous HOA isn't going away and even if they move/move on, someone else will just buy it since I can't afford to buy them out right now. I thought about selling within the next year and aiming to find a place with no HOA because I can't handle it anymore. Please help, what do I do? Thank you!!

Hi Everyone!

I was just able to review all the responses and they are immensely helpful and has given me a lot to think about - thank you so much!

I will ideally find a home that doesn't require a loan and if I need to put an additional $100k I can with cash I have on hand. The cabin I'm selling is in Arizona and I have already contacted a QI to facilitate the sale.

I've heard insurance companies are being really picky but I'm hoping with a condo purchase this won't effect me tot much. I just read many people are leaving New York but besides COVID I feel the city is fairly recession proof (as is DC which is where I have another property but it hasn't really increased in value that much). I'll be heading to LA and SD this weekend to scope out the potential places and areas (no offer on the cabin yet). Agreed re Scottsdale potential especially around Old Town to North Scottsdale (location of my other property) and I would be able to get a bigger space (LA and NY is a studio or 1bd) - I'll make a separate trip but appreciative to hear insights on the current market and what you all would do! Over the next couple weeks I'll take a look more into NY (although more unfamiliar but rental restrictions and high HOA and coop vs condo are hesitation factors for me).

I want to receive about $2k/mo including HOA (didn't take taxes into account for that number). Thanks again everyone, helps to learn from others who are experienced and knowledgable! Any tips or pitfalls to avoid, send my way!

Hi BP people! I have bought and sold a few houses but first time doing a 1031 since saving on cap gains makes sense. I have approx $500k+ to play with and looking at San Diego, LA, Scottsdale, and New York. Most options are 1bd/1ba and just wanted to know if anyone had some specific area knowledge that might help! I am familiar with the first three since I lived in each but not NY although I always wanted to own there and I'm there about 50% of the time (currently live in DC). I own two homes in San Diego and one in Scottsdale - do I branch out or stick to what I know? LA didn't have as much of an upswing in home values over the last ten years compared to the other areas but I also don't want to buy at the top of the market (which is San Diego right now, although may be doubtful it decreases - some places up 110%). Thanks!

Thanks Jacob! Good insight and I still have research to do. I have never built a home previously and open to the idea, especially if my net gains are in the six figure range as you outlined. Do you have experience with building homes or any points of contact? I would appreciate any steps you believe would be crucial as I move along in the process. I had an engineer view the land years ago and have the schematics with the elevations etc. but I need more info with regards to who would build the home - how would I find a reputable builder? Do I need to get permits or do they take care of that? How would I determine how big of a house is most suitable for investment purposes? I've looked at neighboring properties that vary in size. Do you have any insights on loan/financing options? I've heard horror stories from many friends who have purchased new homes and timing takes 2x longer than expected and things kept breaking. Thank you again for your help.