All Forum Posts by: Cameron Weston

Looking for a contractor to help me with a garage conversion + 2 unit reno in Mission Beach. Does anyone have any recommendations they could share with me? 

Hi there folks! Have an interesting situation on my hands and wanted to get some input from the community before taking any action. 

I am looking at a property right now, here in San Diego, that is a triplex - one main structure with two attached ADUs. Now the property is great except for one catch, neither of the two ADUs are permitted. 

Right now my plan is to pay an ADU subject matter expert to do a consultation on the property before taking any next steps. I am hoping this can yield an answer on if these ADUs will be permittable. If they can be made legal, and I can get the place at the right cost, I don't see any reason to not continue forward with the deal.

If you were in my shoes, what questions would you be trying to answer before moving forward with the deal? Are there any major concerns that come to mind? 

Hi there guys!

My business partner and I are looking for a new agent in the Scottsdale/Phoenix area. We focus on flips and BRRRR. Can anyone recommend a good agent that specializes in this market?

@Dan H. and @Twana Rasoul this is great feedback thank you! I think will look into maybe doing a FHA loan at 3.5% down, fixing up the property over a span of 6 months and then refinancing into a loan without a PMI expense

Hi @Dan H., I was looking at a hard money loan because I figured a conventional lender would deny me for any fixer-upper home. Am I wrong on this? 

Hey @Trevor Haney thanks for the response! I am definitely open to multi-family houses but I am not sure if the refinance would come out differently. Certainly something I would look into if it still works. 

As for the meetup, that sounds great! Just signed up

Hi San Diego Investors,

First off, thank you all for taking the time to read this! I am new to REI but am serious about getting started through house hacking. After finishing some of David Greene and Brandon Turner's books, I think I have come up with a good strategy and would like to get some feedback on it.

Context
I am in my mid-twenties, no kids/wife, have ~200k in savings, make 6 figures, zero debt, and have an excellent credit score. I am currently renting and plan on staying in San Diego for a minimum of 3 more years. 

Strategy
My plan, as of now, is to use a private money lender to purchase a fixer-upper SFH with a detached garage in one of the following neighborhoods: North Park, South Park, Pacific Beach, Ocean Beach, Normal Heights. From there, I would like to convert the garage into an ADU, which I would live in while renting out the main house. After fixing up the main house and building the ADU, I would refinance into a conventional loan.

What I need help with

- Are there any giant holes in my plan that I am not seeing?

- What does the ROI in San Diego look like for a converted garage to ADU in terms of value add to the home?

- I am planning on holding out until December to see if the market cools down, is this a bad play? 

- In my spreadsheets, I am estimating the cost of a 2 door garage conversion with existing plumbing to be 80k. Does that sound ridiculous?

If you made it this far, thank you again for taking the time to read this!