All Forum Posts by: Jake Baker

@Scott Vaeth This is very common for us as well. 

A lot of times, they will not know exactly how much work is needed until they start tearing the house apart. Grouping it like this allows them to bake in some margin. 

I will have my contractor bid my project while in escrow. This allows me to adjust negotiations if needed. I will actually have them bid before I wire the EMD to escrow if I can and it will always be grouped like this.

@Jose Zayas

House hacking will likely get you the best financing options.

If you want to get into the BRRRR strategy, I recommend finding an investor friendly agent. Have them help you find a deal (with value add) and Buy, rehab and refi the property. Just get a base it, no need to hit a grand slam on your first deal. This is teach you a ton and help you build a team.

@Casey Ralston

Stessa is free with a BP Pro subscription. Appfolio works well for us.

Hi @Dylan B.

I am also born and raised in San Diego (Bay Park) and currently live in Little Italy. 

SD has great opportunities to invest! 

Some good local meetups are Beers and Deals & BrewRE. Here you will find other like-minded investors - no pitch just networking. PM me for the details.

Happy investing!

@Kaitlyn Aragon

A BRRRR is a great way to start. I brrrrd my first property in Jacksonville FL. I used hard money and about 40k of my own money for downpayment and part of the rehab. I left about 20k in the deal.

It wasn't a homerun. It was a base hit. It allowed me to establish relationships with contractors and agents in the area. 

From there I saved up for another one. After a couple reps, I had the confidence to raise money and bring in investors. 

Dont worry about perfect brrrs and massive ROIs. That comes with more experience

@Jonathan Camacho

I am also in San Diego. I recommend buying a condo in 92101 (downtown) and getting a short-term rental license. Southern bankers Hill is part of this zip code as well. 

There are still licenses available for this area and bankers hill and some parts of downtown have HOAs that allow STRs. 

@Maxwell Ventura is an agent that helped me do this in Little Italy. 

@Danny Lambert

You can still get an inspection done but wave your inspection contingency. I do the following:

1. Submit an offer waiving the inspection contingency, with EMD due in 3 business days.

2. I get an inspection scheduled for day 1 or 2. 

3. If I don't like what I see from the inspection report, I renegotiate or back out before I wire the EMD.

It it better to lose $400 for the inspection then an $10k EMD. Sometimes it's the cost of doing business. Of course, you should consult with your agent before doing this.

@Jennifer Sarmiento

I can personally recommend @Nate Meeker as a CPA. As long as you CPA is in San Diego (or even just CA) you should be good. 

@Jordan Budke

Where is your condo located? Have you considered getting the STR licenses and listing it on Airbnb? 92101 (Tier 3) has a lot of licenses left

@Nirmal Dhillon

I recommend David King based out of San Diego CA. PM me for an intro