All Forum Posts by: Jon Lee

Hi @Charles Perez...Yes, San Diego is high in value right now, AND your the answer to your question is really based in what your investing goals are.  Since I don't know what your trying to achieve..I can't answer if it makes sense for you to purchase another home in San Diego.  

One thing to keep in mind is if a property doesn't cashflow...then don't buy it.

If you have further questions that you would like help answering...feel free to PM me and we'll schedule time.

Have you spoken with Kat Lee from Auction.com.  She is the local liaison for the company.  She even has a Thursday Boot Camp for investors so they know how the Auctions work in Vegas.  I'll PM you her number.

Hi @Michelle Romano...there are a few details that need to be known that you might not want to share on the forum.  If you still need someone to bounce idea's off of...just PM me and we can set up time to discuss possible options.

Thanks for throwing that out @Justin Kill...I've have a schedule lunch with my eviction attorney to talk about just that piece of legislation.  I'll be willing to share his thoughts in it as soon as I talk with him.

Hi @Cameron James Harmon...Welcome to BP & the investing game!  All three responses you received are full of great advise.

I would add to go to your local REIA and/or Meetup investor groups (which I believe closest to Roseboro would be a Fayetteville group) to go connect with local investors that are already having success in the multi-family space. Build your network NOW...don't wait until you feel that you know enough or waiting to feel credible. Go connect with the people that can help you NOW! Your area is full of opportunity for investments period....get with the right people to go take advantage of that opportunity.

I was stationed at Bragg and lived near Sanford another 6 years after I got out of the Army.  If you want a connection in the Lafayette area, PM me and I'll square you away.  Best of luck to you!

Hi @Joseph Shea...welcome to BO and the investing game.  The great thing for you is that you realize you have options and just need some time to learn the landscape, create a strategy and go work your plan.

Like @Mike Robb, I recommend that you go network out at your local REIA's to get together with local investors that are having the type of success you are looking for. I would also dig into the MF forums here at bigger pockets but don't read so much that your head gets jumbled. ;-)

Best of luck to you and if you need connections to any local SD investors or vendors in my network, just reach out to PM me!

Anytime @Khurram Bashir!

@Patrick Senas....I do flips but I don't do major rehab's at all. The most I ever spent on a rehab was $3,500 (and most of that was fixing an A/C unit). Larger jobs get passed on through wholesale or JV partnerships to investors who do major rehab work. They often are with me to determine scope of work and cost...all that to say is that I don't focus assessing rehab cost because other's do it so much better than I do. My focus is structuring the deal and negotiating with the seller so the numbers work for everyone.

Your question about if using private money is considered a cash purchase...if you private money partner/Lender is just writing a check and there are no institutional underwriting or appraisals; it's a cash purchase.

In regards to your question/response to @Mark Allen....There are other ways you can finance in the market without using a VA loan. But using your VA loan is always an option for the right situation.

I will PM you the contact info a friend of mine that you can connect with who flips multiple properties a month in SD.  He's a wealth of information to tie into.  Also I will be in town next week on Wed & Thurs (Jul 19 & 20)...I would be happy to connect with you in person.

Again...hope this helps some.

As a coach & mentor for my network; I can say this with much confidence....if you are going to look for coaching or a mentor, look locally. Go attend your local REIA meeting & investor meetup groups and network and connect with your local investors who are having success.

As great as BP is with a wealth of information available....information alone doesn't help everyone.  Some folks are kinesthetic in their learning styles (meaning they need to learn by doing) and the best person to do that is someone who can hold your hand the entire way through a transaction.  Not everyone can just read everything on BP and be good to go...otherwise we would have 400,000+ millionaire investors on the site.

If you think what i described matches your learning style & you think you need coaching or mentorship...look local by engaging with your local investors.  Best of luck to you!

Great topic and questions @Patrick Senas!  I do agree with most of what @Ben Biggs stated...any difference is due to my investing philosophy being a little different.

Local or OOS? - Being from Vegas, I do both but mainly because I can partner with other folks in my network who have different expertise. My focus in the LV & SD area is for capital gains (flips). That is due to taking advantage of a really hot market and the high dollar profits available. My focus in the Midwest is traditional buy & hold (mainly SFR's right now) because the properties are cheaper with greater returns and it is easier for me to use private money there.

Financing the deal - I have always used private money for our investing AND as aggressive as hard money and portfolio lenders are nowadays to earn investors' business; I am starting to shift to a combination of both depending on the situation.  The strength of your financial knowledge gives you the most flexibility in being able to leverage property.

Investment Vehicles - In SD area: SFR/Condo/Townhouse has been my focus. In Midwest: SFR & 1-4 units (they're opportunities EVERYWHERE right now!).

Criteria - (Right now the LV & SD markets are so hot; as long as the property is conforming in size & features to the neighborhood, I'll look at it.) FLIP's in LV, min 10% net profit, In SD, min $40k profit. In the Midwest for buy & hold: min 3 BR, min 12% net ROI (it's really easy to over 15% in many places).

Your own specific goals will determine how you create your models & criteria for investing.  I think you received insight on how two experienced investors look at investing here...at least up to now.