All Forum Posts by: Keeya WangJones

Dan Heuschele you are wonderful! What are your thoughts in pre-inspection? I have strong interest in the property and hopefully I can be the first offer when I get back from vacation. Can you recommend your inspector? I ran the numbers and $750k puts me in a negative for a regular rental property at marketing rent $2200 for 2 bedroom 1000sq ft. $2000 for 800 sq ft. I need close to $5k a month to be in the positive. Unless we can get it for $675-700k. I'm immediately in the positive. I found a comp of duplex in the neighborhood sold not too long ago at close $695k. Airbnb scenario I'm in the positive. Yes, the inspection will help a lot to see what is under the hood or in this case the pretty paint job. I would definitely love to meet your inspector. Happy Holidays!!

I am reading a few articles: http://m.startribune.com/buying-a-flipped-house-here-are-the-problems-you-ll-find/139799593/ I wonder I can use this research to help negotiate

I decided to pass on the deal! I feel better about it too. It made me super nervous! And the advice from you guys was fundamental learning about the risks I didn't think about. Dan Heuschele Justin R. Hongbing K. Thank you! I'm looking at a property in Golden Hills. It is a flip on an old 1920's duplex. I think it is mostly cosmetic. They originally bought it at $400k. Selling for $750k. As Dan said, I probably won't get equity growth as much but as an Airbnb property I can get profit. It is very close to Balboa Park and Downtown. I think it is over-priced. Any negotiation advice for a newbie? Ideal price is $150k cheaper. Especially if it is all cosmetic. 1920's home I wonder what else was done. New plumbing? Lead paint removed? Things like that. Home inspection that is FHA driven is going to protect me a little but what else should I watch out for?

Hi BP, I running into garage converted granny flats/studios. We have a housing crisis here in San Diego. I'm looking at a deal in the SDSU (Rolando Village) area. Minimum $499k - $569k. House was bought literally 2 months ago at $411k. Flipped to go on the market at $499k. The tax record is not showing granny flat. Is it too soon to show on tax record or is it not permitted? Also house originally stated 3/3. They added or converted some space to a 4/3. Investor who did the flip, did a clean job from what I can tell before a true inspection. Permits are unknown for granny flat and additional room. Seller has transactions listed as cash, fha, va, conventional. I would purchase as FHA. But here is the kicker: FHA is going to do their own inspection and if things are not permitted the deal is off. Perfect location for a rental. A lot of positives. What would you do? I would really like the seller to provide docs the permits are legit for granny flat and extra space if any? If not, get it done from the city of San Diego. Not having the property permit could cause me a lot of trouble when I try to sell it later if something better comes along in 5-10yrs. My agent is only doing comps that match tax records. Any zoning and permitting advisors on BP in San Diego? Cheers!

Thank you all! I will see if I can talk to a building inspector. That's great advice! And good advice to not pay for additional sq ft that is not permitted which will help during the negotiation process.

Hi BP, What's your advice on buying a property with a unit on top of the garage that does not have a permit for the construction? How much trouble am I looking at? Can I get it permitted and everything be just fine? Would you have the seller deal with the permits? Would you still take the deal if you had to pay for permits? Cheers!!

Hi BP, What are your thoughts in furnishing a unit in a college area? Ideal tenants are students or professor. I was thinking of getting basic IKEA furniture. Typically, how much mark up for furnished unit? If you have furnished units, what are the typical basic furniture that you get? Do you add any furniture damage cost to security deposit? Cheers! Happy Holidays!

Matt C. Will do!

Hi Michael Conway , I know the property your talking about. :) My agent spoke with the owner. He said he has $30k worth of guest reserves setup for next year. So that's good! I didn't take it because it is a bit too rich for my blood at the moment. There is a long term customer that keeps coming back to the property. I'm thinking of doing Airbnb near the beaches as solely investment. Like a small condo. I didn't find out too much about North Park property except that the back unit is more spacious than the front unit. And to get to the back you have to go through the front. You will need to build a separate entrance. Cheers!

We are looking into Talmadge. We love the neighborhood. Reminds us of University Heights and sister to Kensington. We saw a place yesterday but it is under contract. So we are still looking for an opportunity in Talmadge. If you and your wife hear about or see anything please let me know. :)