All Forum Posts by: Kenneth Ciuchta

Hello @Becky Hiu & @Cherian Koshy@Becky Hiu

I'm new to researching the DSM market and particularly interested in the Drake sub market, so browsing through forums looking for gems, and thought I'd try to revive this years-old post...  Do you have any properties near the university? Would you have any advice to offer of the surrounding neighborhoods, streets to stay away from, trying to acquire near certain amenities? I'm also curious about student demand in the area, but no first-hand experience to offer. Feel free to connect, or DM if you'd like to chat. 

Thank you,

Kenneth C

Hi Collin. I'm new to researching the DSM market and particularly interested in the Drake sub market. Do you have any properties near the university? Would you have any advice to offer of the surrounding neighborhoods, streets to stay away from, trying to acquire near certain amenities? I'm also curious about student demand in the area, but no first-hand experience to offer. Feel free to connect, or DM if you'd like to chat. Thanks!

Hi Darson,

Is this regular meetup still happening on Fridays? I'd love to join in the near future.

Thanks!

Kenneth Ciuchta

I considered cash out refinancing. I'll likely be living in the condo for a while and don't want the higher payment (fairly significant). Even if a HELOC has an adjustable rate, I'm more interested than a refi. I specifically want to use most, if not all of the HELOC for a down payment on my first investment property. I would love some tips and recommendations. Are all HELOCs the same? Can I use any HELOC for a down payment? Specifically for an investment property? Does anyone have a bank or lender recommendation for a quality HELOC for this use? My current mortgage is with Wells Fargo and one banker there kept trying to talk me into the cash out refi, so I'm ready to look elsewhere.

Thanks for the help! 

-Kenny.

@Kenneth Donaghy @Maxwell Ventura

Condo is on the east end of Mission Valley off Friars Rd./I-15.

I live in Mission Valley, work in Poway. Soon I'll be looking for meet up groups and boot camps. Maybe we'll link up sometime.

Investment Info:

Single-family residence buy & hold investment in San Diego.

Purchase price: $175,000
Cash invested: $10,000

Currently living in: 690 square feet, 2 Bed/1 Bath condo. 1st floor, pool, jacuzzi, dog park, laundry facility. Cash invested (doesn't include cost of living/upgrades) is only down payment. Considering a HELOC while living in, or cash-out refi prior to moving/renting condo.

What made you interested in investing in this type of deal?

2013 properties were affordable and I was fresh out of college, working first job.

How did you find this deal and how did you negotiate it?

MLS sites, Keller Williams realtor. No negotiations as this was a heavy seller's market.

How did you finance this deal?

Conventional 30 year fixed mortgage. 5% down, 3.875% rate.

How did you add value to the deal?

Within about 1 year re-appraisal dropped PMI. House-Hacked at different times with roommates. Upgraded windows, closets, ceiling fans, AC & heating.

What was the outcome?

2X equity from appreciation + upgrades.

Lessons learned? Challenges?

At the time of shopping (2012-2013) I wish I bought a duplex or larger. At the time I was only concerned with a 2BR condo within my budget. Didn't even consider house-hacking or investment returns other than long-term appreciation.

Hello community I'm Kenneth, 34, and own/occupy a small 2/1 condo in San Diego, CA. I've been reading books and listening to podcasts on REI for just a few months now. I'm interested in multi-family real estate investing; BRRRR, buy/hold long or short term, mobile home parks, etc. I work as a full time engineer while saving for my first deal, trying to get educated, and would consider a partnership under the right conditions. I'm researching markets throughout the country and would prefer properties outside of California. My ultimate goal is to leave my day job as young as I can with financial freedom through a robust multi-family portfolio. Thanks for reading, feel free to comment or send a message! As I progress with investing, I'll be sure to communicate and reach out to the community here for help and to share implemented strategies.