All Forum Posts by: Kenneth Donaghy

I will give it a look 

@Allan Pan, as for the pool decking issue, I would suggest in addition to normal inspections to have a pool inspection, a geological engineer inspections, and a structural engineer which could add up. I've had clients spend upwards to $3k on such inspections, just to walk away, to find a better property. 

As for Seller financing, your will want a debt servicing company to set up a payment system for you to make sure your payments are going directly where that need to go.  

Hey @Allan Pan, A lot of times my clients and myself included have a hard time setting realistic expectations, and/or accepting "ideal scenarios" don't exist. A Lot of us want to hit a homerun, before we learn how to swing. And if we don't hit a homerun at our first at bat then we failed. With limited resources, our goal should be to get on base. Play a little Moneyball, base hits score runs too. Many of us with limited resources move forward buying condos, townhouses, taking advantage of a lower barriers of entry, taking advantage of appreciation, and leveling up with each purchase. The advantage you have living in SD for 15 years is knowing neighborhoods,which ones are improving, where you will like to live, and which will attract good tenants. 

@Victor Lo welcome to BP, I'm in San Diego. Happy to connect

@James Hunt

To answer you questions, 

I think the FHA rules are you have to move in within 60 days of upon purchasing, you or the seller will need to negotiate a cash-4-keys agreement.

Yes, you can write an offer contingent of selling vacant. Depending on the seller's situation and desire they may/may not be willing to negotiate this. Most likely not, yet I have had success in the past. I have client who have purchased vacant, and tenant occupied multifamily. When tenant occupied, my clients have had success negotiating with tenants. 

@Mark Cotter, I think you are at an advantage by living and knowing SD. I'm bias because I live in, work here as a real estate broker, invest here, and help others invest here. Many of the seasoned local investors, and high network individuals i know have started their journey in real estate investing, with buying owner occupied properties here locally. Especially since you start slow and build mindset,  I wouldn't let your concerns about the local market discourage you from taking local action. Keep in mind, appreciation in real estate creates wealth.

 When and where was this? I help many people from BP implement these strategies here. Wondering when prices were like this...   

Welcome @Bill Everton, been helping people from BiggerPockets buy their first SD investment for over 5 years. Happy to answer any questions. 

Hey @Atlas Blake, welcome to the forums. I agree with you on going the owner occupy route here in SD. Either a Househack or a live-in flip strategy or a combo of both. You will grow your networth faster in my opinion.  

@David John Forliti If I am reading this correctly, your goal is to find property, they can act as a second home, while also being an STR/MTR, and a place you can retire, which is 10-15 years away. Therefore, it really depends on where you want to visit, establish community, maybe and easier travel experience such as direct flight. Because retirement is 10-15 years away, things can change, STR restrictions are always changing, and you may change your mind where you want to retire. My suggestion, is you visit all these potential locations with your family, and see which area calls to you, which areas you can see yourself enjoying, and allow the STR/MTR strategy take the second seat to your enjoyment and lifestyle vision for you and your family.