All Forum Posts by: Mark Doty

@Jessica Muto , @Bill Goodland

No pics on it quite yet...And I pressed enter before I was quite ready to post the original message so sorry that it’s vague...

I'm in the process on permits for the additional unit and baths. The project is a JV with another investor in town. We expect the whole project to be close to 6 months. We'll need a plumber on one of the baths...PM me if you'd like to quote.

The financing is 15% down with interest only that will convert to a 30 year fixed if we totally screw it up. The plan is to refinance upon rehab completion when it should have positive cash flow. It's designed to be either a BRRRR or flip. Depends on the ARV and the market in June.

I’ll update this with a more thorough case study in the coming weeks...thanks for the interest!

Investment Info:

Small multi-family (2-4 units) buy & hold investment in San Diego.

Value add multifamily property in central San Diego. We are converting a duplex into a permitted triplex and doing a complete remodel to add bathrooms, bedrooms, laundry and several other upgrades to the existing footprint.

@Dan H.

You mentioned a meetup that connects private money with investors.  Is it the one hosted by Darrell Kucan and the San Diego Investment Club?  It looks like that one is now at the Pyramid off Miramar.  

Hello all,

I'm in contract on a duplex in San Diego and have a question for the community about turning it into a triplex, rather than a adding an ADU. I had an architect tell me today that because of fire codes in the city, they will not permit a 3rd unit the front door rear facing. For local investors, @Justin R., @Dan H., @Colin L., etc.  Does that sound correct?  I've gotten several opinions on this property but today is the first I have heard that the units have to be facing the street to be permitted.  Does that sound correct?

The property is zoned RM1-1 and has 10K sq ft, which allows for a 3rd unit in addition to the existing duplex.  It also has enough space to fulfill the parking requirements of 7 spots.

Thoughts or feedback would be appreciated!

@Dan H. see previous...

@Dan H. these are the posts that make me want to connect with you sometime.  I feel like it’s expensive here because it’s worth it! 

@Costin I. @Jason Bott

Thanks for the responses...both of your answers were what I was looking information around!  Thanks!

@Bjorn Ahlblad, @Alina Trigub, @Pancham G., @Jose Linares, @Dan H.

Thanks for the responses and advice...much appreciated!

Hey BP community,

As I’m learning to purchase and own apartments, where should the topic of insurance be in the pecking order?  If I’m looking for a 4 plex (residential) or 6-plex (commercial) apartment building, what should I start to figure out in terms of insurance?  What are the key things to look for and pitfalls to avoid?  

Are there good books to read that provide an overview?

Comments and feedback appreciated!

nice thread guys!  Really nice to hear some of these stories!

@Account Closed when you said you used a solo 401k, do you mean you literally cashed out your 401k and paid the penalty then used the cash as the down payment or that you bought the property through the 401k?