All Forum Posts by: Max May

@Sarah D. Thanks for the advice. I have found that two be very true regarding other people's metrics. Curious what did your SD deal look like?

@John Arendsen Thanks for your input, much appreciated.

@Greg Rollins Good luck to you as well! I have met a few people who are in our boat, ready to invest but unsure if now is the right time. I have also heard the only way to play is get in the game. i just do not want to make a bad decision! I will keep you updated as to what I end up doing. Last but certainly not least, thank you for your service!

@Dan H. Do you think the market can continue on like this? My worry is that I make a buy and hold investment, with rents barely covering costs then the market drops. I think I may have found that information about listing vs. sale price in one of your posts. Where are you finding duplexes in the 450k range? Those numbers would work for me. I would love to speak with you to learn more about what you have been able to do in the SD market.

@Alex Shaughnessy I completely agree I need to find some off market deals. I am working on my first property list and am preparing for a targeted direct mailing campaign.

Another point someone told me which has been eye opening was to look for sale prices as comps rather than listing prices. As most duplexes and multi's are bought by investors, it seems like the recent sale prices are much more reasonable than listing prices. I am assuming most of those sale prices were bought off market.

@Barry O. Thank you for the lead. I really do like the IB area however I think it is just too far for me to commute to Poway every day.

@Account Closed I'll listen to the that episode this evening. I have definitely had my mind set on finding a buy and hold, do you have any suggestions on what other strategies may work for the San Diego market? 

@Lee Ripma Thanks for the suggestion I will look into that. I have also been looking at SFH with an ADU as an option. Adding my own is a new idea.

Hello BP!

I am a newbie investor, and long time BP Lurker. 

I have been interested in real estate for years, and thanks to a random influx of cash I am now finally ready to get started with my first property. My plan is to buy a duplex via FHA loan, and live in one unit with my girlfriend while renting out the other. Ideally it would be a property with some sort of value add, and I would fix it up while I live in it. Then hopefully a couple years down the line I will refinance, and try the whole process again. Essentially, house hacking a multi family / duplex with a touch of delayed BRRR.

Realistically, it looks like I can afford something in the 500k - 600k range for a duplex 4br/2ba.  I know the 1% rule is impossible here, so I have calculated that a .07% (at minimum) would work for me ( 0.7% is calculated assuming I no longer live there, and both units are rented out). I know there are cheaper options in other parts of SD county, but since I have to live there I would prefer not to be in south or east SD.  Clairemont area is ideal.

The issue I am having is finding any deals. I have been monitoring the MLS, loopnet, craigslist, ect for months and have made a few offers only to be outbid by cash offers. Maybe I am looking in the wrong places? I have driven all over and built a list, now I am now working on building a very targeted direct mail campaign.

Any help would be greatly appreciated here.

Max