All Forum Posts by: Nick Foster

@Allison Meggison, sometimes the managing members, and/or members, behind a LLC don't want to be found.

Depending on state law, they may only have to provide a registered agent of service, like here in California. Your best bet is to contact the registered agent of service, which you did.

Good luck!

@David Rubi, if he wants a salary to get his feet wet he can enter a CRE firm in the research department. He won't be doing deals though.

If he wants to do deals as a broker, he will need to go all-in and go 100% commission like the rest of us.

No one I know wants to pay someone in CRE to do a sales job who is not 100% confident in their own abilities to earn.

@Dan Payne, as others have said, unless you are ALL-IN, you will not make it.

When I got into CRE I networked my *** off, cold-called and e-mailed the heads of all the brokerages, got interviews, and ended up getting offers from CBRE and Cassidy Turley (now known as Cushman & Wakefield).

To enter into CRE brokerage you need hustle. Brokers that are self-motivated and driven will likely succeed.

In my opinion, you have to abandon the part-time idea. No one will want to bring you on. If reserves is a problem, save more money, or life off of credit cards if you are willing to take that risk.

@Karim El Amili, a friend of mine purchased a duplex in Mission Beach, lives in one and used the other unit as a STR.

It’s completely possible in S.D., so long as you have $.

@Jian Guan, the cap rate of 5.7% for multi-family in San Diego sounds too good to be true. Coastal multi-family I believe trades between a 2-4% cap.

Where in S.D. is the property? I am guessing East County, based on the low rents (coastal rents are north of $2K/mo) and the higher cap, unless the seller just has no idea on the value of what they have.

As others have said, likely the NOI presented to you is inaccurate and the pro-forma isn't worth much. You have to construct your own model.

The above valuation is incorrect. Cell tower lease contracts typically have a 30 day termination clause. So it doesn’t matter if there are 30 years in options or 100 years in options. The only “guaranteed” rent is 30 days, since they can terminate at anytime.

This is why lending institutions typically do not provide any value to cell tower leases, when buyers are acquiring property with a cell tower lease.

My background, I’ve sold over 90 cell tower lease contracts for property owners and my primary business is a cell tower lease consultant for property owners.

@Jose Pena it sounds like you need to call @Katie Lepore. Pay for advice from attorneys and CPAs, it will be worth it. The problem I have with LLCs for STR or SFH rentals is the $800 annual fee in CA and your ability to obtain financing. Have you talked to lenders and are they willing to loan to your LLC vs. you as an individual or your trust?

@Brad Penley you will want to speak with a CPA and a 1031x provider. 1031x providers are cheap, their fee is not high. The only challenge with a 1031x is the deadline to identify a replacement property, and in your case, do you qualify. Good luck!

@Cody L., Carlsbad and Temecula are not even close to comparable. I own a house and a condo in Carlsbad. The price per square foot in Carlsbad is over double that of Temecula. Temecula has an appeal to buyers who want a 3-4 BR for $500K and under. A price point that does not exist for 3-4 BRs in coastal SD. As you noted with the price comes a far distance from SD and a long commute. Still some are willing to do it. To each his own. I’ve looked at buying SFRs in Temecula a few times over the years. Distance and other opportunities coastal have always swayed me to not pull the trigger.

Rent before you buy. Temecula is FAR away from San Diego, the Beach, and maybe your work. Rent for a year or two and see if you like it. If you do like it, by then you will know exactly which neighborhood you want to buy into.