All Forum Posts by: Rich Somers

Please join us for a couple drinks and a chance to meet and network with other San Diego Real Estate Investors. No pitching, no fees, just networking.

We will be in the back patio area of Stone Brewery: 2816 Historic Decatur Rd. Ste 116 San Diego, Ca 92106

Please join us for a couple drinks and chance to network with other San Diego real estate investors. No pitching, no fees, just networking. Look for us in the back patio area of the Stone Brewing World Bistro & Gardens-Liberty Station. Wednesday, April 14th at 5:30pm. 

I would have to respectfully disagree with the notion that downtown SD is performing really well. I own two condos in the 92101 zip code, one of which I STR and the other I long term. There are three reason's I'm not a huge fan of investing in downtown SD. 1. Constant new build and over supply of condos puts downward pressure on pricing. 2. HOA's always go up, rarely go down. As they go up, less and less buyers are willing to buy. 3. Most HOA's prohibit you from STR Good luck to you!

www.Rentometer.com is cheap, quick, and easy for pulling rent comps. 

Good Luck! 

I would accept under the condition she pays you 1st & last months rent up front + security deposit.

Good Luck! 

Hi Jennifer, welcome to Bigger Pockets! Congrats on your latest endeavors, I'm an apartment investor, Airbnb host, and soon to be realtor out of San Diego. Let me know if I can be of any help to you! 

Columbus is going to be much more competitive with lower cap rates and less yield. Cleveland is less competitive, with higher cap rates and more yield, however population growth is declining significantly. 

For me, Cincinnati is a great pivot from both of these markets. Good yield and a population that has stabilized. 

The biggest thing to consider when choosing HOA's is the CC&R's and how restrictive they are with STR. After that, I would always opt for the cheaper HOA because generally speaking condo's with expensive HOA's tend to appreciate in value much slower than condo's with cheaper HOA's. As HOA dues go up, buyer demand goes down, therefore putting a heavy ceiling on long term appreciation.

Feel free to reach out if you have any other questions, Good Luck! 

Originally posted by @John Lu:

@ Rich Somers，I appreciate you sharing your data of cap range. what kind of property are you referring to? is it single-family house, multifamily or 100+ unit apartment?

 I'm referring to multifamily 100 units +

99% of deals that transact in this space are through a broker so your time is best suited building relationships with the good brokers in your target market. Unless you're buying super distressed assets in bad areas, you can generally expect to be paying anywhere between a 4.5%-5.5% Cap for B/C type product depending on market. 

For example in the markets we are in: Cincinnati, Indianapolis, Louisville, and Nashville, A-/ B assets are generally trading in the 4.5%-5.5% Cap range. Down south in more competitive markets you can expect to pay a lower cap. 

Good Luck!