All Forum Posts by: Shawn Couch

@Ryan Phillips It's on the hill in OB.  Closer to teh beach then Chris stated

@Chris Vicari, I was trying to send you a long PM message, but I apparently already have a pending connection request from when I was on my phone yesterday.  Accept, and I will copy my message in a reply.

@Chris Vicari, I like your thought on this and I see how "cool" this house is, but I would think heavily about the resale aspect.  The interior pond/pool is different, but maybe not that much.  That pool table area looks sketchy with Travertine floors and an easy jump into what looks like a kind of shallow pool.  The house look pretty nice, and Rob Quigley designed definitely is a plus.

One thing to note, since this looks like a new listing, if it is going to be sought after, you would need your financing ducks already lined up.  No offers would be considered that didn't have proof of viable financing.  Your down payment factor is a big problem.  If it sits on the market for a bit, you may be able to get the Seller to carry 10% down.

I will send you a PM a bit later with some other thoughts.

Yeah, I got an email for Snapcap, filled out the app just to see and they sent me to Kabbage. The Snapcap guy called me and I told him their service is suspect. He said their loans are better, but the sound of it, quite low. 

@Lenore C., how much would you have if you did the 1031 and didn't pay cap gains tax? How is the market for selling in downtown SJ? I would think you could find something in SD that would mimic or do better than your SJ deal, and if it was here and you manage it, you get a 8-10% boost in top line cash flow right there. Share some estimated and real numbers, such as value, equity, payment, taxes and the rent you get (plus HOA, or any unusual expenses for that building). One benefit of owning a condo in a newer building is that you won't have any direct Cap Expenditures, but the upside/downside is you pay into that monthly with the HOA dues.

Unless you are desperate, I wouldn't bother chasing the Kabbage loans.  Starting rate is 3% per month = 36% annualized.  Loan term only 6 or maybe 12 months.  Makes hard money loans look like borrowing straight from the FED.

From what research and inquiries I have done, I understand that most Coastal land is mostly available via a "concession" arranged with the local municipalities. The term is generally 20 years and supposedly renewed fairly easily if you hold up to your end of the agreement. I am not sure what the rates are, but you do pay higher property taxes with a concession. My understanding is also that if you are not renewed for your concession, the municipality has to pay fair market value for the improvements. 

This is a great discussion and I will follow as well.

@Fabio Salas, Thank you for your service, and good job on getting in the game.  Being in the military helps for the IB purchase, since many of the bases are in the area.

@Max May, You could try house hacking an SFR in a lesser area and rent or Airbnb a room or two. I know of an off market property in Poway, but it's a higher price. Definitely room to make sweat equity there though.

@Jairmiya St. Hilaire, ditto what Dan said.

Let's take your $50K and go buy a house and fix it up. I have done it 8 times over on held rentals. I have also done another 10+ REO or wholetail type deals... We can partner.

I want to note something though, your "Profile" says you are a "Flipper from Pasadena" so why do you even need this course.  At least change your title to wholesaler, since that generally is the first "step" that most investors take.  I'm serious about the $50K and investing.  Learn while earn, or even lose a little.  Good luck.  Feel free to reach out if you want to.

Welcome to BP.  Good see all of the feedback you have received.  I think you should start by seeing if you can even get a loan currently, it is always good to start there.  You would be surprised at how your credit doesn't effect your ability to get a loan as much as income, and current payment history, etc.  If you could move back in and get the refi, that would be some pretty cheap "rent" for you in SD.  If you like your current rental and location, you could sell the house and invest the cash, buy 2 houses at $1000 a month in rent and probably keep a 12% return after taxes, insurance, PM and maint.  Capital expenses are always something you should budget for though, so keep that in mind.