All Forum Posts by: Steve Meyers

@David Barksdale congrats! What market are you looking for a STR in when you can refi?

I recently came across this app called realm which actually helps you find local vetted out contractors.

@Elijah Chamberlain nice to meet you.  I'm an active investor myself and work with a lot of investors as well.  If you're open to JVing on stuff lmk.  [email protected]

@Marija Petrovic Thanks for sharing and congrats on closing on your duplex!  That's an amazing accomplishment.  It sounds to me like the first lender you were using was probably putting your loan through a more difficult lender than the listing agent's lender.  Those requirements they were asking for is quite extensive.  I'm sorry you had to go through so much stress in this transaction.

For any other buyers that may come across this post a fully underwritten approval from your lender is always going to put you in the best position especially when it comes to getting your offer accepted in this competitive market.  Be weary of using big banks like the Wells Fargos etc.  I have never had a smooth transaction with a big bank lender.  Use a credit untion or mortgage broker to help find you the best program for you

I always ask the lender for a copy of what's called the DU which stands for desktop underwriter which I include in all my offers.  This allows the listing agent to look at debt to income ratios, credit score and other important qualification factors.  Having this with your offer in my opinion helps to let the listing side see your qualifications and if you are providing this and another offer isn't it could be your competitive advantage to getting that property over another buyer.

@Michael Junior I'm also from CT myself (Meriden area) moved out here to San Diego about 9 years ago now.  The markets I've been looking in for out of state rentals were St. Louis, Kansas City, Akron, Cleveland, Cincinnati and the Carolinas.  Good cash flow in those markets and section 8 does well here too.

if your siblings aren't open to seller finance on the other house and they want to cash out of it the only other option that makes sense for you would be to vacate the tenants and renovate the property and either sell it or keep it as a rental.  Depending on what area of San Diego it's in there are a lot of different rental plays you can do now.  It wouldn't make sense for you to buy the other house if it's not going to cash flow with the current tenants there if you just outright buy it from your siblings

@Ryan Cousins I would do the 20% down to avoid the PMI no sense in putting more down if you're planning on doing a cash out or heloc in a year. I would take the addtional capital and find a flip or an investment property where you can do a BRRRR. It's hard to BRRRR in SD but maybe another good rental market.

I was referring to other properties with ADUs on them that are not permitted for the amnesty period. You are correct this sunroom would not be considered an ADU.

@Angela Zaitz it's common for there to be unpermitted square footage here in San Diego I see it all the time. One thing you can always request from the seller is the building records which is what's on file with the county. That's a good indiction if there is unpermitted square footage. The good news is there is an amensty period in CA until 2025 to bring unpermitted ADU structures up to code I've been told. I have some great recommendations for ADU contractors if you need any just send me a PM.

@Alex U. A lot of potential in Linda Vista I do agree with Dan that this is more of a C class area currently but does make for a great rental location due to it's proximately to the beach as well as University of San Diego.  A lot of area of Linda Vista have been re-zoned as well for complete communities which allows for more dense apartment buildings to be built on larger lots that have single family houses on them.  There are a lot of these projects going on currently in Linda Vista.  I also like the potential by college area as well as city heights for rentals too.  College students always need off market housing.