All Forum Posts by: Steve Meyers
Steve Meyers has started 19 posts and replied 175 times.
Post: Problems facing while starting out
- Real Estate Agent
- San Diego, CA
- Posts 190
- Votes 77
@Manolo Tamayo Ramirez I would learn about wholesaling, you can make a quick $10K-$20K just by wholesaling one deal. That would be a good way for you to save up some capital to then go and use a DSCR loan on a place if you wanted to do a rental. You will have to come up with 20-25% down depending on the lender but that will allow you to get your first property. With DSCR loans the lender goes of the debt service of the property as long as the rental numbers work they can typically loan to you.
Post: Is it worth selling primary residence for capital towards REI
- Real Estate Agent
- San Diego, CA
- Posts 190
- Votes 77
@Tyler Richmond If I were in your shoes I would probably sell, especially if you are planning and wanting to leave CA down the road. Homes prices in San Diego are starting to correct and I personally think values will continue to fall in 2023 unless rates drop back down.
I found this article below on some alternative options you may consider. I'm also investing out of state myself and would be happy to share with you the areas I'm targetting in the Midwest
Post: Where and when did you do your last BRRRR?
- Real Estate Agent
- San Diego, CA
- Posts 190
- Votes 77
Nice, what were your numbers if you don't mind me asking?
Post: North Park Condo in San Diego, CA
- Real Estate Agent
- San Diego, CA
- Posts 190
- Votes 77
Investment Info:
Condo fix & flip investment in San Diego.
Purchase price: $365,000
Cash invested: $36,000
Sale price: $475,000
My business partner and I purchased this 1/1 condo from a probate sale. We closed on the condo with hard money and used our own money for the rehab. This project took took 5 months from start to finish and a lucky VA buyer was able to purchase it.
What made you interested in investing in this type of deal?
It was a good price and our renovation for it was minimal
How did you find this deal and how did you negotiate it?
This was an MLS deal. Because I'm an agent I was able to forego my commission to net the seller more money with a lower offer.
How did you finance this deal?
Hard money and personal funds
How did you add value to the deal?
Did an entire remodel, added new appliances
What was the outcome?
It sold for our asking price within 30 days
Post: Where and when did you do your last BRRRR?
- Real Estate Agent
- San Diego, CA
- Posts 190
- Votes 77
Hi all, I'm just now getting into investing out of state. (I'm currently in San Diego, CA). I've been trying to find properties to BRRRR with but finding most of the properties on the market don't fit BRRRR criteria. I'm curious what location and how long ago did you do your last BRRRR? And did you find this deal on market or off market? TIA
Post: North Park Condo on Utah St.
- Real Estate Agent
- San Diego, CA
- Posts 190
- Votes 77
Investment Info:
Condo buy & hold investment.
Purchase price: $365,000
Cash invested: $36,000
I purchased this condo through a probate deal, the seller had passed in assisted living and I purchased the condo and did a full renovation.
What made you interested in investing in this type of deal?
Great location and purchased at a good price.
How did you find this deal and how did you negotiate it?
it was an on market MLS deal
How did you finance this deal?
Hard money
How did you add value to the deal?
Did a complete renovation
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
Yes I do
Post: Small loans - who lends on property under 100K?
- Real Estate Agent
- San Diego, CA
- Posts 190
- Votes 77
Quote from @Ryan Mainwaring:
@Tom Camarda I work with a few lenders that will go below 100k, pm if you are interested.
@Ryan Mainwaring can you message me your lenders?
Post: Midland Texas Investors
- Real Estate Agent
- San Diego, CA
- Posts 190
- Votes 77
@Jamie Fletcher @Jesus Vazquez sent you both PMs regarding Midland, TIA
Post: Section 8 Housing in Jacksonville FL
- Real Estate Agent
- San Diego, CA
- Posts 190
- Votes 77
Quote from @Elenis Camargo:
Hi Jordan. I have my own rentals in Jacksonville and have a property management company. We have about ten section 8 tenants and that increases every month. In our experience it's been great working with the Jacksonville Housing Authority and all of our section 8 tenants have been really good. We still heavily vet all applicants with background checks, verify income and rental history. If the vouchers meet an amount the owners will accept, we move forward and approve them. The great thing about section 8 tenants is that if they have a change in income, HUD will increase the portion they pay out to us so they tenant can have more help. Also, tenants with a voucher can't break the law or get evicted or they could lose their voucher.
When you approve a section 8 tenant, you have to fill out a packet and submit that with the lease to their case worker. It's pretty straight forward. Then there will be an inspection within 10 days and after approval, you can move the tenant in. Every 1st of the month, you'll get a direct deposit from HUD and the remainder from the tenant.
One thing to note is that you aren’t allowed to accept more than the voucher amount and every tenant’s voucher amount is different. So you either wait for the right one or accept a non-section 8 tenant. We usually leave it open to all people. As long as you have a nice home, that is all anyone will want.
Best of luck to you!
Good insights! Which areas of Jacksonville are you looking in based on crime rating etc. I've been told to not buy in a high crime area and curious which areas you're investing in?
Post: Has anyone worked with Safevest Properties in PA
- Real Estate Agent
- San Diego, CA
- Posts 190
- Votes 77
I recently just contacted tony about a seller financing deal on CL. Looks like no one has actually done a deal with Safevest yet on here. Not sure I want to be the first lol