All Forum Posts by: William Spekhardt

Give it some more time. I would say that experience and having something to offer are 'relative'.  It's relative in that, there is always someone that will know less than you and always people that know more.  Embrace both.  Teach those around you and learn from the people in networks like these.  Good luck.  

Hi Edgar, I did some research on real-estate lawyers in San Diego and found one that I use often.  I can't speak to 'Subject to' deals however, I know that if his team doesn't know that answer they will find out for you.  For title companies, I like First American and Corinthian.  Good luck.

James Astuno 

https://astunosabel.com/

Welcome new investors to San Diego! I can't make the 31st but I will be at BPCON this year.  

I typically have worked with First American Title (www.firstam.com) and Corinthian Title (https://corinthiantitle.com/).  I used Corinthian on a purchase in North County and the process went well.

Investment Info:

Single-family residence buy & hold investment in San Diego.

Purchase price: $435,000
Cash invested: $60,000

This was a live-in & flip; our first home purchased with a VA loan. We quickly remodeled and enjoyed this house for several years before moving.

How did you finance this deal?

We used a VA loan with no money down.

How did you add value to the deal?

We took out a starter loan and completely remodeled the kitchen and interior living spaces.

What was the outcome?

We now rent it out year-round and it cash flows for about $1,800 per month.

Love the house hack idea.  Did you already submit an offer and are scrambling for funding?  I'm not too educated on Jumbo loans but I have a lender that would know some more info.  If you're working with just NFCU then that limits the net you're casting.  Lenders typically will search around for the best fit.  I have a lender I can refer if interested.  Keep your search open.  I initially lost funding on my last deal only to scramble and find a new lender just to close on the last day of escrow.  

Hey Taylor, lots of factors to consider:

First I would try to use the rental property estimator to compare the numbers a bit better and make a more educated decision. Then I would consider if you want to stay in an appreciation market (SD) or move into one of the cash-flow markets you mentioned. If you decide to move forward with a HELOC I would make sure the HELOC doesn't have an adjustable rate attached to it given the rising rates today.

@Harrison Haynes I understand it's tough in San Diego.  I'm currently invest in both San Diego and Tampa markets.  Both are tough but being local has its advantages.  There are also a lot of creative financing options you can take advantage of.  Feel free to reach out with any questions.  

@Hans Schubert Marshall does a great job answering your question. Investing in a multi-family (1-4 units) with your first VA provides you maximum leverage for your VA entitlement. As far as using the VA loan again, it helps to refinance out of the existing VA into another method of financing in order to open up your VA entitlement completely. For instance, if you did NOT refinance out of the first VA loan you would be limited in the amount your could borrow based on the current rates for your area as set by the VA. If you google the VA Lenders Handbook, chapter 2 -3 can help you out as well. VA loans can serve as a great stepping stone to success in real estate. Let me know if you have any questions. Good luck.

Investment Info:

Single-family residence buy & hold investment in San Diego.

Purchase price: $435,000
Cash invested: $60,000

This was a live-in & flip; our first home purchased with a VA loan. We quickly remodeled and enjoyed this house for several years before moving.

How did you find this deal and how did you negotiate it?

My in-laws knew the sellers and we were able to negotiate the deal before it went to market. It ended up appraising for $35K over selling price!

How did you finance this deal?

We used our first VA loan on this property with 0% down. We then obtained a commissioning loan, which is a loan offered to new military officers by USAA and Navy Federal Credit Union. At the time, the loan was for $30K at 2.99%.

How did you add value to the deal?

We used the commissioning loan money to remodel the kitchen and living rooms, bathrooms, and landscaping.

What was the outcome?

The house is worth approximately $850K and currently rents for $1000 over our current mortgage.

Lessons learned? Challenges?

I think we learned the value of sweat equity and hard work. This property served as a springboard for our future investments.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

I work with RE/MAX - The Phillips Group. Tracy Phillips is a long-time friend and now co-worker! I recently signed as a licensed agent under his brokerage.