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Updated 10 months ago,
SD Commercial MF Broker Recommendations?
I'm looking to invest in San Diego multifamily when things correct a bit more. Probably in the range of 5-12 units.
I've flipped and and owned/rented out in the past on a smaller scale 1-4 units, but ready to get into it at a higher level now. I'm thinking 5-12 units might be the sweet spot at first for less competition. Too small for the big players, but still with more difficult financing requirements to thin the competition on the lower end.
I have my own business which keeps me busy, so I'll be looking for Property Management also. Basically I want to construct a team (so suggestions of lenders / prop management is also welcomed).
I realize San Diego isn't ideal because of rent control, landlord rights, etc and I'll probably look to Phoenix / Las vegas also soon. But I'm planning to get started where I'm at first (feel free to correct if you think the negatives of SD outweigh the difficulties of beginning commercial MF a 5 hour drive away.
So (and please correct me if you think this is the wrong approach also), I'm thinking it will be the best for me to work with 1 Broker who can really help me avoid any pitfalls going in. Obviously, I'll have to like and trust this person. I'd prefer someone who's been in the business for 20-30 years in, is smart, aggressive but not too pushy and willing to work with someone getting started. Someone who golfs/plays tennis, conservative (at least for CA) is ideal. Basically, I want someone who is trying to make money off me long term, not short term and can have the 'truth filled' conversations that can save me a lot of time, money and disasters.