Newbie from San Diego

[Jarred DeArmas]

Hey guys! My name is Jarred and I am a newbie from North County San Diego. I have been listening and learning...and lurking for the past 2 years when I made my account, but never really spent much time on the site until now. I have listened to all the podcasts, read the books and attended some webinars, and I finally decided that I need to start taking action. 

I am actively looking for deals in my local market of San Diego, mostly North County. I have a few strategies that I plan to use, depending on what kind of property I can secure under contract first. My main objective is to STOP PAYING SOMEONES MORTGAGE! My mom is a real estate agent here, so I have access to the MLS pretty much at my disposal, although finding deals that will cashflow is pretty difficult. Im not so worried about the property cashflowing, as long as I am not loosing money to own it. The way I look at it is If I can house hack and secure a property, like a 4 plex with FHA and 203k, I know I can find a way to add value. I will then have 3 of the units rented, which probably wont cover all of the mortgage and property expenses, but if what I am paying to live in the 4th unit is equal to or less than fair market rent, I consider that a successful hack. I figure I am going to pay rent to someone, might as well be myself.

I am also open to buying a single family fixer in North County, acquired with FHA and 203k, and use the BRRRR strategy, except for the first year and during the rehab, My wife and I are the renters. For this property to work, it has to meet a few requirements that I have set. I have to purchase it at below market value, it has to need work done, there has to be multiple ways to add value, and preferably have some land. Buying a fixer far below market value is not as easy as one would think here, although it can be done. I don't have a lot of money, so I am using the FHA to get in with low money, the 203k to rehab, and then a successful refi (to me) would allow me to pull out the minimum I need to put a downpayment on a multiunit property. The reason I would like property with this single, is I would like to be able to build a granny flat and or a "tiny house" on the property and use for Air BnB or rent it as a monthly rental, to then turn this BRRRR into a House Hack BRRRR.

My strategies are not set in stone, and which one comes first is all up to the deals that I find. Ideally, the first purchase will lead me into the second, and hopefully I can refi before the market turns so I have some capital to work with. I am not cashflow hungry, and I am not betting on appreciation...although it would be nice. I am looking for the long term wealth and financial freedom to be able to live my life how I would like to, and not worry about needing an advance on a paycheck. Im not looking to spend my life on sandy beaches collecting checks, but rather being able to spend time with my wife and future kids and family. I look at real estate as a game, not a get rich quick, and I don't plan on quitting my job anytime in the near future. 

I work full time and am pretty busy with my new wife and my side business after work, but I am EAGER to learn and get started investing. If any local investors need or work done I am pretty handy and I love to learn. Anything that I can offer to get my feet wet and experience finding and picking up deals I am willing to do. 

Thanks for all the great post on here BP and I look forward to talking in the Forms!

Jarred DeArmas