Value add in San Diego

[Mike Imbriglio]

Investment Info:

Single-family residence other investment in Saint Rose.

Purchase price: $660,000

We originally bought this as a flip but due to San Diego's new zoning laws, we found out we could build 14 more units on this 16000 sq ft lot with an existing single family. Currently we are doing air bnb on the existing single family to help pay for most of the hard money loan while we wait for plans and permits to get approved.

What made you interested in investing in this type of deal?

I am a flipper by trade, and I love everything about San Diego real estate. Upon finding out we could add 14 units mid-flip we decided to pivot due to the future upside.

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

SMS marketing from our marketing. It was an as-is purchase and we used hard money and private money to close it

How did you finance this deal?

Hard, Private Money, HELOC

How did you add value to the deal?

Future add of 14 units, main house also got renovated. Will keep as a mid-term rental in the future.

Lessons learned? Challenges?

Still learing