North Park, San Diego California Bungalow
Investment Info:
Single-family residence buy & hold investment.
Purchase price: $589,000
I bought a 2 bedroom 1 bathroom single-family California Bungalow in North Park, San Diego, CA. It was built in 1931. This is a historic area of San Diego. My home is two blocks from where Ted Williams grew up, and where San Diego really got its metropolitan start.
What made you interested in investing in this type of deal?
I always wanted to buy property in North Park, San Diego, CA. This small single-family residence came on the market. The seller was motivated and I got a great deal. It was a dream come true.
How did you find this deal and how did you negotiate it?
I found it on the MLS.
How did you finance this deal?
Conventional Loan
How did you add value to the deal?
While the interior was move-in-ready, the exterior of the house needed some work, as well as the yard. We patched up some holes on the side of the house, gave it a new color and coat of paint, and cleaned the yard up.
What was the outcome?
I am living in the house right now with my girlfriend, but am in the process of finding my next deal to rent out and create monthly cash flow.
Lessons learned? Challenges?
It was a really good first deal for me. There was only one other nonserious offer we had to compete with. It was a great way to help me understand the buying process as I had never done it before. The whole process was one learning lesson after another for a newbie like me, and really got me interested in real estate. It wasn't until after this deal that I started looking to real estate as a career path.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
Karen DeGasperis of DeGasperis & Associates. While she helped me out with my house near downtown San Diego, she specializes in properties in North County. She has tons of experience, responded quickly to all of my texts, emails, or calls, and was a pleasure to work with.